Millimeter Wave Technology Market Worth 4,632.8 Million USD by 2022

PUNE, India, August 24, 2016 /PRNewswire/ --

The report "Millimeter Wave Technology Market by Product (Telecommunication Equipment, Imaging & Scanning Systems), Frequency Band (V-Band & E-Band), Component (Antennas & Transceivers & Amplifiers), Application, and Geography - Global Forecast to 2022", published by MarketsandMarkets, the global market is expected to grow from USD 346.8 Million in 2015 to USD 4632.8 Million by 2022, at a CAGR of 42.99% between 2016 and 2022.

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Browse 65 market data Tables and 44 Figures spread through 147 Pages and in-depth TOC on "Millimeter Wave Technology Market".

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The market is expected to be driven by the increasing number of backhaul applications in the telecommunication sector.

The millimeter wave technology market is application driven; the applications in the telecommunication sector accounted for the largest share in 2015 

The global millimeter wave technology market is application driven; the market, on the basis of application, has been segmented into telecommunication, military & defense, automotive & transportation, healthcare, industrial, security, and others. The telecommunication sector accounted for the largest share of the global millimeter wave technology market in 2015; the market for the telecommunication sector is expected to grow at a significant rate between 2016 and 2022. The market is driven by the growing demand for bandwidth-intensive applications. In developed regions, such as North America and Europe, growth in the millimeter wave technology market is expected to be driven by upcoming demand for 5G technologies; and in developing regions, such as APAC and RoW, market growth is likely to be driven by the increasing applications of radar and satellite communications systems and imaging & scanning systems in several industries.

Millimeter wave technology is used in telecommunication equipment; the market for the telecommunication sector is expected to witness rapid growth during the forecast period 

The millimeter wave technology market is being driven majorly by the telecommunication sector. The demand for data transfer is increasing at a high rate, which is expected to grow more in the near future. This is propelling the demand for bandwidth-intensive applications. Also, millimeter wave technology is extensively used in small cell backhaul network. Upcoming 5G technology holds huge growth opportunities for the millimeter wave technology market.

North America is expected to hold a large share of the millimeter wave technology market by 2020 

North America was the largest market for millimeter wave technology in 2015, followed by Europe and APAC The growth of the market in these regions is mainly driven by the backhaul applications in the telecommunications sector. North America is the early adopter of this technology and also the origin to several companies providing millimeter wave technology-based products and services. However, with the expected increase in demand for bandwidth-intensive applications in Europe, APAC, and RoW, these regions are expected to create potential growth opportunities for the market during the forecast period. The millimeter wave technology market in North America is expected to grow at a significant rate during the forecast period.

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The major companies operating in the global millimeter wave technology market that have been included in this report are BridgeWave Communications (U.S.), E-Band Communications, LLC (U.S.), Siklu Communication Ltd. (Israel), SAGE Millimeter, Inc. (U.S.), Keysight Technologies (U.S.), Millitech Inc. (U.S.), NEC Corporation (Japan), Trex Enterprises Corporation (U.S.), LightPointe Communications, Inc. (U.S.), and Farran Technology Ltd. (Ireland).

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