Millimeter Wave Technology Market Outlook
According to a new report by Expert Market Research titled, “Global Millimeter Wave Technology Market Trends, Share, Analysis, Report and Forecast 2023-2028, the global millimeter wave technology market is projected to grow at a CAGR of 22.80% between 2023 and 2028. Aided by the growing demand for high-speed data transfer and the expanding applications of millimeter wave technology in various sectors, the market is expected to grow significantly by 2028.
Millimeter wave technology refers to the radio frequency spectrum from 30 GHz to 300 GHz, providing high-speed wireless communications. The technology is progressively being employed in a wide range of products, such as radar and security scanners, mobile and satellite communication systems, and remote sensing. Millimetre wave technology is an invaluable asset in a variety of industrial applications, including telephony, aerospace and defence, and healthcare, in addition to its communication capabilities.
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The growing demand for high-speed data transfer is driving the global millimeter wave technology market growth. With the advent of 5G and the growing reliance on data-intensive applications, there has been a substantial shift towards technologies offering higher bandwidth, leading to a surge in demand for millimeter wave-based products. For 5G backhaul, millimetre wave solutions are the best option since they offer integrated access, high throughput, economic flexibility, and quick deployment. Furthermore, the rising trend of automation and IoT has further contributed to the increasing popularity of millimeter wave technology, as it supports high-speed wireless connectivity crucial for these applications.
The expanding applications of millimeter wave technology in various sectors also play a significant role in accelerating the millimeter wave technology market development. In the telecommunications sector, it is used for backhauling communication in cellular networks. The aerospace and defence industry utilises millimeter wave technology for radar and navigation systems. Moreover, its capability of high-resolution imaging makes it an essential component in the healthcare sector for cancer diagnosis and treatment.
Additionally, the growing demand for advanced security systems has led to increased focus on millimeter wave technology as a viable solution for security scanning. With the rising security concerns and the need for non-invasive security systems, millimeter wave technology has emerged as a critical component in security screening devices, thereby boosting the millimeter wave technology market expansion.
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Millimeter Wave Technology Market Segmentation
The market can be divided based on product, component, frequency band, application, and region.
Market Breakup by Product
- Telecommunication Equipment
- Imaging and Scanning Systems
- Radar and Satellite Communication Systems
Market Breakup by Component
- Antennas and Transceivers
- Control Devices
- Frequency Converters
- Passive Components
Market Breakup by Frequency Band
Market Breakup by Application
- Military and Defence
- Automotive and Transport
- Electronics and Semiconductor
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global millimeter wave technology companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Aviat Networks, Inc.
- Siklu Communication Ltd.
- E-band Communications LLC
- Sage Millimeter, Inc.
- Bridgewave Communications, Inc.
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