Global Millimeter Wave Technology Market to Grow with a CAGR of 33.2% During 2022-2031, Backed by Increasing Adoption of 5G Broadband Cellular Networks
Kenneth Research published a report titled “Millimeter Wave Technology Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global millimeter wave technology market in terms of market segmentation by product, component, application, license type, installation, transmission frequency, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global millimeter wave technology market is anticipated to grow with a CAGR of 33.2% over the forecast period, i.e., 2022 – 2031. The market is segmented by product into radar & satellite communication system, telecommunication equipment, scanner system, and other products, out of which, the telecommunication equipment segment is anticipated to garner the largest revenue of USD 10774.3 Million by the end of 2031. Moreover, the segment generated a revenue of USD 494.4 Million in the year 2021.
The global millimeter wave technology market is estimated to garner a revenue of USD 22583.2 Million by the end of 2031, up from a revenue of USD 1345.9 Million in the year 2021. The growing adoption of internet of things (IoT), surge in the number of smart city projects worldwide, and the increasing advancements in information and communication technology are some of the major factors anticipated to drive the growth of the market in the coming years.
Geographically, the global millimeter wave technology market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is anticipated to garner the largest revenue of USD 7892.7 Million by the end of 2031. Moreover, the market in the region generated a revenue of USD 463.1 Million in the year 2021.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Rising Need for High-Speed Internet Services to Boost the Market Growth
By the end of 2026, the mobile internet subscribers are projected to cross 5.5 Billion by witnessing a penetration rate of close to 62%. Moreover, by the end of 2025, 5G connections are expected to reach a total of around 2.2 Billion.
Globally, with the advancement in cellular technology, the adoption of 5G or the fifth generation of broadband cellular networks, has grown extensively. This can be attributed to the rising need amongst cellular users for high-speed internet services and enhanced cellular connectivity. On the other hand, this has also raised the need amongst the telecom operators to enhance their capacity in order to serve the needs of their customers, thereby driving the demand for advanced technologies, such as the millimeter wave technology. Such a factor is therefore anticipated to drive the growth of the market in the coming years.
However, the low penetration power of millimeter waves, along with the concern for the adverse impact on the environment are expected to operate as key restraint to the growth of global millimeter wave technology market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global millimeter wave technology market which includes company profiling of L3Harris Technologies, Inc., Eravant, E-Band Communications, LLC, Smiths Detection Group Ltd. (Smiths Group plc.), Keysight Technologies, Inc., NEC Corporation, Galion LLC, Millivision Technologies (Galion LLC), Vubiq Networks, Inc., Millimeter Wave Products Inc., Farran, Mistral Solutions Pvt. Ltd., Axxcss Wireless Solutions, Inc., Siklu Inc., Qualcomm Technologies, Inc., Huawei Technologies Co., Ltd., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global millimeter wave technology market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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