Global millimeter wave technology market is segmented on the basis of product, frequency band, application, component, license and geography. Millimeter wave (MV) technology is a special type of electromagnetic wave technology. It is a mature technology and recently has been adopted in various applications across industries. In the perspective of wireless communication the millimeter wave generally occupies frequency range between 30 GHz to 300 GHz. Millimeter waves are those parts of the radio waves between wavelengths of ten to one millimeter. They typically fall in the frequency range of 30-300 GHz and are also referred as Extremely High Frequency (EHF) range. These waves usually propagate through line-of-sight and hence are subjected to high atmospheric attenuation as compared to lower bands.
The millimeter wave technology market is expected to witness double digit compound annual growth rate during the forecast period. Factors which are driving the growth of millimeter wave technology market are rising mobile data traffic and growing demand for bandwidth intensive applications, increasing demand for the high speed data connectivity and high potential usage of millimeter wave technology in consumer electronics application.
On the other hand, factors which are restraining the growth of millimeter wave technology market are environmental concerns and limited range. Non-uniform licensing approach is creating a major challenge for the growth of millimeter wave technology market.
The millimeter wave technology market is expected to witness great growth opportunity over the forecast period due to technological advances that encourages the adoption of millimeter wave technology across different industrial verticals such as aerospace, healthcare, defence, telecommunication and automobiles.
On the basis of product, the millimeter wave technology market is segmented into telecommunication equipment, RADAR & satellite communication systems, imaging & scanning systems and so on.On the basis of frequency band, the millimeter wave technology market is segmented into V-band, E-band; 8 GHz to 57 GHz band frequency, 58 GHz to 86 GHz band frequency, 87 GHz to 300 GHz band frequency, and rest of millimeter wave frequency bands and so on.On the basis of application, the millimeter wave technology industry is segmented into military & defense, healthcare, telecommunications, automotive & transportation, industrial, security, aerospace, consumer electronics and so on.
The millimeter wave technology market is being driven majorly by the telecommunication sector. The demand for data transfer is increasing at a high rate which is expected to grow more in the coming years.
This is propelling the demand for bandwidth-intensive applications. Also, millimeter wave technology is extensively used in small cell backhaul network. Upcoming 5G technology holds huge growth opportunities for the millimeter wave technology industry. On the basis of component, the millimeter wave technology industry is segmented into amplifiers, antenna & transceivers, oscillators, control devices, frequency converters, ferrite devices, passive components, radiometers and so on.
On the basis of license, the millimeter wave technology industry is segmented into light license frequency millimeter wave, fully license frequency millimeter wave and unlicensed frequency millimeter wave.
On the basis of geography, the millimeter wave technology market is segmented into Latin America, Asia Pacific, Europe, North America and Middle East & Africa.North America is expected to dominate the millimeter wave technology industry. U.S is expected to witness a double digit CAGR growth due to rising applications of millimeter wave technology in mobile & telecommunication industry.The key players in the millimeter wave technology are Apple Inc., Nuance Communications Inc., and Safran SA, 3M Cogent Inc., Crossmatch, Precise Biometric, BIO-key, Aware Inc., Applied Recognition Inc., BridgeWave Communications, E-Band Communications LLC, Siklu Communication Ltd., SAGE Millimeter Inc., Keysight Technologies, Millitech Inc., NEC Corporation, Trex Enterprises Corporation, LightPointe Communications Inc., Fulcrum Biometric LLC, EyeVerify Inc and M2SYS Technology.