Millimeter Wave Technology
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Millimeter Wave Technology Market Size Growth Forecast: What to Expect by 2025?
The value of the millimeter wave technology market has seen significant expansion recently. With a compound annual growth rate (CAGR) of 21.6%, it is projected to increase from $2.94 billion in 2024 to $3.57 billion in 2025. The surge in growth throughout the past years is owing to factors such as the evolution of wireless communication, escalation in satellite communication, the soaring demand for broadband services, applications in defense and aerospace, as well as in medical imaging.
How Will the Millimeter Wave Technology Market Size Evolve and Grow by 2029?
The market size of millimeter wave technology is predicted to experience a significant escalation in the coming years, swelling to $8.68 billion in 2029 with a compound annual growth rate (CAGR) of 24.9%. This boost over the forecast period can be credited to heightened demands for bandwidth, ecological sensing and weather observation, solutions for energy efficiency, IoT linkage, initiatives for smart cities, industrial mechanization, and swift urban development. Major developments predicted for the duration of the forecast period encompass enhancements in 5g technology, amalgamation with artificial intelligence, technological progress in silicon photonics, and assimilation with machine learning.
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What Drivers Are Propelling the Growth of Millimeter Wave Technology Market Forward?
The millimeter wave technology market is likely to surge due to the increasing acceptance of autonomous vehicles. Autonomous vehicles, which can operate and navigate unaided by human interaction, utilize a mix of advanced sensors, cameras, radar, lidar, and artificial intelligence algorithms to understand their surroundings and control their movement. This technology supports real-time communication for autonomous vehicles, facilitates data exchange, and aids decision-making. To illustrate, the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, reported that in 2023, electric car sales exceeded 10 million, making up 14% of all new car sales, an increase from about 9% in 2021. As a result, the increased use of autonomous vehicles is fuelling the expansion of the millimeter wave technology market.
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Which Emerging Trends Are Transforming the Millimeter Wave Technology Market in 2025?
The adoption of technological advancements is a primary trend gaining traction in the millimeter wave technology market. Many leading companies in this market are embracing new technologies in a bid to maintain their market position. For example, SMK Electronics Corporation, an American electrical and electronics manufacturer, launched the Milweb Millimeter Wave Sensor Technology and Solution in January 2023. This groundbreaking sensor technology, using unique algorithms, is capable of identifying objects, surfaces, and terrain, and can also measure an individual’s heart rate and respiration at close proximity. It has a myriad of uses in several sectors such as home automation, car manufacturing, healthcare, and safety products. It allows for the automation and integration of smart technologies, helping manufacturers to enhance their product offerings with advanced safety features and functionalities. The Milweb Millimeter Wave Sensor Technology, with applications ranging from health monitoring, security systems, room occupancy detection, to vehicle alert systems, paves the way for increased functionality and safety in various settings.
What Are the Key Segments in the Millimeter Wave Technology Market?
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
Subsegments:
1) By Antennas And Transceiver Components: Antenna Arrays, Transmitter Modules, Receiver Modules, Integrated Circuits
2) By Frequency Sources And Related Components: Oscillators, Frequency Synthesizers, Signal Generators, Mixers
3) By Communication And Networking Components: Modulators, Demodulators, Routers, Switches
4) By Imaging Components: Millimeter Wave Cameras, Sensors, Imaging Software
5) By RF And Radio Components: Amplifiers, Filters, Waveguides
6) By Sensors And Controls: Proximity Sensors, Motion Sensors, Control Units
7) By Interface Components: Connectors, Adapters, Cables
8) By Power And Battery Components: Power Amplifiers, Battery Management Systems, Energy Harvesting Modules
9) By Other Components: Heat Sinks, Enclosures, Miscellaneous Accessories
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Who Are the Key Players Shaping the Millimeter Wave Technology Market’s Competitive Landscape?
Major companies operating in the millimeter wave technology market include Huawei Technologies Co. Ltd., Lockheed Martin Corporation, Denso Corporation, QUALCOMM Inc., Mitsubishi Electric Corporation, Fujitsu Limited, Ericsson, NEC Corporation, L3Harris Technologies Inc., Toyoda Gosei Co. Ltd., Keysight Technologies Inc., Smiths Interconnect, Aviat Networks Inc., Mistral Solutions Pvt. Ltd., Vayyar Imaging Ltd., Siklu Communications Ltd., REMEC Broadband Wireless Networks LLC, Radio Gigabit Inc., Eravant, Sivers Semiconductors AB, Farran Technology Ltd., LightPointe Communications Inc., Millimeter Wave Products Inc., Blu Wireless Technology Limited, Vubiq Networks Inc., E-Band Communications LLC, Hubei YJT Technology Co Ltd., BridgeComm Inc., Movandi Corporation, Wireless Excellence Limited
What Geographic Markets Are Powering Growth in the Millimeter Wave Technology Market?
North America was the largest region in the millimeter wave technology market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the millimeter wave technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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