Millimeter-Wave Technology Market Size Growth Insights Top Countries Data, COVID-19 Impact, Industry Share, and Forecast 2022-2031
Kenneth Research examined the statistical and analytical approach that is required for the growth of Millimeter-Wave Technology Market between the years 2022 and 2031. The key industrial insights provided in the report gives a better idea about the market overview to the readers regarding the existing scenario in the market. In addition, the report includes detailed discussion on current and future market trends that are associated with the growth of the market.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Millimeter-Wave Technology Market products.
The growth of the Millimeter-Wave Technology Market can be attributed to the rising consumption of consumer electronics devices across the globe. It is expected that the total number of users of consumer electronics would reach a value of approximately 3 billion by 2025. The user penetration is also expected to grow to about 35% by the same year. Additionally, the emergence of advanced technologies such as artificial intelligence (AI), internet of things (IoT) and machine learning (ML) is predicted to offer a myriad of lucrative opportunities to the market players. This can be credited to the increase in the number of connected devices, which is further expected to raise the demand for semiconductor chips worldwide. In 2018, there were more than 20 billion IoT connected devices in the world, which are estimated to increase up to about 35 billion and 48 billion by the end of the years 2025 and 2030 respectively.
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The global Millimeter Wave Technology Market Size is anticipated to reach $6,752 million by 2026 according to a new research published by Polaris Market Research. In 2018, the mobile and telecom segment accounted for the highest market share in terms of revenue. North America is expected to be the leading contributor to the global Millimeter Wave Technology market revenue in 2018.
The increase in demand for high speed data connectivity and growth in mobile traffic worldwide majorly drives the Millimeter Wave Technology market growth. Millimeter Wave Technology is increasingly being used owing to significant increase in the demand for the bandwidth intensive applications. The increasing applications in radar and security sectors, and increasing adoption of advanced networking technologies boost the market growth. The evolution of 5G technology, and growing demand for mobility accelerate the growth of the Millimeter Wave Technology market. New emerging markets, and increasing applications in defense, aerospace, and satellite communication would provide growth opportunities in the market in the coming years.
The global Millimeter Wave Technology Market Size is anticipated to reach $6,752 million by 2026 according to a new research published by Polaris Market Research. In 2018, the mobile and telecom segment accounted for the highest market share in terms of revenue. North America is expected to be the leading contributor to the global Millimeter Wave Technology market revenue in 2018.
The increase in demand for high speed data connectivity and growth in mobile traffic worldwide majorly drives the Millimeter Wave Technology market growth. Millimeter Wave Technology is increasingly being used owing to significant increase in the demand for the bandwidth intensive applications. The increasing applications in radar and security sectors, and increasing adoption of advanced networking technologies boost the market growth. The evolution of 5G technology, and growing demand for mobility accelerate the growth of the Millimeter Wave Technology market. New emerging markets, and increasing applications in defense, aerospace, and satellite communication would provide growth opportunities in the market in the coming years.
5G networks will be based on higher frequencies based millimeter wave spectrum. These frequencies are capable of carrying massive amounts of data at very high speeds and with very little latency. Millimeter wave spectrum is capable of accommodating increase in data demands from mobile-first users, connected homes, AR/VR devices, cloud gaming systems, self-driving vehicles, IoT sensors and other cloud-connected devices.
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North America generated the highest Millimeter Wave Technology market share in terms of revenue in 2018. The growing demand from the telecommunication sector, and development of 5G technology has accelerated the market growth in the region. The increasing trend of IOT, and growing demand for mobility supports the growth of the market in the region. The technological advancements, and growing demand from defense and aerospace sectors improves the Millimeter Wave Technology market growth rate. Asia-Pacific is expected to grow at the highest rate during the forecast period. This is owing to significant growth in the automotive industry in the region.
The well-known companies profiled in the Millimeter Wave Technology market report include NEC Corporation, Siklu Communication Ltd, Bridgewave Communications, Inc., E-Band Communications, LLC, Aviat Networks, Inc., Millitech, Inc., Millimeter Wave Products Inc., Farran Technology, Ltd, Keysight Technologies, Inc., and Ducommun Incorporated among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
Table of Contents
1. Overview and Scope
1.1. Research goal & scope
1.2. Research assumptions
1.3. Research Methodology
1.3.1. Primary data sources
1.3.2. Secondary data sources
1.4. Key take-away
1.5. Stakeholders
2. Executive Summary
2.1. Market Definition
2.2. Market Segmentation
3. Millimeter Wave Technology Market Insights
3.1. Millimeter Wave Technology – Industry snapshot
3.2. Millimeter Wave Technology – Ecosystem analysis
3.3. Millimeter Wave Technology Market Dynamics
3.3.1. Millimeter Wave Technology – Market Forces
3.3.1.1. Millimeter Wave Technology Market Driver Analysis
3.3.1.2. Millimeter Wave Technology Market Restraint/Challenges analysis
3.3.1.3. Millimeter Wave Technology Market Opportunity Analysis
3.4. Industry analysis – Porter’s five force
3.4.1. Bargaining power of supplier
3.4.2. Bargaining power of buyer
3.4.3. Threat of substitute
3.4.4. Threat of new entrant
3.4.5. Degree of competition
3.5. Millimeter Wave Technology Market PEST Analysis
3.6. Millimeter Wave Technology Market Value Chain Analysis
3.7. Millimeter Wave Technology Industry Trends
3.8. Competitive Ranking Analysis
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