The global millimeter wave technology market size is estimated to grow from USD 1.8 billion in 2021 to USD 4.7 billion by 2026, at a CAGR of 20.8%. Increase in broadband and mobile speeds, rise in use of millimeter wave in small-cell backhaul networks, and substantial demand in the use of millimeter wave technology in security and radar applications are among the factors driving the growth of this market.
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â€œFrequency sources & related components accounted for a larger share of millimeter wave technology market in 2020â€
Frequency sources & related components are projected to account for the largest share in the millimeter wave technology market. The larger market share of frequency components is mainly due to the use of oscillators. The frequency sources & related components include oscillator source devices that generate 30 GHz to 300 GHz signals. The efficiency of signals generated from millimeter wave systems depends on the nature of frequencies involved in the component manufacturing process.
â€œMarket for telecommunication equipment of millimeter wave technology projected to dominate the millimeter during the forecast periodâ€
The telecommunication equipment is projected to dominate the millimeter wave technology market by product. The high growth of telecommunication equipment is due to the higher use of millimeter wave components for 5G backhaul. Also, millimeter wave components are widely used in indoor and outdoor telecommunication equipment, which includes small-cell and macro-cell equipment.
â€œMarket for fully licensed frequencies spectrum for millimeter wave technology to dominate during the forecast periodâ€
The millimeter wave technology for fully licensed frequencies is projected to account for the largest share by 2025, due to the high adoption of millimeter wave for devices in the fully licensed frequency band. The unlicensed band is set to grow at the highest rate due to its increasing adoption, mainly in the mobile and telecom sectors. Users are expected to use light licensed and fully licensed frequency bands in the near future, owing to the lack of security in the unlicensed spectrum.
â€œThe 57â€“95 GHz accounted for the largest share of millimeter wave technology market in 2020â€
The millimeter wave technology market for 57â€“95 GHz is estimated to account for the largest share and grow at the highest CAGR during the forecast period. The dominance of this frequency band is due to the high demand for this frequency band, as it serves numerous applications such as autonomous mining, security & perimeter protection, traffic monitoring, and automated cruise control. Apart from this, the E-band and V-band are mainly used for telecom applications, which lies in the 57â€“86 GHz frequency band, which is projected to further increase the dominance of this frequency band.
â€œThe mobile & telecom applications accounted for the largest share of millimeter wave technology market in 2020â€
The mobile & telecom applications are estimated to dominate the millimeter wave technology market by application. The growth in the mobile & telecom segment is mainly attributed to the large-scale adoption of millimeter wave technologies in 5G mobile phones and telecom infrastructure. The consumer & commercial applications are projected to witness significant growth during the forecast period, due to the high demand for high-speed transmission of video data in CCTV devices.
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â€œNorth America is projected to dominate the millimeter wave technology market the during forecast periodâ€
The millimeter wave technology market in North America is estimated to account for the largest share. The growth in the market is mainly attributed to the higher adoption of millimeter wave technology in mobile & telecom application. The majority of the players offering millimeter wave technology are from this region, such as Axxcss Wireless Solution, Eravant, Aviat Networks, and L3HARRIS TECHNOLOGIES, which would propel the growth of the market in this region.