CHICAGO, May 26, 2020 /PRNewswire/ -- According to the new market research report "Millimeter Wave Technology Market by Product (Scanner Systems, Telecommunication Equipment), License Type (Unlicensed, Fully Licensed), Application (Mobile and Telecom, Automotive), Component, Frequency Band, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Millimeter Wave Technology Market size is estimated to grow from USD 1.0 billion in 2020 to USD 3.4 billion by 2025, at a CAGR of 26.4%. Rising adoption of millimeter waves in the telecommunication sector is one of the factors fueling the growth of this market.
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"Frequency sources & related components accounted for a larger share of millimeter wave technology market in 2019"
Frequency sources & related components are projected to account for the largest share in the millimeter wave technology market. The larger market share of frequency components is mainly due to the use of oscillators. The frequency sources & related components include oscillator source devices that generate 30 GHz to 300 GHz signals. The efficiency of signals generated from millimeter wave systems depends on the nature of frequencies involved in the component manufacturing process.
"Market for telecommunication equipment of millimeter wave technology projected to dominate the millimeter during the forecast period"
The telecommunication equipment is projected to dominate the millimeter wave technology market by product. The high growth of the telecommunication equipment is due to the higher use of millimeter wave components for 5G backhaul. Also, millimeter wave components are widely used in indoor and outdoor telecommunication equipment, which includes small-cell and macro-cell equipment.
"Market for unlicensed frequencies spectrum for millimeter wave technology to dominate during the forecast period"
The millimeter wave technology for unlicensed frequencies is projected to account for the largest share by 2025, due to the high adoption of millimeter wave for devices in the unlicensed frequency band. The fully licensed band is set to grow at the highest rate due to its increasing adoption, mainly in the mobile and the telecom sector. Users are expected to use light licensed and fully licensed frequency bands in the near future, owing to the lack of security in the unlicensed spectrum.
"The 57–86 GHz accounted for the largest share of millimeter wave technology market in 2019"
The millimeter wave technology market for 57–86 GHz is estimated to account for the largest share and grow at the highest CAGR during the forecast period. The dominance of this frequency band is due to the high demand for this frequency band, as it serves numerous applications such as autonomous mining, security & perimeter protection, traffic monitoring, and automated cruise control. Apart from this, the E-band and V-band are mainly used for the telecom applications, which lies in the 57–86 GHz frequency band, which is projected to further increase the dominance of this frequency band.
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"The mobile & telecom applications accounted for the largest share of millimeter wave technology market in 2019"
The mobile & telecom applications are estimated to dominate the millimeter wave technology market by application. The growth in the mobile & telecom segment is mainly attributed to the large-scale adoption of millimeter wave technologies in 5G mobile phones and telecom infrastructure. The consumer & commercial applications are projected to witness significant growth during the forecast period, due to the high demand for high-speed transmission of video data in CCTV devices.
"North America is projected to dominate the millimeter wave technology market the during forecast period"
The millimeter wave technology market in North America is estimated to account for the largest share. The growth in the market is mainly attributed to the higher adoption of millimeter wave technology in the mobile & telecom application. The majority of the players offering millimeter wave technology are from this region, such as Axxcss Wireless Solution, Keysight Technologies, Eravant, Aviat Networks, and L3HARRIS TECHNOLOGIES, which would propel the growth of the market in this region.
Axxcss Wireless Solutions (US), Keysight Technologies (US), NEC Corporation (Japan), Eravant (US), Siklu Communication (Japan), Aviat Networks (US), Farran Technologies (Ireland), L3HARRIS (US), Smiths Group (UK), and Millimeter Wave Products (US) are a few major companies operating in the millimeter wave technology market. These companies have adopted both organic and inorganic growth strategies such as product launches and installations, contracts, mergers, collaborations, partnerships, and expansions to strengthen their position in the market.
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