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. 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. 

One of the main advantages 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. 

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.

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 2021 and also expected to grow at CAGR of 35.9% during the forecast of 2023 to 2030. 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.

Asia Pacific millimeter wave technology market is expected to grow at highest CAGR of 36% during the forecast period of 2023-2030.  Asia Pacific millimeter 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. However, North America dominates the market in terms of revenues for 2020.

Product launch is the primary strategy adopted by companies in global millimeter wave technology market. New and advanced products help to improve company’s market visibility while competing effectively with key competitors in the 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.

KEY MARKET MOVEMENTS

• Global millimeter wave technology market is estimated to grow at a CAGR of 35.2% during forecast period (2023-2030).
• Increasing data traffic and adoption of 5G are the most impactful market drivers.
• Mobile & Telecommunication leads the application segment in terms of revenue in global millimeter wave technology market with around 55.14% market share in 2021 and also expected to grow at CAGR of 35.9% during the forecast of 2023 to 2030.
• Asia Pacific millimeter wave technology market is expected to grow at highest CAGR of 36% during the forecast period of 2023-2030. 
• North America dominates the market in terms of revenues for 2020.
• Product launch is the primary strategy adopted by companies in global millimeter wave technology 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.

Browse the full report at https://www.acutemarketreports.com/report/millimeter-wave-technology-market

The Global Millimeter Wave Technology Market is Segmented into:

*Complete segmentation list is on the report page