Millimeter Wave Technology Market - Forecast(2024 - 2030)
Millimeter Wave Technology Market Overview
Millimeter radio waves also known as Millimeter band which is electromagnetic waves with wavelength between 1 and 10 Millimeters. They have respective frequencies ranging from 30-300 GHz with respect to the applications. The Millimeter wave technology is applied mainly in Radio Detection and Ranging (RADAR) systems. The increasing demand of higher data transmission technologies and product miniaturization to offer high bandwidth tend to significantly drive the Millimeter wave technology market during the forecast period. Moreover, with the increasing trend of multi-input multi-output (MIMO) communications, MMW is been offering interest in understanding the capabilities of low-complexity approaches such as beamforming that require only a single RF chain in MMW systems. This application further helps in spatial processing for sensing and integrating information pertaining to a location in space which tends to uplift its market growth in the Aerospace sector. However, for most Millimeter wavebands, rain attenuation leads to a few dB of additional path loss within the distance range of 1 km which degrades the signal caused by the electromagnetic interference. Consequently, MMW technology is extensively utilized in various services such as radio broadcaster, remote sensing, automotive radars, wireless sensing, imaging and others which is analyzed to create huge market growth across the globe.
Report Coverage
The report: “Millimeter Wave Technology Industry Outlook – Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Millimeter Wave Technology Market.
By Product Type: Scanner Systems (Active Systems, Passive Systems), Radar and Satellite Communications Systems (Perimeter Surveillance Radar Systems, Application-Specific Radar Systems and Satellite Communication Systems), Telecommunication Equipment (Small-Cell Equipment, Macrocell Equipment) and Others.
By Frequency Band: 24 GHz to 57 GHz, 57 GHz to 86 GHz, 86 GHz to 300 GHz and Others.
By License Type: Light Licensed, Unlicensed and Fully Licensed.
By Component: Antennas & Transceiver Components, Frequency Sources, Communication & Networking, Imaging Components, RF & Radio Components, Sensors & Controls, Power & Battery Components, Interface Components and Others.
By End-Use Industry: Mobile & Telecommunication, Consumer Electronics, Automotive, Healthcare, Industrial, Aerospace & Défense and Others.
By Geography: North America(U.S., Canada and Mexico); Europe(U.K., Germany, Italy, France, Spain, Russia, Rest of Europe); APAC (China, Japan, South Korea, India, Australia, Rest of APAC); South America(Brazil, Argentina, Rest of Americas); RoW (Middle East & Africa).
Key Takeaways
Increasing demand of Broadband and high mobile speeds across the globe is analysed to significantly drive the Millimeter Wave Technology Market during the forecast period 2021-2026.
Antennas & Transceiver Components are analysed to hold significant share in 2020 owing to its increasing adoption in the automotive sector for AEB (automatic emergency braking) applications.
Mobile & Telecommunication sector is expected to hold the highest market share in the forecast period among other end-use industries owing to the increasing demand for wireless communications technologies and its huge adoption in different smartphones.
Asia-Pacific is analyzed to hold the highest share in 2020 owing to the extensive application of Millimeter wave technology in telecommunications and mobile applications and increasing production of smartphones in this region.
Millimeter Wave Technology Market Drivers
Increasing demand of broadband and 5G connectivity solutions will enhance Millimeter wave technology market growth
High broadband speed is a crucial part for a wide range of end-use applications. With the increasing demand of broadband speed improvements which has resulted in increased consumption of high-bandwidth content tend to be a major driving factor for the market growth of Millimeter wave technology during the forecast period. In the next few years, the global average broadband speed is expected to grow from 62.5 Mbps to >130 Mbps owing to several factors such as deployment and adoption of fibre-to-the-home (FTTH), high-speed DSL and cable broadband adoption, as well as overall broadband penetration. These factors have brought growth in the adoption of various Millimeter wave technologies further driving its market growth during the forecast period. According to Organization for Economic Co-operation and Development (OECD), the communication network and service environment would become more complex by 2023, and the 5G technology market would witness immense growth due to the ongoing advancements in 5G network infrastructure. The unique characteristics of Millimeter waves enable near-line-of-sight wireless networks and make point-to-multipoint technology possible, enabling a single transmitter to serve multiple transceivers at various locations. This tend to drive its market growth during the forecast period.
Increasing application of Millimeter wave technology to reduce data traffic will propel the Millimeter Wave Technology Market
With the increasing users of smartphones and adoption of cloud-based services across various end-users, the data traffic issue has been a major factor that disrupts their working efficiency through latency and data crash. Data traffic refers to the amount of data which is transferred between the internet and the hosting account on the web server. With the user moving towards more data intensive content such as video streaming, augmented reality, voice over data, 4K video, increasing number of internet user on smart phone etc. data traffic is expected to rise in future. Growing data traffic creates bandwidth complexities and network congestion. For instance, according to Cisco Internet Annual Reports, 5G connection will generate nearly 3 times more traffic than a 4G connection by 2023 among which IoT devices will account for 50% of all networked devices. With the implementation of Millimeter wave technology, it is easy to transmit large amount of data as the frequency is directly proportional to bit rates. Thus, the Millimeter waves are suitable for transmission of digital data, cellular communications. This creates need for efficient wireless mobile backhaul. These features uplift its demand across various end-use industries using cloud-based services, further driving its market growth.
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Millimeter Wave Technology Market Challenges
Low penetration power through obstacles is analysed to hamper Millimeter Wave Technology Market growth
While Millimeter wave technology offers massive advantages over other radio frequencies but on the other hand, they also have some disadvantages which include low penetration power through obstacles. Millimeter waves are not capable of bouncing off physical objects which disrupts the connectivity and bring major challenges for its adoption especially in closed locations. 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. Moreover, rise in environmental concerns and adverse impact by Millimeter wave technology on the environment hamper its market growth across the globe.
Millimeter Wave Technology Market Landscape
Production Innovation, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Millimeter Wave Technology Market. In 2020, the market of Millimeter Wave Technology industry outlook has been fragmented by several companies. Millimeter Wave Technology top 10 companies include:
Axxcss Wireless Solutions
NEC Corporation
Siklu Communication
L3 HARRIS
Smiths Group
Eravant,
Aviat Networks
Farran Technologies
Millimeter Wave Products
Keysight Technologies
Acquisitions/Technology Launches/Partnerships
In March 2020, Keysight technologies and VIOMI, the pioneer of IoT@Home, announced their strategic partnership to advance 5G enabled IoT smart homes. Keysight’s 5G solutions were chosen by VIOMI to test the radio frequency (RF) performance of the company’s IoT devices for home applications. This will enhance the market growth of MMW technology in consumer electronics sector.
In January 2020, NEC Corporation launched their new Millimeter-wave distributed antenna radio unit to make better use of the 5G Millimeter-wave spectrum (28 GHz band). This will uplift channel quality for indoor 5G applications, further driving MMW technology market growth.
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