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At 37.1% CAGR | Millimeter Wave Technology Market Will Hit The Value $3.88 Billion by 2027

Millimeter wave technology is widely used in various industries that include telecommunication, military & defense, automotive, radio astronomy, commercial, transportation, and others for higher bandwidth, high internet speed, and secured transmission communication applications.
Published 21 June 2024

Recently, Allied Market Research published a report on the global millimeter wave technology market which studies the industry based on various segments viz., component, application, license type, product, and frequency. The report offers revenue figures and CAGR values for the 2020-2027 timeframe to help companies and businesses operating in the domain develop a complete understanding of the sector.

The global millimeter wave technology market size is expected to reach $3.88 billion by 2027 from $369.9 million in 2019, growing at a CAGR of 37.1% from 2020 to 2027.

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Millimeter wave technology is an electromagnetic spectrum that consists of short wavelength ranges from 1 millimeter to 10 millimeters. It is known as extremely high frequency wave millimeter technology due to provision of high-speed wireless communication in an application ranging from data centers to individuals with electronic devices requiring high bandwidth and internet speed. It is used in various sectors such as telecommunication, automotive, healthcare, transportation, military, defense, aerospace, and others for ensuring secured transmission in communication and enhances mobile data, internet speed, and bandwidth effectively. It exhibits more potential and is beneficial over fiber optics cable network in terms of reliable high performance and wireless networks. 

Regional analysis:

The report, to cover the market holistically, offers comprehensive insights into the performance of the market in various regions such as North America, Asia-Pacific, Europe, and LAMEA. As part of the analysis of North American industry, countries like the US, Mexico, and Canada are studied. Similarly, the study of the European region includes countries like Germany, the UK, France, and Italy, along with the Rest of Europe. Countries like China, India, South Korea, and Australia are analyzed under the Asia-Pacific segment; on the other hand, the LAMEA analysis covers regions like Africa, South America, and the Middle East.

Segmentation Analysis:

The millimeter wave technology market is segmented on the basis of component, product type, license type, frequency band, application, and region. The report offers an in-depth study of every segment, which helps market players and stakeholders to understand the fastest growing segments and highest grossing segments in the market.

The millimeter wave technology market is analyzed across the globe and highlight several factors that affect the performance of the market across the various region including North America (United States, Canada, and Mexico), Europe (Germany, France, UK, Russia, and Italy), Asia-Pacific (China, Japan, Korea, India, and Southeast Asia), South America (Brazil, Argentina, Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa).

Key Findings Of The Study:

  • In 2019, the telecommunication equipment segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 74.6% during the forecast period.
  • The 24 GHz to 57 GHz frequency segment accounted for more than $155.0 million of the millimeter wave technology market share in 2019.
  • Telecom & datacom industry contributed major share of $38.0 million in global millimeter wave technology market during 2019.
  • U.S. and Canada were the major shareholder in the North America millimeter wave technology market, accounting for more than $100.0 million share in 2019.

The millimeter wave technology market report provides thorough information about prime end-users and annual forecast during the period from 2022 to 2030. Moreover, it offers revenue forecast for every year coupled with sales growth of the market. The forecasts are provided by skilled analysts in the market and after an in-depth analysis of the geography of the market. These forecasts are essential for gaining insight into the future prospects of the millimeter wave technology industry.

Market growth drivers and opportunities 

The research report mainly focuses on the growth drivers and investment opportunities in the industry to assist companies in formulating strategies for taking a lead in the market. Additionally, the report also highlights the market restraints and challenges that the sector might face in the coming period. Moreover, by using scientific tools like Porter’s five forces, the competitive scenario of the domain is also presented in this study which helps the companies understand the dynamic nature of the market.

In the past few years, the volume of mobile traffic has increased massively across the globe. This has resulted in an increase in the adoption of millimeter wave technology by the telecommunication sector which is expected to positively impact the industry in the coming period. At the same time, the growing demand for this technology in the healthcare and industrial sectors is also predicted to contribute to the growth of this market. Additionally, the growth in demand for imaging network devices is also anticipated to help the market flourish. The rising shift toward unmanned vehicles in the security domain is estimated to open new avenues of growth in the years to come.

Leading Players

·        Farran Technology

·        Millimeter Wave Products Inc.

·        L3 Technologies, Inc.

·        Fujitsu Limited

·        Hubei Yjt Technology Co., Ltd.

·        Keysight Technologies

·        Mmw Biomedical Engineering Tech

·        Mitsubishi Electric Corporation

·        Denso Corporation

·        Bridgewave Communications (Remec Broadband Wireless Networks)

·        Nec Corporation

·        Cablefree: Wireless Excellence

·        Sage Millimeter, Inc.

·        Siklu Communication

·        E-Band Communications, LLC

Research Methodology

Along with the growth drivers and investment opportunities in the sector, the report also highlights the latest trends and developments in the industry. Also, the financial performance of the major companies in the industry is studied as part of the report. To substantiate the information given in the report, interviews with major stakeholders in the industry are also provided, which helps businesses get a true picture of the sector.

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Key Questions Answered in the Market Report 

·        What is the total market value of the global millimeter wave technology market?

·        What are the latest trends in the global millimeter wave technology industry?

·        Which are the major players competing in the millimeter wave technology sector?

·        What are the strategies adopted by the players in the millimeter wave technology market?

 About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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