The global millimeter wave technology market size is estimated to reach USD 8.69 billion by 2025, according to the new report by Grand View Research, Inc. Millimeter (MM) waves are radio frequencies operating in the electromagnetic spectrum of 30 GHz to 300GHz, also known as Extremely High-Frequency (EHF) range. As the millimeter waves are capable of transmitting large amounts of data with greater efficiency, they hold a major application across the telecommunication industry.
Currently, fiber-optic cables are one of the best transmission mediums being used, extensively, for data transmission. However, the fiber optics technology is extremely costly and the network is highly tedious to install, posing the millimeter wave (MMW) technology as an appealing alternative for the fiber-optics medium.
The MM wave technology market is highly consolidated, in terms of applications and components, where it is extensively used. The major application areas of the technology include telecommunication, military & defense, medical, and security services. The advancements in the telecom industry are leading to the evolution of next-generation technologies such as 5G.
Owing to the demand for higher bandwidths in the fifth-generation technology, millimeter waves are expected to play a prominent role in the development of 5G technology. As the market is experiencing a shift toward the adoption of fifth-generation technology, the MM wave technology market is thus anticipated to grow, significantly, during the forecast period.
Moving further, the increasing focus of the governments and international security authorities toward curbing down the global threats, looming due to the increasing terrorist activities, such as plane hijacking and bomb-blasts, is leading to the adoption of enhanced security measures. These measures prominently include the adoption of MMW scanners across international airports and other crowded places in the urban areas.
The increasing demand of millimeter wave scanners for security purposes is expected to boost the MMW technology market. The emerging markets of the Asia Pacific and South America & MEA regions are the expected to be the potential markets capable of offering strong growth opportunities for the technology, owing to the increasing awareness of security measures.
Intensive R&D activities and investments from the private and publics sectors, coupled with government funding & initiatives, are paving way for improved technologies. Additionally, the increasing use of MMW in the telecom sector and small cell backhaul applications are projected to be the key driving factors responsible for the overall industry growth.
North America contributed for the majority of the market share of more than 45.0% in 2015. The massive market share across the region can be accredited to the extensive adoption of the MMW technology in several sectors. However, the Asia Pacific region is expected to exhibit the remarkable growth over the estimated duration.
The millimeter waves are prone to environmental conditions such as rainfall, humidity, and fog, as their propagation characteristics are hampered by these conditions. Besides, range limitations and line-of-sight communication are few other factors that may hinder the applications of the technology. However, the obstructions hindering the growth of the market are expected to overcome with time, lowering their impact, owing to the intense R&D being carried out by the researchers and the key players in the MMW technology area.
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Further key findings from the report suggest:
The millimeter wave technology is gaining attraction, owing to its ability to transmit large amounts of data with greater efficiency
Furthermore, the increasing use of MMW technology in small-cell backhaul applications and the upcoming 5G technology are expected to drive the market, worldwide
The radar & satellite communication systems segment is projected to dominate the MM wave technology market with the fastest growing CAGR of beyond 42.0% during the forecast period
As the fiber-optics technology is a costly medium for data transmission, millimeter waves are gaining traction, owing to their lower cost and equally efficient technology
The E-band frequency segment is poised to witness the highest growth rate, owing to its extensive applications in telecommunication equipment and products
The Asia Pacific MMW technology market is anticipated to undergo a considerable shift on account of the increasing telecommunication and military & defense applications in countries such as China, and Japan.
The prominent players in the MM wave technology industry include Siklu Communication Ltd., Sage Millimeter, Inc., Keysight Technologies, Inc., and Bridgewave Communications, Inc.