Market Overview:
The Millimeter Wave Technology Market size is expected to grow from USD 2.9 Billion in 2022 to USD 28.7 Billion by 2030, at a CAGR of 33% during the forecast period.
Millimeter Wave (MMW) which is also known as millimeter band, E-band, V-band, or Millimeter Wave technology is the spectrum band with wavelengths ranging between 10 millimeters (30 GHz) and 1-millimeter (300 GHz) due to which Millimeter Wave Technology is called as the extremely high frequency (EHF) band by the International Telecommunication Union (ITU). Presently, mmW technology plays a very crucial role in integrating with emerging high-end technologies like 5G & 6G, IEEE 802.11ad WiGig technology, and others. In such technologies, a wide range of devices and technologies exists for the delivery of high throughput, fiber optic cable was considered to be the highest standard.
Top Key Players for Millimeter Wave Technology Market:
Axxcss Wireless Solution (US), NEC Corporation (Japan), Siklu Communication Ltd. (Israel), Aviat Networks Inc. (US), Sage Millimeter Inc. (US), Anokiwave Inc. (US), Bridgewave Communications Inc. (US), TLC Precision Wafer Technology (US), Farran Technologies (Ireland), Pacific Antenna Systems LLC (US), Aura Intelligent Systems Inc. (US), Smiths Interconnect Inc. (UK), E-band Communications LLC (US), MixZon Inc. (US), Dymenso LLC (US), and Other Major Players.
Market Dynamics and Factors for Millimeter Wave Technology Market:
Drivers:
Growth in Demand from Bandwidth-Intensive Applications
One of the main forces driving the market for millimeter wave technology is the increase in demand from bandwidth-demanding applications. The demand for faster and more dependable data transmission is growing as more people use data-intensive applications and services. When compared to conventional microwave and radio frequency technologies, millimeter wave technology, which operates in the high-frequency spectrum above 30 GHz, offers noticeably faster data transfer rates. Strong and fast data connections are essential for bandwidth-intensive applications like 5G networks, high-definition video streaming, virtual reality (VR), augmented reality (AR), cloud computing, and IoT (Internet of Things) devices.
Opportunities:
The Emergence of New Applications in the Aerospace & Defense Industry
Millimeter wave technology is finding new uses in the aerospace and defense industries. Another significant application that is anticipated to expand over the next six years is satellite communication, where it is anticipated that unallocated E- and V-band spectra will be used. For secure and unbroken communication in the presence of hostile threats, missile guidance systems, and other munition, millimeter wave is used in a number of military applications. A number of military organizations, including the Air Force Research Laboratory (AFRL) and the Defense Advanced Research Projects Agency (DARPA), have entered the millimeter wave technology market as a result of the lack of unallocated spectrum in the microwave frequency.
Segmentation Analysis of the Millimeter Wave Technology Market:
By Type, telecommunication equipment is dominating segment in the Millimeter Wave Technology Market. Spectrum bandwidth and utilization are both significantly increased by millimeter wave technology. The telecom industry has undergone a transformation thanks to the widespread use of millimeter wave technology. Due to their capacity for gigabit-per-second data transmission, millimeter waves are also revolutionizing fifth-generation (5G) cellular communication. Over the projection period, it is expected that the rising demand for MMW technology in 5G applications would fuel the expansion of the telecom equipment market.
By Type of Technology, The dominant components in the millimeter wave technology market are antennas and transceivers. Millimeter wave technology requires specialized antennas and transceivers to efficiently transmit and receive signals at these frequencies because it operates in higher frequency bands (typically above 30 GHz).
Regional Analysis of the Millimeter Wave Technology Market:
The Asia Pacific region is expected to have the largest market share due to increased investment in Millimeter Wave Technology to improve employee productivity and efficiency. As domestic income rises in the Asia-Pacific region, the demand for smart buildings grows rapidly, creating opportunities for the Millimeter Wave Technology market to expand rapidly.
Key Industry Development:
In March 2023, Siklu has made a strategic agreement with WAV and MBSI WAV. These companies are full-service distributors of LTE, wireless broadband, fiber, networking, and Wi-Fi equipment. This development would provide pre-sales engineering, stocking, network design, and post-sales services for Siklu’s solutions operating in the 60/70 and 80 GHz bands. This service caters to various applications such as residential connectivity and video security.
In June 2022, Researchers at Tokyo Tech and NEC Corporation have launched a phased-array beamformer for the 5G millimeter wave (mmWave) band. This product enables ultra-low latency in communication along with data rates of over 10 Gbps and a massive capacity to accommodate several users.
