Millimeter Wave Technology Market Forecasts to 2028 – Global Analysis By Product (Radar and Satellite Communication Systems, Services), Application (Automotive and Transportation, Electronics and Semiconductor, Healthcare) and By Geography

According to Stratistics MRC, the Global Millimeter Wave Technology Market is accounted for $1,429.70 million in 2021 and is expected to reach $10,580.12 million by 2028 growing at a CAGR of 33.1% during the forecast period. Millimeter-wave technology is also known as MMW, Eband, Vband, or millimeter-wave. Millimeter waves, also known as extremely high frequencies (EHF), are a radio frequency band that is well suited for 5G networks. Compared to frequencies below 5 GHz, previously used by mobile devices, millimeter wave technology enables transmission at frequencies between 30 GHz and 300 GHz and these frequencies are called millimeter waves because they have wavelengths between 1 mm and 10 mm, while the wavelengths of Radio waves currently used by smartphones are usually several dozen centimeters. The technology is rapidly being adopted by users from enterprise data centers to home consumers with smartphones who require higher bandwidth, the demand for newer technologies to provide these higher data transmission rates which are bigger than before.



Market Dynamics:

Driver:

Increase in broadband and mobile speeds

Broadband speed is a crucial enabler of IP traffic. Broadband speed improvements result in increased consumption of high-bandwidth content and use of applications. The global average broadband speed is expected to grow twofold between 2020 and 2025, from 62.5 Mbps to >130 Mbps. Several factors influence the fixed broadband speed forecast, including the deployment and adoption of fiber-to-the-home (FTTH), high-speed DSL, and cable broadband adoption, as well as overall broadband penetration. Countries such as Japan, South Korea, and Sweden lead in terms of broadband speed largely because of their widespread deployment of FTTH. Currently, 5G technology standards are still in the development phase. However, in some of the developed nations, 5G has been deployed, which includes pre-standard 5G technologies using millimeter wave spectrum for low-latency, high-capacity fixed wireless broadband networks. Millimeter wave frequencies enable the use of very narrow beam width antennas, allowing generated power to be precisely directed to where it is needed with a high-speed capacity.

Restraint:

Low penetration power and adverse impact on the environment

While millimeter waves boast massive advantages over other radio frequencies, they also have some disadvantages. For example, millimeter waves are not capable of bouncing off physical objects. Obstacles such as tree branches and walls can interfere and absorb the transmission, and halt the signal. Additionally, millimeter waves are more expensive than other commonly used frequencies. This makes the technology almost inaccessible for smaller companies that do not have the finances. Currently, mobile network providers are focused on building millimeter wave-friendly 5G infrastructure. This includes setting up micro base stations in open land with technology that supports millimeter waves and redesigning the structure of devices that will be run using the 5G network.

Opportunity:

Increase in use of 5G and millimeter wave technology

The completed specs encompass support for low-frequency (600 MHz and 700 MHz), mid-frequency (3.5 GHz), and high-frequency (50 GHz) spectrum. Facilitating the approval from 3GPP means that chip-makers started developing silicon-based parts that will work with 5G networks. With the availability of equipment that supports high bandwidth, wireless networks would face heavy congestion over the next five years. This would drive the shift from the existing 3G and 4G technologies to 5G. The aggregate data rates supported by the 5G technology are expected to be 1,000 times and 100 times faster than the existing 3G and 4G data rates, respectively.

Threat:

Challenges associated with the physical properties of millimeter wave

Millimeter waves open more spectrum. However, until recently, only a few electronic components were able to generate or receive millimeter waves, so the spectrum remained unused. Generating and receiving millimeter waves is a challenge, but the bigger challenge associated with these high frequencies is the traveling media. Other major challenges are atmospheric and free-space path loss, along with poor foliage penetration. Millimeter waves are governed by the same physics that govern the rest of the radio spectrum.

The telecommunication equipment segment is expected to have the highest CAGR during the forecast period

The telecommunication equipment segment is growing at the highest CAGR in the market. The application of MM wave technology in imaging and scanning systems has enhanced the features of these systems by providing stability and reliability. Furthermore, the accuracy of the security systems is enhanced with the adoption of MM wave technology in scanners.

The radio and satellite communication systems segment is expected to be the largest during the forecast period

The radio and satellite communication systems segment is expected to be the largest share in the market. Radio and satellite communication systems form an integral part of a nation’s national security. With the application of MM wave technology in radar & satellite communication, the security systems have become more efficient and reliable, modernizing defense techniques. 

Region with highest share:

The Asia Pacific is projected to hold the largest share in the market due to the growth and upgrades that are being carried out in its telecom infrastructures. Moreover, the installation of new telecom equipment that is based on MM wave technology is further anticipated to propel the growth of the millimeter wave technology market in the region in the coming years.

Region with highest CAGR:

North America is projected to have the highest CAGR due to the rise in the spread of millimeter wave technology in telecommunications and mobile applications. Furthermore, the vast majority of millimeter wave technology providers will further boost the growth of the millimeter wave technology market in the region during the forecast period.



Key players in the market:

Some of the key players profiled in the Millimeter Wave Technology Market include Aviat Networks, Inc, BridgeWave Communications, Inc., E-Band Communications, LLC, Farran Technology Ltd, Fastback Networks, Keysight Technologies, Inc., L3 Technologies, Inc., Lightpointe Communications, Inc, Millimeter Wave Products, Inc., Millivision Technologies, Mistral Solutions Pvt. Ltd, NEC Corporation., SAGE Millimeter, Inc., Smith’s Group PLC, and Vubiq Networks, Inc.

Key developments:

In March 2020: Keysight and VIOMI, pioneer of IoT@Home, entered into a collaboration to accelerate 5G enabled IoT smart home. VIOMI selected Keysight's 5G solutions to validate the radio frequency (RF) performance of the company's IoT devices for home applications.

In January 2020: NEC and Altiostar, the global leader in providing 5G-ready, open, virtualized RAN (vRAN) solutions, entered into a collaboration to quicken the deployment of 4G/5G open vRAN solutions. The combined offering will help service providers to improve the quality of experience, enhance spectral efficiency, and significantly reduce the total cost of ownership (TCO).

In January 2020: NEC developed a millimeter-wave distributed antenna radio unit for the efficient use of the 5G millimeter-wave spectrum (28 GHz band), thus improving the channel quality for indoor 5G applications.

Products Covered:
• Imaging and Scanning Systems
• Radar and Satellite Communication Systems
• Services
• Telecommunication Equipment

Components Covered:
• Amplifiers
• Antennas and Transceivers
• Interface Components
• Frequency Converters & Related Components
• Oscillators
• Passive Components  
• Communication & Networking Components
• Imaging Components  
• Sensors & Controls
• RF & Radio Components
• Power & Battery Components
• Other Components

License Types Covered:
• Fully Licensed Frequency Millimeter Wave
• Light Licensed Frequency Millimeter Wave
• Unlicensed Frequency Millimeter Wave

Frequency Bands Covered:
• 30 GHz - 57 GHz
• 57 GHz - 96 GHz
• 96 GHz - 300 GHz

Applications Covered:
• Automotive and Transportation
• Electronics and Semiconductor
• Healthcare
• Military, Defense, & Aerospace
• Telecommunication
• Datacom/Mobile/Cellular
• Industrial
• Consumer & Commercial
• Medical
• Security
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India        
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances