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.
Opportunities: Increase in use of 5G and millimeter wave technology
In late 2018, the 5G Spec was approved by the 3GPP, the organization that oversees cellular standards. With this, the suppliers and hardware manufacturers are able to bring 5G to consumers. The completed specs encompass support for low-frequency (600 MHz and 700 MHz), mid-frequency (3.5 GHz), and high-frequency (50 GHz) spectrum. Facilitating the approval from 3GPP means that chip-makers started developing silicon-based parts that will work with 5G networks.
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North America accounted for a major share of millimeter wave technology market in 2020
The 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 and telecom application. The majority of the players offering millimeter wave technology are from this region, such as Axxcss Wireless Solution, Keysight Technologies, Eravant, Aviat Networks, and L3HARRIS TECHNOLOGIES, which would propel the growth of the market in this region. However, the impact of COVID-19 has delayed the installations and implementation of 5G networks. Further, due to the lockdown situation in North America, almost all of the manufacturing facilities have been shut down; it is expected that this would recover by the end of 2020 or the beginning of 2021.