Market Insights

Millimeter Wave Technology Market Size was valued at USD 1.4 Billion in 2023. The Millimeter Wave Technology Market industry is projected to grow from USD 1.677 Billion in 2024 to USD 6.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.27% during the forecast period (2024 – 2032). Increased demand for millimeter wave technology in radar and security applications, as well as the proliferation of millimeter wave technology in consumer electronics is the key market drivers enhancing the market growth.

The Millimeter Wave Technology market growth and development will be driven by the expanding request in radar and security applications.

According to the research report, the advancement of 5G in portable broadband administrations will speed up development in the market till 2025. Despite the delay in normalization, the range will contrarily affect the worldwide Millimeter Wave Technology market development during the period. The significant expense related to administration is anticipated to be a key test that could turn into an effective challenge from 2020 to 2025 to organizations.

Factors, for example, IoT applications will become key development drivers during the estimated time frame, and fast urbanization is likewise supposed to be supporting the market universally; in any case, the development anticipated for the figure time frame could be influenced by the interest for profoundly talented experts which could adversely influence exercises occurring across the market. The absence of created framework is another test of the market in 2025.

Millimeter-wave technology was principally created for applications that require high transmission capacity. The utilization of this innovation upgrades the security of an organization by the utilization of cryptographic calculations. Millimeter-wave radios require just little receiving wires, estimated in cables contrasted with Wi-Fi and other wireless network innovation.

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Market Segmentation

The global millimeter wave technology industry has been segmented into product, component, license type, frequency band, and end-user.

By product, the global millimeter wave technology industry has been segmented into radar communication systems, satellite communication systems, and telecommunication equipment.

component, the global millimeter wave technology industry has been segmented into antennas and

waveguide components, sensors and controls, frequency meters, radio and RF components, networking and communication components, imaging components, and transceivers.

Based on license type, the global millimeter wave technology industry has been segmented into unlicensed frequency, light licensed frequency, and fully licensed frequency.

frequency band, the global millimeter wave technology industry has been segregated into Band between 30 GHz and 57 GHz, Band between 57 GHz and 96 GHz, Band between 96 GHz and 300 GHz

Based on end-user, the global millimeter wave technology industry has been segmented into IT & telecommunication, automotive & aerospace, healthcare, consumer & commercial, and government & defense.

Major Players:

Eminent industry players profiled in the global millimeter wave technology market report include Millivision Technologies

• Vubiq Networks, Inc.
• Smiths Group PLC (UK)
• Fastback Networks
• NEC Corporation. (Japan)
• Mistral Solutions Pvt. Ltd (India)
• E-Band Communications, LLC (US)
• Farran Technology Ltd (Ireland)
• L3 Technologies, Inc.
• Millimeter Wave Products, Inc.
• BridgeWave Communications, Inc. (US)
• SAGE Millimeter, Inc.

Millimeter Wave Technology Industry Developments

January 2024

TMY Technology Inc (TMYTEK) and HCMF Group partnered together to create a Child Presence Detection (CPD) system in cars with millimeter-wave intelligent car door sensing technology.

The system was displayed at CES 2024, the largest international consumer electronics expo in the United States (Booth Number 7211).

This year’s event allows attendees to experience real-time scenarios in an intelligent car cabin for an even more immersive experience for vehicle owners.

Having over 60 years of experience as a worldwide supplier of automotive components and systems, HCMF Group has always put great importance on overall vehicle safety.

Introduction:

The global Millimeter Wave Technology market is poised to experience remarkable growth in the coming years, redefining the way we connect and communicate.

As demand for high-speed data transmission soars and industries increasingly adopt 5G networks,

Millimeter Wave Technology emerges as a pivotal enabler, offering unparalleled data rates and paving

the way for innovative applications across various sectors.

Key drivers behind the growth of the Millimeter Wave Technology market include:

The market’s growth potential has led to increased investments in research and development, resulting

in advancements that are further expanding its applications and reliability.

However, challenges such as limited propagation range and susceptibility to environmental interference are being actively addressed by industry players.

Millimeter wave technology is ushering in a new era of high-speed, low-latency wireless communication.Its potential to transform industries such as telecommunications, healthcare, automotive, and security is remarkable.

As this technology continues to evolve, we can anticipate a future where faster and more connected

experiences become the norm, powering innovation and driving societal progress.

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