Millimeter Wave Technology Market
The millimeter wave technology market is growing rapidly. Millimeter-wave is a variant of 5G networking, providing the fastest speeds available with the new networks. Rising demand for high-speed internet connectivity and the proliferation of smartphones are major factors substantiating the global millimeter wave technology market size.
Rising demand for efficient systems to improve industrial processes and the growing developments of IT &telecom infrastructures worldwide push market shares. Various smartphone developers and manufacturers strive to tap millimeter-wave networks. Given the kind of traction the market is currently garnering, it is expected that the market would demonstrate significant growth prospects for the years to come.
According to Market Research Future (MRFR), the global millimeter wave technology market is estimated to reach ascended heights by 2027, registering a phenomenal CAGR during the review period (2020-2027). Simultaneously, government initiatives and investments play a major role in fostering market developments.
Millimeter Wave Technology Market – Segmentation
The market is segmented into products, components, license types, frequency bands, end-users, and regions. The product segment is sub-segmented into radar communication systems, satellite communication systems, telecommunication equipment, and others.
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The component segment is sub-segmented into antennas & waveguide components, radio & RF components, sensors & controls, frequency meters, networking & communication components, imaging components, transceivers, and others.
The license type segment is sub-segmented into light licensed frequency, unlicensed frequency, fully licensed frequency, and others. The frequency band segment is sub-segmented into band between 30 GHz - 57 GHz, 57 GHz - 96 GHz, and 96 GHz and 300 GHz.
The end-user segment is sub-segmented into IT & telecommunication, automotive & aerospace, healthcare, consumer & commercial, government & defense, and others. The region segment is sub-segmented into Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Global Millimeter Wave Technology Market – Regional Analysis
North America dominates the global millimeter wave technology market. Factors such as the increase in mobile data traffic with bandwidth-intensive applications and adoption of this technology in small-cell backhaul networks substantiate the region's millimeter wave technology market shares. Besides, increasing developments of innovative millimeter wave-based radar and security products push the market value.
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Millimeter Wave Technology Market – Competitive Analysis
The millimeter-wave technology market appears to be highly competitive owing to the presence of numerous well-established players. Innovation, mergers & acquisitions, and collaborations remain key trends for the leading players. The millimeter wave technology market is likely to witness intensified competition with the increasing R&D innovations and M&A.
Major Players:
Players leading the millimeter wave technology market include Vubiq Networks, Inc. (US), Millivision Technologies (US), Smiths Group PLC (UK), NEC Corporation. (Japan), Millimeter Wave Products, Inc. (US), Fastback Networks (US), Mistral Solutions Pvt. Ltd. (India), Farran Technology Ltd (Ireland), E-Band Communications, LLC (US), L3 Technologies, Inc. (US), BridgeWave Communications, Inc. (US), SAGE Millimeter, Inc. (US), and Keysight Technologies, Inc. (US), among others.
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