Millimeter Wave Technology Market Size by Major Players, Trends, Key Regions and Growth Forecast to 2022-2031

In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.

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On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

Global Millimeter Wave Technology Market Highlights Over 2021 – 2031

The global millimeter wave technology market is estimated to garner a revenue of USD 22583.2 Million by the end of 2031, by growing at a CAGR of 33.2% over the forecast period, i.e., 2022 – 2031. Moreover, in the year 2021, the market generated a revenue of USD 1345.9 Million. The growth of the market can be attributed to the growing adoption of internet worldwide, increasing mobile internet subscribers, surge in adoption of 5G, and the growing need for high-speed internet services. Globally, by the end of 2025, 5G connections are expected to reach a total of around 2.2 Billion. Moreover, mobile internet subscribers are projected to cross 5.5 Billion by witnessing a penetration rate of close to 62% by the end of 2026. On the other hand, the global mean of download speeds of internet grew by around 60% and 30% respectively for mobile internet and fixed broadband in the year 2021 up from its previous year.

Over the years, with the advancement in technology, and the growing dependence on devices that run on the internet, the demand for high-speed internet services has surged massively. As a result, there is a rising need amongst the telecom operators to raise their capacity so as to be able to provide high-speed internet services. Millimeter waves or extremely high frequency (EHF) waves allow transmission on frequencies between 30 GHz and 300 GHz, which is why it is well suited for 5G networks. The increasing deployment of small-cell backhaul networks, increasing adoption of internet of things (IoT) and smart city projects, along with the growing use of millimeter wave technology in defense and aerospace industries for different types of communication equipment, are some of the additional factors anticipated to drive the growth of the market in the coming years.

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Global Millimeter Wave Technology Market Regional Synopsis

Regionally, the global millimeter wave technology market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in North America is anticipated to garner the largest revenue of USD 7892.7 Million by the end of 2031, up from a revenue of USD 463.1 Million in the year 2021. The presence of several players who deal with 5G technology, followed by the surge in adoption of 5G network in the region, and the increasing advancements in information and communication technology are some of the major factors anticipated to drive the growth of the market in North America. For instance, the adoption of 5G as a share of other generations of mobile network technologies in the region is projected to cross 60% by the end of 2025, up from around 10% in the year 2020. Moreover, internet subscriber penetration in the region is projected to reach around 88% by the end of 2026.

On the other hand, the market in the Asia Pacific is projected to attain the second-largest revenue of USD 7478.8 Million by the end of 2031 and also grow with the highest CAGR of 34.7% during the forecast period. The market in the region is further segmented by country into Australia, Japan, Singapore, South Korea, China, India, and the Rest of Asia Pacific. The market in China is anticipated to garner the largest revenue of USD 3335.8 Million by the end of 2031, up from a revenue of USD 165.7 Million in the year 2021.

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Growth Drivers and Challenges Impacting the Growth of the Global Millimeter Wave Technology Market

Growth Drivers

  • Increase in Fixed Broadband and Mobile Internet Speeds
  • Rising Usage of Millimeter Wave in Small-Cell Backhaul Networks

Challenges

  • Low Penetration Power of Millimeter Waves
  • Concern for the Adverse Impact on the Environment

Global Millimeter Wave Technology Market Segmentation Synopsis

The global millimeter wave technology market is segmented by product into radar & satellite communication system, telecommunication equipment, scanner system, and other products. Out of these, the telecommunication equipment segment is anticipated to garner the largest revenue of USD 10774.3 Million by the end of 2031, up from a revenue of USD 494.4 Million in the year 2021.

By component, the market is segmented into power & battery components, antennas & transceiver, frequency sources & related components, interface components, communication & networking components, sensors & controls, imaging components, RF & radio components, and other components. Out of these, the frequency sources & related components segment is anticipated to garner the largest revenue of USD 5138.1 Million in the year 2031, up from a revenue of USD 253.0 Million in the year 2021.

By application, the market is segmented into 5G & small cell concept, millimeter wave therapy, HD video, virtual reality headsets, wireless gigabit alliance, high frequency radar technology, body scanners, autonomous driving, and other applications. Out of these, the high frequency radar technology segment is anticipated to garner the largest revenue of USD 6115.3 Million by the end of 2031, up from a revenue of USD 384.6 Million in the year 2021.

Based on license type, the market is segmented into light licensed frequency, fully licensed frequency, and unlicensed frequency. Out of these, the fully licensed frequency segment is anticipated to garner the largest revenue of USD 9844.7 Million by the end of 2031, up from a revenue of USD 387.0 Million in the year 2021.

By installation, the market is segmented into upgradation, and new implementation, out of which, the upgradation segment is anticipated to grow with the highest CAGR during the forecast period. Based on transmission frequency, the market is segmented into 24 GHz – 57 GHz, 57 GHz – 86 GHz, and 86 GHz – 300 GHz. Out of these, the 57 GHz – 86 GHz segment is anticipated to garner the largest revenue of USD 12670.8 Million by the end of 2031.

By end-user, the market is segmented into aerospace & defense, mobile & telecom, healthcare, consumer & commercial, industrial, and others. Out of these, the mobile & telecom segment is anticipated to garner the largest revenue of USD 7113.8 Million by the end of 2031, up from a revenue of USD 330.0 Million in the year 2021.

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Key Companies Dominating the Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global millimeter wave technology market that are included in our report are L3Harris Technologies, Inc., Eravant, E-Band Communications, LLC, Smiths Detection Group Ltd. (Smiths Group plc.), Keysight Technologies, Inc., NEC Corporation, Galion LLC, Millivision Technologies (Galion LLC), Vubiq Networks, Inc., Millimeter Wave Products Inc., Farran, Mistral Solutions Pvt. Ltd., Axxcss Wireless Solutions, Inc., Siklu Inc., Qualcomm Technologies, Inc., Huawei Technologies Co., Ltd., and others.

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