BANGALORE, India, July 5, 2024
/PRNewswire/ -- Millimeter Wave Technology Market is Segmented by
Type (24GHz - 57GHz, 57GHz - 86GHz, 86GHz - 300GHz), by Application
(Communication, Medical, Automobile, Military, Imaging, Other):
Global Opportunity Analysis and Industry Forecast, 2024-2030.
The global Millimeter Wave Technology market was valued at
USD 832.6 million in 2023 and is
anticipated to reach USD 3182 million
by 2030, witnessing a CAGR of 20.6% during the forecast period
2024-2030.
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Major Factors Driving the Growth of Millimeter Wave
Technology Market:
The market for millimeter wave (mmWave) technology is mainly
driven by the growing need for wireless communication at high
speeds, especially with the introduction of 5G networks. Faster
data transmission rates and reduced latency are made possible by
mmWave technology, and these features are essential for
applications like IoT devices, augmented reality (AR), virtual
reality (VR), and driverless cars. The industry is developing even
faster due to the increasing demand for bandwidth-intensive
services like improved telephony and high-definition video
streaming. Furthermore, the broad deployment of mmWave technology
is facilitated by developments in semiconductor technology and the
creation of small and effective mmWave components. The market is
propelled ahead in large part by regulatory assistance as well as
rising expenditures in infrastructure and research.
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TRENDS INFLUENCING THE GROWTH OF THE MILLIMETER WAVE
TECHNOLOGY MARKET
One major factor propelling the millimeter wave technology
industry is the growing need for fast wireless communication.
Faster and more dependable internet access is desperately needed
given the growth of data-intensive applications and the
proliferation of smart devices. Operating in the 24 GHz to 86 GHz
range, millimeter wave technology provides significant bandwidth
and fast data transfer rates, which makes it perfect for fulfilling
these requirements. Next-generation wireless networks, such as 5G,
which are expected to provide previously unheard-of speeds and
minimal latency, are made possible by this technology and will help
meet the growing demands of contemporary digital communication.
One major element propelling the millimeter wave technology
market's growth is the rollout of 5G networks. For 5G technology to
provide high-speed, low-latency connectivity, millimeter waves play
a major role. Millimeter wave frequencies are required for 5G
infrastructure rollout, including small cells and backhaul
solutions. In addition to improving mobile broadband services, this
expansion opens up new possibilities for cutting-edge applications
like industrial automation, smart cities, and driverless cars. The
need for millimeter wave technology is expected to rise
significantly as 5G networks are implemented in more nations,
driving market expansion.
The market for millimeter wave (mmWave) technology is mainly
driven by the growing need for wireless communication at high
speeds, especially with the introduction of 5G networks. Faster
data transmission rates and reduced latency are made possible by
mmWave technology, and these features are essential for
applications like IoT devices, augmented reality (AR), virtual
reality (VR), and driverless cars. The industry is developing even
faster due to the increasing demand for bandwidth-intensive
services like improved telephony and high-definition video
streaming. Furthermore, the broad deployment of mmWave technology
is facilitated by developments in semiconductor technology and the
creation of small and effective mmWave components. The market is
propelled ahead in large part by regulatory assistance as well as
rising expenditures in infrastructure and research.
The market for millimeter wave technology is expanding because
of applications that need very high data transfer rates and low
latency, which are served by the 57 GHz–86 GHz frequency spectrum.
In densely populated areas, this frequency is necessary for
backhaul solutions that enable effective communication between
small cell networks in 5G infrastructure. It also enables
cutting-edge technology including high-resolution radar systems and
wireless HD video transmission. The market is being driven ahead by
the growing usage of these high-frequency bands for sophisticated
communication solutions as well as the demand for improved
bandwidth and connection in contemporary applications.
Millimeter wave technology is being more widely used in the
automobile sector, especially in advanced driver assistance systems
(ADAS) and driverless cars. Adaptive cruise control, blind spot
monitoring, and object detection all depend on millimeter wave
radar sensors. These sensors deliver high-resolution data and
perform well in a variety of weather scenarios, which is crucial
for the security and efficiency of autonomous driving systems. The
incorporation of millimeter wave technology is becoming more common
as the automotive industry strives towards higher levels of vehicle
automation and safety features, which is fueling market
development.
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MILLIMETER WAVE TECHNOLOGY MARKET SHARE ANALYSIS
The market for millimeter wave technology is dominated by
North America due to the region's
early adoption of cutting-edge innovations and massive expenditures
in 5G infrastructure. The U.S. is home to several R&D
operations and significant technological businesses, both of which
support market expansion. The dominance of the region is further
reinforced by government measures aimed at improving communication
networks and the growing demand for high-speed internet services.
The extensive use of millimeter wave technology in industries
including healthcare, automotive, and telecommunications
strengthens North America's
position as the industry leader.
Key Players:
- BridgeWave Communications
- Keysight Technologies
- NEC
- SAGE Millimeter
- Siklu Communication
- Aviat Networks
- Farran Technology
- Millimeter Wave Products
- Millivision Technologies
- Vubiq Networks
- E-Band Communications
- Smiths Group
- L3 Technologies
- Proxim Wireless
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
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valued at USD 427 million in 2023 and
is anticipated to reach USD 882.7
million by 2030, witnessing a CAGR of 10.8% during the
forecast period 2024-2030.
- The global Bulk Acoustic Wave Delay Line market was
valued at USD 187 million in 2023 and
is anticipated to reach USD 286.1
million by 2030, witnessing a CAGR of 5.8% during the
forecast period 2024-2030.
- The global Surface Acoustic Wave Filter market was
valued at USD 4814 million in 2023
and is anticipated to reach USD 8359.6
million by 2030, witnessing a CAGR of 8.5% during the
forecast period 2024-2030.
- The global renewable energy market was valued at
USD 881.7 billion in 2020, and is
projected to reach USD 1,977.6
billion by 2030, growing at a CAGR of 8.4% from 2021 to
2030.
- The global Backward Wave Oscillator market is
projected to reach USD 18 million in
2029, increasing from USD 13 million
in 2022, with the CAGR of 4.2% during the period of 2023 to
2029.
- The global Traveling Wave Tubes (TWT) revenue was
USD 764.4 million in 2022 and is
forecast to a readjusted size of USD 1044
million by 2029 with a CAGR of 4.5% during the forecast
period (2023-2029).
- The global Strain Wave Gearing Devices revenue was
USD 427 million in 2022 and is
forecast to a readjusted size of USD 882.7
million by 2029 with a CAGR of 10.8% during the forecast
period (2023-2029).
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- The global market for Millimeter Wave RF
Modules was estimated to be worth USD
122 million in 2023 and is forecast to a readjusted size of
USD 3657.7 million by 2030 with a
CAGR of 61.7% during the forecast period 2024-2030
- Automobile Millimeter Wave Compatible Emblem Market
- Millimeter Wave Sensors and Modules
- Millimeter Wave Human Body Security Screening Equipment
Market
- Automotive Millimeter Wave Radar PCB Market
- Millimeter Wave Body Scanner Market
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- The global 77 GHz Automotive Millimeter Wave Radar PCB
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million in 2023 and is anticipated to reach USD 473 million by 2030, witnessing a CAGR of
13.5% during the forecast period 2024-2030.
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- The global market for 60GHz mmWave Radar was
estimated to be worth USD 24 million
in 2023 and is forecast to a readjusted size of USD 275.8 million by 2030 with a CAGR of 38.3%
during the forecast period 2024-2030
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- The global Millimeter Wave Active Phased Array Antenna
market is projected to reach USD 549.4
million in 2029, increasing from USD
396 million in 2022, with the CAGR of 5.0% during the period
of 2023 to 2029.
- Calibrated Variable Waveguide Attenuators Market
- Stage Micrometer Market
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- The global RF Front End MMIC market was valued at
USD 9013.5 million in 2023 and is
anticipated to reach USD 23980
million by 2030, witnessing a CAGR of 15.0% during the
forecast period 2024-2030.
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