The Global Millimeter Wave Technology Market is expected to grow at a CAGR of around 36% in the forecast period of 2021-26. Millimeter-wave technology includes a radio frequency band, i.e., ideal for 5G networks. Unlike previously used frequencies, viz., lower than 5 GHz in mobile devices, millimeter wave technology allows transmission at frequencies between 30- 300 GHz. The millimeter-wave technology is being used widely by enterprise data centers & at-home consumers since it can provide data transmission at speeds higher than other available technologies.
The most prominent factors contributing to the market growth include the extensive usage of millimeter wave technology in consumer devices and its increasing demand in security & surveillance applications. In addition, the introduction of 5G in mobile networks and the surging IoT (Internet of Things) applications are also projected to drive the market through 2026.
Furthermore, millimeter wave technology is witnessing snowballing adoption across several applications like wireless communications in smartphones, smartwatches, etc. Technological advancements in digital networks across healthcare, education, transportation, automotive, telecommunication, and other industries and the mounting usage of millimeter wave technology in radar & satellite communications shall also augment the overall market growth during 2021-26, further states the research report, “Global Millimeter Wave Technology Market Analysis, 2021.”
Scanner System to Capture the Largest Share of the Global Millimeter Wave Technology Market
The burgeoning adoption of millimeter wave images in the biometric field to reduce the harmful impact of X-Ray radiations is the prime aspect behind the booming demand for Scanner Systems. Besides, the increasing deployment of millimeter-wave scanner systems for security purposes in places like government buildings, VIP residential areas, business workplaces, airports, and five-star hotels also contributes to the market growth across the segment cited above.
On the other hand, the demand for Telecommunication Equipment is projected to experience the fastest growth during 2021-26, primarily due to the surging usage of millimeter wave components in telecommunication equipment. Additionally, the growing deployment of 5G projects, coupled with various favorable policies to support long-term 5G licenses & improve spectrum efficiency, are other crucial factors propelling the demand for Telecommunication Equipment.
With Mounting Adoption of North America Acquired the Largest Share in the Millimeter Wave Technology Market
Across North America, the United States & Canada are the early adopters of advanced technologies. The mounting adoption of millimeter wave technology in mobile & telecom applications across these countries is the prime aspect attributing to the dominance of North America in the Millimeter Wave Technology Market. In addition, massive investments in research & development activities on millimeter wave technology and the extensive presence of leading market players in the US are other prominent factors augmenting the regional market growth.
Furthermore, the rising penetration of consumer electronics like wearable electronics, smartphones, & smartwatches and the burgeoning need for millimeter-wave technology for security screening, radar & satellite communication systems, imaging, wireless telecommunication, etc., shall also fuel the regional market growth in the coming years, reveals MarkNtel Advisors in their research report, “Global Millimeter Wave Technology Market Analysis, 2021.”
According to MarkNtel Advisors, the leading players in the Global Millimeter Wave Technology Market include Bridgewave Communications, Cablefree: Wireless Excellence, E-Band Communications, Llc, Farran Technology, Aviat Networks, Inc., Lightpointe Communications, Inc., Millitech, Inc., NEC Corporation, QuinStar Technology, Inc., Eravant (Sage Millimeter, Inc.), Siklu Communication Ltd., & Trex Enterprises Corporation.
Key Questions Answered in the Study