Market Overview

Market Research Future (MRFR) in its report envelops segmentations and drivers to provide a better glimpse of the market in the coming years. Over the last decade, there have been rapid developments in the millimeter wave technology. Millimeter wave is an extremely high-frequency band spectrum that lies between 30 gigahertz (GHz) and 300 GHz with a short wavelength that ranges from 10 millimeters to 1 millimeter. Owing to its several benefits, such as high frequency, higher resolution, and low interference it is widely used for applications such as the transmission of large volumes of computer data, cellular communications, and radar transmissions.

The Millimeter Wave Technology Market Size Companies is expected to reach USD 4364.9 million by 2024 at a CAGR of 35.64% during the forecast period.

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Key Players

The key players of global millimeter wave technology market are Millivision Technologies (US), Vubiq Networks, Inc. (US), Smiths Group PLC (UK), Fastback Networks (US), NEC Corporation. (Japan), Mistral Solutions Pvt. Ltd (India), E-Band Communications, LLC (US), Farran Technology Ltd (Ireland), L3 Technologies, Inc. (US), Millimeter Wave Products, Inc. (US), BridgeWave Communications, Inc. (US), SAGE Millimeter, Inc. (US), and Keysight Technologies, Inc. (US).

Millimeter Wave Technology Market   - Segmentation

The global Millimeter Wave Technology Market Analysis has been segmented based on product, component, license type, frequency band, end user, and region.

Based on frequency band, the market has been segmented into band between 30 GHz and 57 GHz, band between 57 GHz and 96 GHz, band between 96 GHz and 300 GHz. The 57 GHz and 96 GHz segment accounted for the larger market share in 2018, registering the highest CAGR during the forecast period. The 30 GHz and 57 GHz segment was the second-largest market in 2018. The bands 37GHz, 39GHz, and 47GHz offer the largest amount of spectrum available for flexible wireless services in the millimeter wave bands. This type of millimeter wave band comprises 57–66GHz, 71–76GHz, 81–86GHz, and 92–95GHz. The 57–66GHz wave band is also referred to as the 60GHz band. The beyond 96 GHz millimeter wave band is developed for a high precision Imaging technology and radar applications.

Based on end user, the market has been segmented into IT & telecommunication, automotive & aerospace, healthcare, consumer & commercial, government & defense. The IT & telecommunication segment accounted for the larger market share in 2018,  is expected to register the highest CAGR during the forecast period. The automotive & aerospace segment was the second-largest market in 2018. Advancements in wireless communication technologies have enabled the widespread use of millimeter wave to address the challenges of lower frequency and high-speed communications. The millimeter wave technology has a significant role in autonomous driving and aerospace applications and is expected to revolutionize the automotive industry. The millimeter wave technology enables medical practitioners to perform advanced medical procedures with a reliable wireless network connected to another side of the globe.

Millimeter Wave Technology Market - Regional Analysis

The global millimeter wave technology market, by region, has been segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. North America is expected to dominate the millimeter wave technology market during the forecast period due an increase in mobile data traffic with bandwidth-intensive applications, adoption of this technology in small-cell backhaul network, and development of innovative millimeter wave-based radar and security products.

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Market Research Future (MRFR) is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against reputed organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.