Global millimeter wave technology market is estimated to grow at a CAGR of 35.2% during forecast period (2023-2030). Global millimeter wave technology market is primarily driven by rising mobile data traffic, demand for bandwidth intensive applications and increasing adoption of millimeter wave in small cell backhaul networks. Millimeter wave technology can reduce data traffic pressure on Base Station (BS) of network, ultimately increasing the speed of communication and improving the quality of network. As per reports published by technocrats such as Cisco, Ericsson etc., total mobile data traffic was recorded to be around 8.8 Exabyte (EB) in 2016 across the globe and is expected to increase and reach up to more than 71 EB by the end of 2023. Therefore, rising data traffic is expected to drive the adoption of millimeter wave technology across the globe.

Exponential increase in Data Traffic Key Booster of Market Revenues

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. One of the main advantage of millimetre wave technology is the ability to transmit large amount of data as the frequency is directly proportional to bit rates. Thus, the millimetre waves are suitable for transmission of digital data, cellular communications. This creates need for efficient wireless mobile backhaul. The researches and telecom operators seek to incorporate millimetre wave technology in order to curb the bandwidth crunch and provide data intensive content with ease leading to the adoption of Millimetre wave technology market. 

5G the New Buzz Assuring Significant Growth across the Globe

The millimetre waves are considered to be the key enabling technology for the successful deployment of 5th generation wireless communication network. With the growing investment in the 5G infrastructure a huge demand for the equipment based on millimetre wave technology is anticipated. 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. USA, UK, France, Germany, South Korea, Japan, China are the forefront in research and trial investments for 5G technology. Such investments in 5G would fuel development in wireless infrastructure and network and promote the growth of global mobile and telecom market during the forecast period.

Mobile and Telecom Application Account for More than Half of the Market Revenues

Global millimeter wave technology market has been segmented on the basis of products, frequency band, license type and by application. The application segment is further sub segmented into Mobile & Telecommunication, Consumer & Commercial, Healthcare, industrial, Automotive and Transportation, Military, Defense, and Aerospace and Imaging. Mobile & Telecommunication leads the application segment in terms of revenue in global millimeter wave technology market with around 55.14% market share in 2019. The millimeter waves are considered to be the key enabling technology for successful deployment of 5th generation wireless communication network and growing telecommunication industry is expected to propel the global millimeter wave technology market over the forecast period. increasing investment and adoption of 5G technology network is expected to create a huge demand for millimeter wave technology equipment. The mobile and telecom application is expected to grow at CAGR of 35.9% during the forecast. The telecommunication industry is going under a radical change with the growing data consumption and limited bandwidth. With the increasing consumption of data radio-frequency spectrum have become congested as all the mobile providers wok in the same frequency band that leads to slower service and more dropped connections.

North America – The Present Market, APAC – The Future Market

Asia Pacific millimetre wave technology market is expected to grow at highest CAGR of 36% during the forecast period of 2023-2030.  Asia Pacific millimetre wave technology market is primarily driven by increasing data consumption that has created the demand for efficient wireless backhaul solutions coupled with high infrastructural investment to set up 5th generation wireless network. As per the CISCO VNI in 2016 Asia Pacific will account for 47% of global data traffic by 2021 followed by Middle East & Africa and North America and mobile data traffic in Asia Pacific is likely to reach 22 Exabyte’s by 2021 from 2.97 Exabyte’s in 2016. However, North America dominates the market interms of revenues for 2020. 

Innovation is the Key to Enhance Market Presence

Product launch is the primary strategy adopted by companies in global millimetre wave technology market. New and advanced products help to improve company’s market visibility while competing effectively with key competitors in the market. Partnership and collaboration is the secondary strategy adopted by companies in global millimetre wave technology market. Strategic partnerships allow the companies to leverage resources to serve extended market. Key companies in the market include Bridgewave Communications, Cablefree: Wireless Excellence, E-Band Communications, LLC, Farran Technology, Keysight Technologies, L3 Technologies, inc., Millimeter Wave Products inc., Nec Corporation, Sage Millimeter, inc., Siklu Communication, Fujitsu, Denso Corporation, Mitsubishi Electric, Mmw Biomedical, Hubei YJT Technology and others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Millimeter Wave Technology market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Millimeter Wave Technology market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Millimeter Wave Technology market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Millimeter Wave Technology market?
• Which is the largest regional market for Millimeter Wave Technology market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Millimeter Wave Technology market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Millimeter Wave Technology market worldwide?