Millimeter Wave Technology Market Set to Soar Past USD 29.85 Billion by 2030
The global Millimeter Wave Technology market size is expected to reach USD 29.85 billion by 2030 and exhibit a CAGR of 40.20% in the forecast period (2023−2030), according to Skyquest’s latest research report. The wireless communication demands, 5G network deployment, high data rate requirements, bandwidth capacity for data-intensive applications, demand for improved network latency, emerging Internet of Things (IoT) applications, autonomous vehicles and V2X communication, advanced radar and imaging systems, security, and surveillance applications, need for high-speed wireless backhaul solutions, and research and development in millimeter wave technology is fueling the market’s growth.
Westford,USA, Jan. 30, 2024 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Millimeter Wave Technology market, private 5G networks, millimeter wave for fixed wireless access, growth in millimeter wave radar applications, mmWave in satellite communication, automotive radar systems, millimeter wave for healthcare imaging, mmWave technology for point-to-point communication, millimeter wave in consumer electronics, mmWave backhaul for urban connectivity, and advancements in semiconductor technologies for mmWave, are the trends that aid in the market’s growth.
Browse in-depth TOC on “Millimeter Wave Technology Market”
- Pages – 157
- Tables – 62
- Figures – 77
Millimeter wave (mmWave) technology is a type of radio frequency that uses wavelengths between 1 mm and 10 mm. This corresponds to frequencies between 30 GHz and 300 GHz.
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Prominent Players in Millimeter Wave Technology Market
- Analog Devices
- Broadcom
- Ericsson
- Fujitsu
- Huawei
- Intel
- Keysight Technologies
- Kyocera
- NEC
- Nokia
- NXP Semiconductors
- Qualcomm
- Qorvo
- Renesas Electronics
- Rohde & Schwarz
- Samsung
- Sierra Wireless
- Siklu Communication
- Skyworks Solutions
- Texas Instruments
Telecommunication Equipment Demand to Grow Substantially in the Forecast Period
Telecommunication Equipment dominated the global online market as it is critical for the deployment of 5G networks. Millimeter wave frequencies are a fundamental part of 5G technology, and the rollout of 5G networks was a major driver of millimeter wave technology adoption.
Telecommunication and IT is the Leading Application Segment
In terms of application, telecommunication, and IT is the leading segment as it is a critical component for the rollout of 5G networks. The telecommunication and IT sector is at the forefront of 5G deployment, as it seeks to provide high-speed, low-latency connectivity for various applications. The telecommunication and IT industry faces growing demands for high-speed data transmission, particularly with the rise of data-intensive applications like video streaming, cloud computing, and IoT. Millimeter wave technology offers the necessary bandwidth to meet these demands.
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North America is the leading Market Due to the Technological Advancements
Region-wise, North America is one of the largest growing markets with a huge emphasis on technological advancements. The region is home to numerous technology companies and research institutions focused on millimeter-wave technology, fostering innovation and product development. Regulatory authorities in North America have made spectrum available for millimeter wave use, encouraging investments and deployment.
A recent report thoroughly analyzes the major players operating within the Millimeter Wave Technology market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Millimeter Wave Technology.
Key Developments in Millimeter Wave Technology Market
- In March 2023, Samsung announced that it had developed a new millimeter wave radar sensor that is capable of detecting objects at a distance of up to 100 meters. The sensor is designed for use in autonomous vehicles and other applications that require accurate object detection.
- In February 2023, Infineon Technologies announced that it had developed a new millimeter wave transceiver that is capable of operating at frequencies up to 60 GHz. The transceiver is designed for use in 5G networks and other applications that require high-speed data transmission.
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Key Questions Answered in Millimeter Wave Technology Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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