Growing Adoption of 5G Millimeter to Steer Millimeter Wave Technology Market Past US$ 12.7 Bn by 2032

The U.S. To Remain at the Epicenter of Millimeter Wave Technology Market

Fact.MR's latest report on millimeter wave technology market presents a thorough study of growth drivers, latest trends and restraints affecting the market dynamics. It uncovers various emerging opportunities across segments in terms of component, product, frequency band, license type, and end use. The report also highlights strategies adopted by prominent players to improve sales.

NEW YORK, May 5, 2022 /PRNewswire/ -- The global millimeter wave technology market size is projected to reach US$ 2.2 Bn in 2022. Sales are forecast to grow at a stupendous CAGR of 19.3% between 2022 and 2032, reaching around US$ 12.7 Bn by 2032. Rising adoption of millimeter wave technology in telecommunication, radar and security applications is anticipated to propel the market in the forthcoming years.

Millimeter wave technology is a band of radio frequencies used for numerous applications ranging from radio astronomy, automotive radars, remote sensing, and telecommunications to imaging security screening and military applications.

In recent years, millimeter wave technology has gained traction for meeting requirements of the 5G network. These systems have frequency ranges between 30 and 300 GHz that are ideal for quick transmission of data.

Millimeter wave technology is being rapidly adopted by end users such as healthcare, mobile & telecom, and automotive that require higher bandwidth. The technology offers the potential to deliver higher bandwidth as compared to other alternate technologies.

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Ongoing expansion in various end-use verticals coupled with rising penetration of 5G network and connected devices is expected to create lucrative opportunities for the providers of millimeter wave technology.

With surging demand for fast and high-speed video streaming, there has been an increase in broadband and mobile speeds, thereby creating a conducive environment for millimeter wave technology adoption.

The U.S will continue to remain at the top of the ladder in the global millimeter wave technology market, with demand growing at a prolific CAGR of 19% between 2022 and 2032 and surpassing over US$ 4.5 Bn by 2032. Growth in the market is attributable to rising popularity of millimeter wave technology, rapid digitalization, and heavy presence of leading market players.

Key Takeaways:

• Based on product, sales in the telecommunication equipment segment are forecast to grow at a robust 18.8% CAGR through 2032.
• In terms of component, demand for frequency sources and relative components is slated to increase at a 19.4% CAGR during the assessment period.
• By end use, mobile & telecom segment will continue to lead the global millimeter wave technology market.
• The U.S market is estimated to be worth around US$ 800 Mn in 2022 and is forecast to grow at 19% CAGR over the forecast period.
• Amid rapid expansion of industrial sector and increasing export of digital devices, the China millimeter wave technology market is set to expand at 18.7% CAGR during the forecast period.

Growth Drivers:

• Rapid penetration of digitalization across end-use verticals, coupled with increasing adoption of telecommunications devices is anticipated to boost the growth in the market.
• Ongoing advancement in wave technology for more accuracy and precision integrated with digital media is likely to fuel its adoption.
• Introduction of 5G technology and rising popularity of connected devices across Asia Pacific will propel sales in the forthcoming years.

Restraints:

• High cost of operation owing to the requirement for a greater number of network points is challenging the growth in the market.
• Rising concerns regarding the impact of millimeter wave technology environment is also likely to limit its adoption.

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Competitive Landscape:

Key manufacturers operating in the millimeter wave technology market are introducing novel solutions to cater to end user requirements. Besides this, they are adopting various strategies such as partnerships, collaborations, mergers, and acquisitions to expand their global presence.

For instance,

• In 2021, Movandi, a leader in 5G millimeter-wave (mmWave) RF technologies and software, announced the launch of new products, features, and capabilities during MWC Los Angeles event 2021. The new products include MV6055 60-GHz mmWave chipset for wireless back haul and 5G NR-Unlicensed, and fixed wireless access, 5G mmWave O-RAN phased array antenna module (PAAM) for infrastructure, among others.

Key Companies Profiled by Fact.MR

• AXXCSS Wireless Solutions
• NEC Corporation
• Siklu Communication
• L3Harris
• Smiths Group PLC
• Eravant
• Aviat Networks
• Farran Technology
• Millimeter Wave Products Inc.
• Elva-1

More Valuable Insights on Millimeter Wave Technology Market

In the latest study, Fact.MR offers a 360-degree view of the global millimeter wave technology market for the forecast period of 2022 to 2032. The report also highlights key factors such as recent developments and growth drivers influencing sales in the millimeter wave technology market through detailed segmentation as follows:

• Antennas & Transceiver Components
• Frequency Sources and Relative Components
• Communication & Networking Components
• Imaging Components
• RF & Radio Components
• Sensors and Controls
• Interface Components
• Power & Battery Components
• Other Components

• Scanning Systems
• Radar and Satellite Communication Systems
• Telecommunication Equipment
• Others

• 24 to 57 GHz
• 57 to 95 GHz
• 95 to 300 GHz

• Light Licensed FMW
• Unlicensed FMW
• Fully Licensed FMW

• Mobile & Telecom
• Consumer & Commercial
• Healthcare
• Industrial
• Automotive and Transportation
• Imaging

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa (MEA)

Key Questions Covered in the Millimeter Wave Technology Market Report

• What will be the demand outlook of the millimeter wave technology market in 2022?
• What is the projected growth rate of the global millimeter wave technology market during 2022-2032?
• Which are the key drivers bolstering growth in the millimeter wave technology market?
• Which factors are hindering the growth in the millimeter wave technology market?
• Which region is expected to exhibit the fastest growth in the global millimeter wave technology market during 2022-2032?

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