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Next Wave: Millimeter Wave Technology Market Surges to USD 2.8 Billion in 2022, Envisioning a Robust 39.5% Growth from 2023 to 2030 | Farran Technology, Keysight Technologies

Next Wave: Millimeter Wave Technology Market Surges to USD 2.8 Billion in 2022, Envisioning a Robust 39.5% Growth from 2023 to 2030 | Farran Technology, Keysight Technologies

Report Ocean is a comprehensive analysis of the “Millimeter Wave Technology Market”  that includes both qualitative and quantitative data. The report covers various regions and provides insights into major industry changes, challenges faced by businesses and competitors, and potential new opportunities in the market. It also includes a SWOT analysis, Porter’s Five Forces model, and a value chain review to help readers understand the industry’s position in the market and the stakeholder positions.

The Global Millimeter Wave Technology Market, currently valued at approximately USD 2.8 billion in 2022, foresees a dynamic growth trajectory with a robust compound annual growth rate (CAGR) surpassing 39.5% over the forecast period spanning from 2023 to 2030. This market segment, entrenched within the telecommunications and wireless communication industry, focuses on the development, deployment, and application of high-frequency electromagnetic waves in the millimeter wave range.

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These applications encompass wireless communication, radar systems, imaging, and sensing. The surge in the millimeter wave technology market is propelled by factors such as the increasing adoption of MMW (millimeter wave) technology in the telecommunications sector, the emergence of 5G technology, and the growing demand from bandwidth-intensive applications and the telecommunications sector.

Millimeter wave technology, renowned for its capacity to swiftly transmit large amounts of data, stands as a pivotal component of 5G networks, providing enhanced capacity and accelerated data transfer rates. The IEEE Communications Society predicts a significant global surge in 5G subscriptions, with 5G subscriptions expected to reach 5.9 billion by 2027, equivalent to a population penetration of 70.9%. This surge in 5G subscriptions propels the market’s growth. Additionally, the escalating demand for high-speed and reliable network connectivity for IoT applications presents lucrative opportunities for the market. Nevertheless, range limitations may act as a hindrance to market growth throughout the forecast period from 2023 to 2030.

Key Regions and Market Players:

The key regions considered in the Global Millimeter Wave Technology Market study include Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. North America takes the lead in the market as of 2022, attributed to the region’s broad acceptance of technology and its role as early adopters of emerging technology. Asia Pacific emerges as the fastest-growing region during the forecasted period, driven by developments and upgrades in telecom infrastructure and the rapid deployment of 5G technology.

Major Market Players:

  • Aviat Networks, Inc.
  • BridgeWave Communications Inc.
  • E-Band Communications, LLC
  • Farran Technology
  • Keysight Technologies
  • LightPointe Communications, Inc.
  • Millitech, Inc.
  • Trex Enterprises Corporation
  • QuinStar Technology, Inc.
  • Siklu Communication Ltd.

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Recent Developments:

  • In February 2023, at the Mobile World Congress (MWC) 2023 event in Barcelona, Spain, Telefonaktiebolaget LM Ericsson and Qualcomm Technologies, Inc. unveiled the world’s first commercially available mobile 5G mmWave network, powered by Ericsson. The event showcased various 5G mmWave devices powered by Qualcomm Technologies’ Snapdragon mobile platforms.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest in, along with a detailed analysis of the competitive landscape and product offerings of key players. The detailed segments and sub-segments of the market are explained below.

By Product:

  • Telecommunication Equipment
  • Imaging & Scanning Systems
  • Radar & Satellite Communication Systems

By Component:

  • Antennas & Transceivers
  • Amplifiers
  • Oscillators
  • Control Devices
  • Frequency Converters
  • Passive Components
  • Others

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By Application:

  • Telecommunications
  • Military & Defense
  • Automotive & Transport
  • Healthcare
  • Electronics & Semiconductor
  • Security

By Frequency Band:

  • V-Band
  • E-Band
  • Other Frequency Band

By Region:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Italy
    • ROE
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • RoAPAC
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa

Global Millimeter Wave Technology Market Report Scope:

  • Historical Data: 2020 – 2021
  • Base Year for Estimation: 2022
  • Forecast Period: 2023-2030
  • Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
  • Segments Covered: Product, Component, Application, Frequency Band, Region
  • Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
  • Customization Scope: Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

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Strategic Decision-Making:

Our market research reports provide invaluable insights for strategic decision-making. By analyzing industry trends, market dynamics, and emerging opportunities, businesses can make informed choices that align with their long-term goals and objectives.

Market Understanding:

A comprehensive understanding of the market is crucial for success. Our reports delve deeply into market size, segmentation, and growth drivers, ensuring businesses have a nuanced comprehension of the landscape they operate in, aiding in effective planning and execution.

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Key Questions Answered by the Report:

  • What are the driving factors for market growth?
  • What challenges and limitations does the market face?
  • What emerging opportunities exist in the market?
  • What potential threats and risks could impact the market?
  • What is the current market size and growth rate?
  • What are the market segments and their sizes?
  • Which regions are projected to experience the highest growth and market share?
  • What variables affect different geographical areas?
  • Who are the major players in the market and their rankings?
  • What recent partnerships, launches, expansions, or acquisitions have occurred among the companies profiled?
  • What are the comprehensive profiles of the top market players, including business overview, insights, product benchmarking, and SWOT analysis?
  • What is the present market outlook, considering recent changes and growth possibilities?
  • What are the drivers, obstacles, and restrictions in both developing and emerging regions?
  • How does the market analysis utilize Porter’s five forces analysis?
  • How does the Value Chain provide insights into market dynamics?

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Report Ocean stands as a preeminent provider of market research reports within the industry. Renowned globally, we are acclaimed for delivering insightful and informative research reports. Our commitment lies in furnishing clients with a comprehensive blend of both quantitative and qualitative research outcomes. As an integral component of our expansive global network and thorough industry coverage, we offer an in-depth reservoir of knowledge that empowers strategic and well-informed business decisions. Our approach integrates cutting-edge technology, advanced analysis tools, and our proprietary research models, all underpinned by years of expertise. This synergy allows us to craft essential details and facts that consistently surpass expectations.

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