Millimeter Wave Technology Market Size, Share, Trends, 2022 Applications, SWOT Analysis, Remarkable Growth and Competitive Landscape by 2031

Kenneth Research, in its repository of market research reports, has recently added a report on Millimeter Wave Technology Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Millimeter Wave Technology Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.

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.

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The global Millimeter Wave Technology Market was valued at USD 290.12 million in 2016 and is projected to reach USD 4,376.01 million by 2025, growing at a CAGR of 35.19% from 2017 to 2025.
Radio waves in this band have wavelengths from ten to one millimetre, giving it the name millimetre band or millimetre wave, sometimes abbreviated MMW or mmW. With technological advancements and more focus on cell backhaul networks, the market is growing at a high CAGR.

Market Dynamics:
1. Market Drivers
1.1 Increasing Mobile data traffic and demand for bandwidth application
1.2 Growingusage of millimeter wave in small cell backhaul networks
1.3 Growing demand for innovative applications
1.4 High potential for usage in consumer electronics

2. Market Restraints
2.1 Adverse Impact on the Environment

Market Segmentation:
1. Global Millimeter Wave Technology Market, by Frequency:
1.1 Band Between 24 GHz and 57 GHz
1.2 Band Between 57 GHz and 86 GHz
1.2.1 E-Band
1.2.2 V-Band
1.3 Band Between 86 GHz and 300 GHz

2. Global Millimeter Wave Technology Market, by Product:
2.1 Scanner Systems
2.1.1 Active Systems
2.1.2 Passive Systems
2.2 Radar and Satellite Communications Systems
2.2.1 Perimeter Surveillance Radar Systems
2.2.2 Application-Specific Radar Systems
2.2.3 Satellite Communication Systems
2.3 Telecommunication Equipment
2.3.1 Mobile Backhaul Equipment
2.3.1.1 Small-Cell Equipment
2.3.1.2 Macrocell Equipment

3. Global Millimeter Wave Technology Market, by Application:
3.1 Mobile and Telecom
3.1.1 5G Cellular (Inception in 2020/2021)
3.2 Consumer and Commercial
3.3 Healthcare
3.4 Industrial
3.5 Automotive and Transportation
3.5.1 Autonomous Vehicle
3.6 Military, Defense, and Aerospace
3.7 Imaging

4. Global Millimeter Wave Technology Market, by License Type:
4.1 Light Licensed Frequency Millimeter Wave
4.2 Unlicensed Frequency Millimeter Wave
4.3 Fully Licensed Frequency Millimeter Wave

5. Global Millimeter Wave Technology Market, by Component:
5.1 Antennas and Transceiver Components
5.2 Frequency Sources and Related Components
5.3 Communication and Networking Components
5.4 Imaging Components
5.5 RF and Radio Components
5.6 Sensors and Controls
5.7 Interface Components
5.8 Power and Battery Components

6. Global Millimeter Wave Technology Market, by Region:
6.1 North America (U.S., Canada, Mexico)
6.2 Europe (Germany, UK, France, Rest of Europe)
6.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
6.4 Latin America (Brazil, Argentina, Rest of Latin America)
6.5 Middle East & Africa

Competitive Landscape:
The major players in the market are as follows:
1. Bridgewave Communications, Inc.
2. Keysight Technologies
3. NEC Corporation
4. Sage Millimeter, Inc.
5. Siklu Communication Ltd
6. Aviat Networks, Inc.
7. Farran Technology
8. Millimeter Wave Products Inc.
9. Millivision Technologies
10. Vubiq Networks, Inc
11. E-Band Communications, LLC
12. Smiths Group PLC.
13. L3 Technologies, Inc.
14. Elva-1
15. Proxim Wireless

These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.

RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Millimeter Wave Technology Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.

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