DUBLIN--(BUSINESS WIRE)--The "Millimeter Wave Technology Market by Product (Scanner Systems, Telecommunication Equipment), License Type (Unlicensed, Fully Licensed), Application (Mobile and Telecom, Automotive), Component, Frequency Band, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global millimeter wave technology market size is estimated to grow from USD 1.0 billion in 2020 to USD 3.4 billion by 2025, at a CAGR of 26.4%.
The antennas & transceivers segment is projected to grow at the highest CAGR of the millimeter wave technology market, by component. One of the important factors for the dominance of these components is the wide adoption in telecom and consumer electronics applications. With the high adoption of 5G technology and 5G-based smartphones, the market for these antennas & transceivers is poised to grow significantly during the forecast period.
The market for telecommunication equipment is projected to grow at the highest CAGR during the forecast period
The telecommunication equipment is expected to dominate the millimeter wave market by product. The high growth of the telecommunication equipment is due to the higher use of millimeter wave components for 5G backhaul. Also, millimeter wave components are widely used in indoor and outdoor telecommunication equipment, which includes small cell and macro-cell equipment.
The market for unlicensed spectrum is expected to grow at highest CAGR during the forecast period
The millimeter wave technology market for unlicensed frequencies is projected to account for the largest share by 2025, as due to the high adoption of millimeter wave for devices in the unlicensed frequency band. The fully licensed band is set to grow at the highest rate due to its increasing adoption, mainly in the mobile and the telecom sector. Users are expected to use light licensed and fully licensed frequency bands in the near future, owing to the lack of security in the unlicensed spectrum.
The market for 57-86 GHz is projected to grow at highest CAGR during the forecast period
The market for millimeter wave technology for 57-86 GHz frequency band is projected to account for the largest share and grow at the highest CAGR during the forecast period. The dominance of this frequency band is due to the high demand for this frequency band, as it serves numerous applications such as autonomous mining, security and perimeter protection, traffic monitoring, and automated cruise control. Apart from this, the E-band and V-band are mainly used for the telecom applications, which lies in the 57-86 GHz frequency band, which is projected to further increase the dominance of this frequency band.
APAC to grow at the highest rate in the millimeter wave technology market by 2025
APAC is projected to grow at the highest rate due to the high adoption of millimeter wave technologies for telecommunication equipment products and mobile & telecom applications. In APAC, the investments look promising as the majority of the countries such as China, Japan, and South Korea have been successful in reducing the contamination of the virus compared with the US and European countries. China is easing the restrictions placed on factories' lockdown and workers' movement. Major telecommunication equipment providers in the region, including ZTE and Huawei Technologies, have signed more than 95 5G commercial deals with global leading operators. Also, Huawei has been providing support to launch 35 5G commercial networks by December 2020.
- Increase in Broadband and Mobile Speeds with Growing Utility and Demand
- Rise in Usage of Millimeter Wave in Small-Cell Backhaul Networks
- Substantial Demand in the Use of Millimeter Wave Technology in Security and Radar Applications
- Low Penetration Power Through Objects and Adverse Impact on the Environment
- Increase in Usage of 5G and Millimeter Wave Technology
- Significant Opportunities in Military, Defense, and Aerospace Applications
- Significant Opportunities for Growth of the Automotive Industry
- Rise in Number of IoT-Based Devices
- Non-Uniform Licensing Approach
- Axxcss Wireless Solutions
- Keysight Technologies
- NEC Corporation
- Eravant (Sage Millimeter)
- Siklu Communication
- Aviat Networks
- Farran Technology
- Smiths Group Plc
- Millimeter Wave Products Inc.
- Millivision Technologies
- Vubiq Networks
- Proxim Wireless
- Fastback Networks
- Quinstar Technology
- Lightpointe Communications, Inc. (Lightpointe Wireless)
- Trex Enterprises Corporation (Trex)
- OSI Systems
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