Millimeter Wave Technology Market is segmented by Type of Component (Antennas & Transceiver, Communications & Networking Components, Interface Components, Frequency Components & Related Components, Imaging Components, Other Components), Licensing Model (Fully Licensed, Partly Licensed, Unlicensed), and Geography.
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Scope of the Report
Key Market Trends
TABLE OF CONTENTS
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The Millimeter Wave Technology Market was valued at USD 296.70 million in 2019 and is expected to reach USD 1.8 billion by 2025, at a CAGR of 34.56% over the forecast period 2020 - 2025. The millimeter waveband is used for high-speed wireless communication solutions.
Though millimeter wave technologies are among more accessible technologies, they are often ignored and undeveloped. However, with the rapid increase in demand for higher bandwidths and high data speeds, the millimeter-wave band is growing in a wide range of applications.
Further, in telecommunications, the usage of millimeter wave technology is gaining demand in a variety of mobile and wireless networks services. This demand increase owes to the ability of technology to handle high data rates (up to 10 Gbps).
Globally, a significant rise in the use of connected devices, owing to the high adoption of IoT, is driving the adoption of backhaul
The increasing number of small cell backhaul network deployments and mobile backhaul solutions in metros, with high capacities, are one of the primary reasons for market growth. As more consumers are being introduced to the internet in the developed and developing countries, the demand for higher speeds by the existing internet users is also growing.
Furthermore, the demand for higher bandwidth is expected to accelerate the overall demand for millimeter wave technology during the forecast period.
Scope of the Report
Millimeter-wave is the band of spectrum between 30 GHz and 300 GHz. Millimeter-wave, also known as extremely high frequency or very high frequency by the International Telecommunications Union (ITU), is an emerging technology for high-speed wireless broadband communications.
By Type of Component
Antennas & Transceiver
Communications & Networking Components
Frequency Components & Related Components
By Licensing Model
Rest of Europe
Rest of Asia-Pacific
Rest of The World
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Key Market Trends
Evolution of 5G is Expected to Drive the Market
The increasing mobile traffic is prompting next-generation cellular network research. Further, a multi-fold increase in the system rate is required in the near future for the next-generation cellular networks to cater to the consumers’ data services. There are numerous projects underway to integrate the millimeter wave technology into the current mobile networks as a multi-band network, to use the millimeter-wave band wide spectrum.
Around 7 GHz of continuous bandwidth is available, globally, at 60 GHz unlicensed bandwidth, which can be useful for the current data requirements. As the current frequencies are being used heavily, and it is difficult to get more spectral bandwidth essential for 5G networks, the millimeter-wave spectrum has become more critical.
Moreover, the communication devices produced on a mass scale to handle 5G networks and meet the growing demand for faster data transfer rates, are expected to accelerate the market.
The Mobility Report from Ericsson forecasts that by 2024, 5G subscriptions will reach 1.9 billion, and that would cover up to 65 percent of the world's population. Ericsson further adds that 35% of the traffic load in 2024 will be generated by 5G networks which will be nearly 1.5 times of what was consumed overall in 2018.
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North America is Expected to Hold Major Market Share
The United States is the first country in the world to offer commercial use of millimeter waves in the form of E-band frequencies, thus leading the growth and adoption of MMT worldwide.
According to the Ericsson’s latest mobility report, North America will lead the adoption of 5G, with 63% of its mobile subscriptions expected to be 5G-based in 2024,
The intense research, in military applications and subsequent inclusion of this technology in sonar, radar, and secure military communications, is helping the country consolidate as a market leader. Canada, another major market in North America, is actively using MMT-enabled full-body scanners in several entry points, due to its accuracy and safety comparable to the X-ray scanners.
Further, the country has invested heavily in this technology to aid customers shopping for fashion accessories, which is estimated to have a positive impact on the regional market share.
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The Millimeter Wave Technology Market is a competitive market. With the proliferation of 5G, the market is expected to expand and attract more significant players. The present landscape is expected to experience a number of collaborations in the near future among telecom service providers and companies producing mmWave products.
January 2019 - Fujitsu Network Communications, Inc. and BridgeWave Communications signed an agreement for Fujitsu to supply and support BridgeWave wireless backhaul systems as part of Fujitsu’s end-to-end transport solutions portfolio.
February 2018 – Siklu Inc., a market leader in the million-wave technology, announced the launch of its full-duplex wireless solution that provides reliable fiber extension solution – EtherHaul 8010.