CHICAGO, June 6, 2024 /PRNewswire/ -- The millimeter wave technology market is projected to grow from USD 3.0 billion in 2024 to USD 7.6 billion by 2029, registering a CAGR of 20.1% during the forecast period according to a new report by MarketsandMarkets. The market growth is increase in broadband and mobile speeds and emergence of autonomous vehicles. Furthermore, rising use of V-band millimeter waves for last-mile connectivity is expected to create lucrative opportunities for the market.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=981
Browse in-depth TOC on "Millimeter Wave Technology Market"
120 - Tables
80 - Figures
280 - Pages
Millimeter Wave Technology Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 3.0 billion |
Estimated Value by 2029 | $ 7.6 billion |
Growth Rate | Poised to grow at a CAGR of 20.1% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Product, License Type, Component, Frequency Band, End Use and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Challenges associated to physical properties of millimeter waves |
Key Market Opportunities | Emergence of new applications in aerospace & defense industry |
Key Market Drivers | Proliferation of Wireless Backhaul and growing adoption of 5G network |
The frequency sources & related components segment is expected to account for the largest share of the millimeter wave technology market in 2024.
A prominent industry for millimeter wave technology is that of frequency sources and related components. Devices that produce signals between 30 GHz and 300 GHz are known as oscillator source devices, along with associated components. The types of frequencies used in component manufacture determine how effective the signals produced by millimeter wave systems are. High frequency direct oscillators are frequently insufficient to suit the needs of most systems. The high frequencies needed by millimeter wave devices are produced by multiplying the frequencies of low-frequency oscillators in order to overcome this problem.
The 57-95 GHz frequency band segment is expected to account for the largest share of the millimeter wave technology market in 2024.
The 57-95 GHz segment accounted for the largest share of the millimeter wave technology market in 2024, and a similar trend is expected to be witnessed during the forecast period. Mobile carriers are using a Heterogeneous Network (HetNet) architecture of macro and small cells-which may rely on 3G, 4G, and 5G-in telecommunication applications. HetNet backhaul can benefit from millimeter bands like V-band (60 GHz) and E-band (70/80 GHz) since they enable traffic aggregation from several base stations into an access network. This traffic can then be routed to mobile switching centers and ultimately the core network. 5G is well suited to be supported by backhaul networks that use the V-band or the E-band because of their 10 Gbps to 25 Gbps data throughput capabilities. Due to its wide range of applications, including traffic monitoring, automated cruise control, security and perimeter protection, autonomous mining, and more, this industry is dominated. Telecommunications applications are the primary purpose for the E-band and V-band, which are located in the 57-95 GHz frequency range. It is anticipated that this element would further solidify this frequency band's supremacy.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=981
The Asia Pacific market is expected to witness the highest CAGR in the millimeter wave technology market during the forecast period.
Over the course of the projection period, Asia Pacific is expected to have the greatest CAGR. The main countries in Asia Pacific that are driving the growth of the millimeter wave technology industry are China, India, South Korea, and Japan. One of the major regions driving the millimeter wave technology market's expansion is Asia Pacific. From 2024 to 2029, this region's market is expected to develop at the fastest rate, owing to the increased adoption of millimeter wave technology in telecommunication equipment and mobile and telecom applications. In Asia Pacific, the key telecommunication equipment providers, including Huawei Technologies and ZE, have signed more than 100 5G commercial deals with leading global operators from January 2019 to April 2022. The increasing adoption of millimeter wave technology in industrial applications such as industrial automation is expected to accelerate the deployment of 5G networks in China. These networks are expected to act as a single wireless access channel for large industrial facilities instead of using different short-range wireless standards. This, in turn, is anticipated to minimize signal interferences.
Key players
Key players in the millimeter wave technology companies include Axxcss Wireless Solutions (US), NEC Corporation (Japan), Ceragon (Isarel), L3Harris Technologies, Inc. (US), Aviat Networks (US), Smiths Group plc (UK), Eravant (US), Farran (Ireland), Keysight Technologies (US), Ducommun Incorporated (US), and Millimeter Wave Product, Inc, (US), and among others.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=981
Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Related Reports:
5G Chipsets Market Size, Share and Industry Growth Analysis Report by Type (Modems, RFICs), Frequency (Sub - 6 GHz, 24 - 29 GHz, Above 39 GHz), Process Node (Less than 10 nm, 10 to 28 nm, Above 28 nm), End-use (Telecommunication Infrastructure, Mobile Devices) and Region - Global Growth Driver and Industry Forecast to 2028
5G Fixed Wireless Access Market Size, Share, Statistics and Industry Growth Analysis Report By Offering (Hardware, Service), Operating Frequency (Sub 6GHz, 24-39 GHz, Above 39 GHz), Demography (Urban, Semi-urban, Rural), Application and Region (North America, Europe, APAC, RoW) - Size, Share, Statistics and Industry Growth Analysis Report Forecast to 2028
IoT Chip Market Size, Share by Hardware (Processor, Connectivity IC, Sensor, Memory Device and Logic Device), Power Consumption, End-use Application (Wearable Devices, Consumer Electronics, Building Automation and Retail) and Region - Global Forecast to 2025
5G Infrastructure Market by Communication Infrastructure (Small Cell & Macro Cell), Core Network (SDN & NFV), Network Architecture (Standalone & Non-standalone), Operational Frequency (Sub 6GHz & Above 6GHz), End User & Geography - Global Forecast to 2027
Cellular IoT Market Size, Share & Industry Growth Analysis Report by Component (Hardware, Software, and Services), Technology (2G, 3G, 4G, LTE-M, NB-LTE-M, NB-IoT, and 5G), Application, Vertical and Geography (North America, Europe, APAC, South America & MEA) - Global Growth Driver and Industry Forecast to 2027
About MarketsandMarkets
MarketsandMarkets has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/millimeter-wave-technology-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/millimeter-wave-technology.asp
Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg
View original content:https://www.prnewswire.co.uk/news-releases/millimeter-wave-technology-market-worth-7-6-billion-by-2029---exclusive-report-by-marketsandmarkets-302165836.html
