The global millimeter wave technology market is expected to grow at a significant CAGR during the forecast period (2024-2031). The market is majorly driven by the increasing demand for bandwidth-intensive applications and rising research, the rising emergence of broadband and mobile speeds, development activities in millimeter wave technology, and the growing implementation of the 5G network. The increasing government initiatives and investments and rising demand for high-speed data transfer are also contributing to the growth of the industry. The gradual increase in consumer electronics such as wearable electronics devices, smartphones, and laptops also presents a growth opportunity for the market as they are bandwidth intensive.
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The global millimeter wave technology market is segmented by component (into Frequency sources & related components, Communication & Networking Components, Imaging Components, Sensors & Controls, and others), product (into Scanning systems, Radar and satellite communication systems, Telecommunication equipment and others), frequency band (into 24–57 GHz, 57–95 GHz, and 95–300 GHz), license type (into Light licensed frequency millimeter wave, Unlicensed frequency millimeter wave, and Fully licensed frequency millimeter wave), end users (into Cellular &Telecom, Consumer &Commercial, Healthcare and Industrial) and geographies (into North America, Europe, Asia-Pacific and Rest of the World).
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Key Trends and Opportunities
- The growing popularity of video conferencing, high-speed online gaming, video streaming, and transfer of media and files over the internet are highly data-intensive services that propel the demand for high bandwidth, thus presenting an opportunity for market growth.
- The millimeter wave technology is also witnessing novel opportunities in the defense and aerospace sectors attributing its application in satellite communication, which is vital to the military for detection and combating enemy threats and in the development of missile guidance systems and other munitions. The technology has been adopted by several military organizations such as the Air Force Research Laboratory (AFRL) and Defense Advanced Research Projects Agency (DARPA).
- The industry growth is restrained by the low penetration power and the potential hazards of increasing the same. The development of the technology demands the construction of towers and other infrastructural facilities demanding huge capital investment.
- The major challenge in the market growth is that only a few electronic components can generate or receive the millimeter wave. Additionally, traveling media is a challenge with higher frequencies. Furthermore, atmospheric and free-space path loss and poor foliage penetration add up to the challenges. The technology also has the potential to be negatively affected by various physical parameters including mechanical resonance, scattering non-line-of-sight issues, and more.
The major players in the global millimeter wave technology market include Siklu Communication Ltd (Ceragon Networks Ltd), Bridgewave Communications Inc. (REMEC Broadband Wireless Networks LLC), E-band Communications LLC (Axxcss Wireless Solutions Inc.), Millimeter Wave Products Inc., Ducommun Incorporated and more. These players are actively adopting growth strategies such as mergers and acquisitions, product launches, and partnerships and collaborations to expand market share and gain a competitive advantage. For instance, in January 2023, SMK Electronics Corporation introduced a new MilwebTM millimeter wave sensor technology and solution. The sensor is capable of identifying objects, surfaces, upcoming terrain, and an individual's heart rate & respiration. This has applications in home automation, automotive manufacturing, healthcare, and safety products.
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