The Millimeter Wave Technology Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Millimeter Wave Technology Global Market Report 2024, The millimeter wave technology market size has grown exponentially in recent years. It will grow from $2.44 billion in 2023 to $3 billion in 2024 at a compound annual growth rate (CAGR) of 22.9%. The growth in the historic period can be attributed to wireless communication evolution, satellite communication, rising demand for broadband services, defense and aerospace applications, medical imaging application.
The millimeter wave technology market size is expected to see exponential growth in the next few years. It will grow to $6.86 billion in 2028 at a compound annual growth rate (CAGR) of 23.0%. The growth in the forecast period can be attributed to increased bandwidth requirements, environmental sensing and weather monitoring, energy efficiency solutions, iot connectivity, smart cities initiatives, industrial automation, rapid urbanization. Major trends in the forecast period include advancements in 5g technology, integration with ai , technological advancements in silicon photonics, integration with machine learning.
The adoption of autonomous vehicles is expected to propel the growth of the millimeter wave technology market going forward. Autonomous vehicles refer to vehicles capable of operating and navigating without human intervention. These vehicles use a combination of advanced sensors, cameras, radar, lidar, and artificial intelligence algorithms to perceive their environment, make decisions, and control their movement. Millimeter wave technology enables autonomous vehicles to communicate in real time, exchange large amounts of data, and make informed decisions. For instance, in January 2022, according to Tesla, a US-based automotive company, in 2021, Tesla delivered 936,172 vehicles (Model S/X and Model 3/Y, autonomous vehicles), an 87.7% growth compared to 499,550 vehicles delivered in 2020. Therefore, the adoption of autonomous vehicles is driving the growth of the millimeter wave technology market.
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The millimeter wave technology market covered in this report is segmented –
1) By Component: Antennas And Transceiver Components, Frequency Sources And Related Components, Communication And Networking Components, Imaging Components, RF And Radio Components, Sensors And Controls, Interface Components, Power And Battery Components, Other Components,
2) By Product: Scanning Systems, Radar And Satellite Communication Systems, Telecommunication Equipment, Other Products,
3) By License Type: Light Licensed Frequency Millimeter Wave, Unlicensed Frequency Millimeter Wave, Fully Licensed Frequency Millimeter Wave
4) By Frequency: 24 GHz To 57 GHz, 58 GHz To 86 GHz, 87 GHz To 300 GHz
5) By End-Use: Telecommunications, Military And Defense, Automotive And Transport, Healthcare, Electronics And Semiconductor, Security
Technological advancements are a key trend gaining popularity in the millimeter wave technology market. Major companies operating in the millimeter wave technology market are adopting new technologies to sustain their position in the market. For instance, in January 2023, SMK Electronics Corporation, a US-based electrical and electronics manufacturing company, introduced Milweb Millimeter Wave Sensor Technology and Solution. Milweb Millimeter Wave Sensor Technology is an innovative sensor technology that utilizes proprietary algorithms to identify objects, surfaces, and terrain and even measure an individual’s heart rate and respiration at a close range. This versatile sensor technology finds applications in various industries, such as home automation, automotive manufacturing, healthcare, and safety products. It enables automation and integration of intelligent technologies, allowing manufacturers to enhance product offerings with advanced safety features and functionalities. With its wide range of applications, including health monitoring, security systems, room occupancy detection, and vehicle alert systems, Milweb Millimeter Wave Sensor Technology opens up new possibilities for enhanced functionality and improved safety in diverse environments.
The millimeter wave technology market report table of contents includes:
1. Executive Summary
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