The millimeter wave technology market size is expected to reach 3.25 billion by 2026 from 220.5 million in 2018, growing at a CAGR of 40.4% from 2019 to 2026. Millimeter wave technology is an electromagnetic spectrum with a wavelength between 1 and 10mms, provides high speed wireless communication to many products and services.
Millimeter wave is kind of electromagnetic technology which is widely being adopted in many industries due to increasing demand among users for higher bandwidth, transmission of data at high rates, high internet speed and efficiently manages data traffic.
Some instances where mm wave technology is used mostly are scanners, building automation, and consumer electronic products.
Factors such as deployment of millimeter wave technology in telecommunication sector, growth in adoption of millimeter wave technology in health care and airports and rise in demand for millimeter wave solutions for building automation in industrial sectors are the major key drivers for the market growth.
However, high cost, environmental concerns, and limited range act as a major restraint for the growth of the market.
Furthermore, increase in demand for millimeter wave technology in military, defense, aerospace (MDA), and in transportation and automotive sector for unmanned vehicles creates lucrative opportunities for the market to flourish across the globe.
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The millimeter wave technology market is analyzed by product type, license type, frequency band application, and region. Based on product type, it is fragmented into scanner systems, radar & satellite communication systems, and telecommunication equipment. By license type, it is classified into light licensed frequency, unlicensed frequency, and fully licensed frequency. By frequency band, it is segmented into below 57GHz, between 86GHz and 300GHz, and above 300GHz.
By application, it is categorized into telecommunication, military & defense, automotive, radio astronomy, consumer industry, commercial, and others. In addition, others is sub segmented into healthcare, industrial, and transportation. Based on region, the global millimeter wave technology market is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, Russia, France, and others), Asia-Pacific (China, India, Japan, Korea, and others), and LAMEA (Latin America, Middle East, and Africa).
The key players operating in the market includes NEC Corporation, L3 Technologies, Inc., Keysight Technologies, Millimeter Wave Products Inc., BridgeWave Communications (REMEC Broadband Wireless Networks), CableFree: Wireless Excellence, Farran Technology, E-Band Communications, LLC, SAGE Millimeter, Inc., and Siklu Communication provided in this report.