- The rise in the use of millimeter-wave in small-cell backhaul networks, and substantial demand in the use of millimeter-wave technology in security and radar applications are the factors driving the growth of the Millimeter Wave Technology Market.
JERSEY CITY, N.J., July 7, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Millimeter Wave Technology Market" By Component (Frequency Sources &Related components, Communication &Networking components, Imaging Components), By Frequency Band (24–57 GHz, 57–95 GHz, 95–300 GHz), By Product (Scanning Systems, Radar and Satellite Communication Systems, Telecommunication Equipment, Others), By License Type (Light licensed, Unlicensed, Fully licensed), By End-User (Cellular &Telecom, Consumer & Commercial, Healthcare, Industrial), and By Geography. According to Verified Market Research, the Global Millimeter Wave Technology Market was valued at USD 953.34 Million in 2020 and is projected to reach USD 10,593.05 Million by 2028, growing at a CAGR of 35.12% from 2021 to 2028.
Broadband speed is a pivotal part of IP traffic. There will be approximately 5.3 billion total Internet users which are 66% of the total global population by 2023 and 5G devices and connections are expected to grow over 10 percent of global cellular devices and connections by 2023. The average mobile network connection speed was 13.2 Mbps in 2018 and is expected to be 43.9 Mbps by 2023.
Broadband speed improvements lead to increased consumption of high-bandwidth content and application usage. Several factors which influence broadband speed include the adoption of fiber-to-the-home (FTTH), cable broadband adoption, high-speed DSL, and overall broadband penetration. Countries like South Korea, Japan, and Sweden lead in terms of broadband speed largely because of their widespread deployment of Fiber to the home segment. Though 5G technologies is in the development phase, in some of the developed nations it has already been deployed, which includes pre-standard 5G technologies using millimeter wave spectrum with high-capacity fixed wireless broadband networks.
In Addition, to increased demand for millimeter wave technology in the military, aerospace, and defense sector through the simple and fast exchange of information like orders, commands from one location to another with high connectivity and security through the use of various applications such as electronic warfare, radar, tactical and satellite communications. These factors are expected to create huge demand for the millimeter wave technology market worldwide.
In March 2020, Keysight and VIOMI, the pioneer of IoT@Home, announced a partnership to advance 5G enabled IoT smart homes. Keysight's 5G solutions were chosen by VIOMI to test the radio frequency (RF) performance of the company's IoT devices for home applications.
In August 2020, OLL and NEC Launch MIST Cable System Construction More than 216 Gbps capacity to serve bandwidth growth in Asia to improve the network redundancy. The launch also attributes to the accelerated digital investment driven by data center growth in Asia.
The major players in the market are Axxcss Wireless Solutions, NEC Corporation, Siklu Communication, L3 HARRIS, Smiths Group, Eravant, Aviat Networks, Farran Technologies, Millimeter Wave Products, and Elva-1 among others.
Verified Market Research has segmented the Global Millimeter Wave Technology Market On the basis of Component, Product, Frequency band, License Type, End-user and Geography.
Millimeter Wave Technology Market by Component
Frequency Sources & Related components
Communication & Networking components
Sensors & Controls
Millimeter Wave Technology Market by Product
Radar and Satellite Communication Systems
Millimeter Wave Technology Market by Frequency Band
Millimeter Wave Technology Market by License Type
Light licensed Frequency millimeter wave
Unlicensed Frequency millimeter wave
Fully licensed Frequency millimeter wave
Millimeter Wave Technology Market by End User
Cellular & Telecom
Consumer & Commercial
Millimeter Wave Technology Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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