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The global millimeter wave technology market was valued at US$ 1.10 Billion in 2020.
We expect the global millimeter wave technology market to exhibit a CAGR of 27.3 % during 2021-2026.
The expanding telecom infrastructures on account of the rising demand for high-speed networks in the residential and commercial sectors represent one of the factors driving the global millimeter wave technology market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several countries resulting in delayed launch of 5G networks which relies on MMW technology.
Based on the component, the global millimeter wave technology market can be segmented into amplifiers, antennas and transceivers, oscillators, passive components, control devices, frequency converters, and others. Currently, antennas and transceivers hold the majority of the total market share.
Based on the frequency band, the global millimeter wave technology market has been segregated into 30 GHz - 57 GHz, 57 GHz - 96 GHz, and 96 GHz - 300 GHz. Currently, 57 GHz - 96 GHz frequency band represents the largest segment.
Based on the license type, the global millimeter wave technology market can be divided into unlicensed frequency millimeter wave, light licensed frequency millimeter wave, and fully licensed frequency millimeter wave. Amongst these, unlicensed frequency millimeter wave accounts for the majority of the total market share.
Based on the application, the global millimeter wave technology market can be segmented into military and defense, healthcare, telecommunication, automotive and transport, electronics and semiconductor, and others. Currently, the telecommunication sector holds the majority of the total market share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global millimeter wave technology market include Aviat Networks Inc., AXXCSS Wireless Solutions Inc., Farran Technology Ltd., Fastback Networks Inc., Keysight Technologies Inc., L3 Technologies Inc., Millimeter Wave Products Inc., Mistral Solutions Pvt. Ltd. (AXISCADES Engineering Technologies Ltd.), NEC Corporation, Siklu Communication Ltd., Smiths Group Plc, and Vubiq Networks Inc.
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