Allied Analytics LLP
Increasing demand for high speed data transfer and low latency communications and expansion of 5G infrastructure are the key factors driving the growth of the mmWave technology market.
WILMINGTON, Del., Aug. 08, 2024 (GLOBE NEWSWIRE) — Allied Market Research has published a report titled “By Component (Antenna & Transceiver Components, Frequency Sources & Related Components, Communications & Networking Components, Imaging Components, RF & Wireless Components, Sensors & Controls, Others), By Product Type (Scanner Systems, Radar & Satellite Systems, Communications Equipment), By License Type (Lightly Licensed Spectrum, Unlicensed Spectrum, Fully Licensed Spectrum), By Frequency Band (24GHz-57GHz, 58GHz-86GHz, 87GHz-300GHz), By Application (Telecommunications & Datacom, Military & Defense, Automotive, Industrial, Consumer, Medical, Others): Global Opportunity Analysis and Industry Forecast, 2024-2032.” According to the report, the mmWave technology market is valued at $3.4 billion in 2023 and is expected to grow at a CAGR of 20.4% from 2024 to 2032, reaching $17.9 billion by 2032.
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Key Determinants of Growth
Increasing demand for high-speed data transmission and low-latency communications, and the expansion of 5G infrastructure are the key factors driving the growth of the mmWave technology market. However, high initial investment costs are limiting adoption and hindering the market growth. Conversely, the growth of the Internet of Things (IoT) ecosystem and the expansion of smart grids are expected to provide lucrative opportunities for the mmWave technology market during the forecast period.
Report Scope and Details:
Report Scope
detail
Forecast Period
2024-2032
Base year
2023
Market size in 2023
$3.4 billion
Market size in 2032
$17.9 billion
Average annual growth rate
20.4%
Number of pages in the report
250
Target segments
Components, products, license types, frequency bands, applications, and regions.
driver
opportunity
Constraints
Segment Highlights
Based on product, the communication equipment segment is expected to dominate the market in terms of revenue in 2023 and is expected to follow the same trend during the forecast period owing to the rapid deployment of 5G networks and increasing need for high-speed data transmission. The superior bandwidth capabilities of mmWave technology are essential to support the high data rates required for modern communication systems. Moreover, the surge in demand for enhanced mobile broadband experience coupled with the increasing usage of smart devices is driving the adoption of mmWave technology in communication equipment.
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Based on component, the antenna and transceiver components segment held the highest market share in 2023, accounting for nearly half of the mmWave technology market share. This is as these components play a vital role in enabling the transmission and reception of high-frequency signals essential for 5G networks and other advanced communication systems. Antennas and transceivers are essential in ensuring the efficient operation and performance of mmWave technology, especially in communications applications.
Based on the type of license, the unlicensed spectrum segment was expected to hold the highest market share in 2023, accounting for nearly half of the market share for mmWave technology, owing to its flexibility and cost advantages compared to unlicensed frequencies. Unlicensed frequencies enable the rapid deployment of mmWave technology without the need to obtain expensive and time-consuming licenses. This will spur innovation and widespread adoption, especially in applications such as wireless broadband and small cell deployments for 5G networks.
Based on frequency, the 24GHz to 57GHz segment will hold the highest market share in 2023, accounting for nearly half of the market share of mmWave technology due to its widespread adoption in 5G networks and wireless communication applications. Frequencies in this range offer an optimal balance between range and data rate, making them ideal for urban and suburban deployments. Moreover, the availability of wider spectrum and established infrastructure supports the widespread use of this frequency range.
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By application, the telecommunications and data communications segment held the highest market share in 2023, accounting for nearly half of the market share of mmWave technology. This is owing to the key role that mmWave technology plays in the rollout of 5G networks, which require higher frequency bands to deliver ultra-fast data speeds and low latency. Increasing demand for high-speed internet, enhancing mobile broadband services, and exponential growth in data traffic are driving the adoption of mmWave technology in telecommunications and data communications applications.
By region, the mmWave technology market is analyzed across North America, Europe, Asia Pacific, and LAMEA. North America accounted for the highest market share in the mmWave technology market in 2023. This is driven by the early and widespread deployment of 5G networks across the US and Canada. North America benefits from significant investments in advanced communications infrastructure, strong support from government and regulatory bodies, and a high concentration of key market players and technology innovators.
Key players:
This report provides a detailed analysis of these key players in the global mmWave Technology market. These players are adopting various strategies such as new product launches, collaborations, expansions, joint ventures, and agreements to increase their market share and maintain a dominant share in various regions. The report helps in showcasing the competitive scenario by highlighting the business performance, operating segments, product portfolios, and strategic moves of the market players.
Recent developments:
Siklu, a global provider of millimeter wave (mmWave) solutions for digital cities and gigabit wireless access (GWA), launched the new MultiHaul TG T261 terminal unit in August 2023. The T261 is primarily the fourth addition to Siklu’s MultiHaul TG family of point-to-multipoint 60 GHz products and is Terragraph (TG) certified.
Key benefits for stakeholders:
Based on component, the antenna and transceiver components segment is expected to dominate the mmWave technology industry size, in terms of revenue, in 2023, and grow at the fastest CAGR during the forecast period.
Based on product, the communication equipment segment is expected to dominate the mmWave technology industry size, in terms of revenue, in 2023, and grow at the fastest CAGR during the forecast period.
Based on license type, the unlicensed spectrum segment is expected to dominate the mmWave technology industry size, in terms of revenue, in 2023, and grow at the fastest CAGR during the forecast period.
Based on frequency brand, the 24GHz to 57GHz segment is expected to dominate the mmWave technology market size, in terms of revenue, in 2023, and grow at the fastest CAGR during the forecast period.
Based on region, North America generated the largest revenue in 2023. However, Asia Pacific is expected to grow at the highest CAGR during the forecast period.
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Key segments of the mmWave technology market:
By Component
By Product Type
By License Type
By frequency band
By Application
By region:
Europe (UK, Germany, France, Russia, Rest of Europe)
Asia Pacific (China, Japan, India, Australia, South Korea, Rest of Asia Pacific)
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