DUBLIN, August 31, 2021 / PRNewswire / – The “Millimeter Wave Technology Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies, and Forecasts, 2021-2029” Report was added to ResearchAndMarkets.com to offer.
The global millimeter wave technology market is expected to grow at a CAGR of 35.2% during the forecast period (2021-2029).
The global market for millimeter wave technology is primarily driven by increasing mobile data traffic, the demand for bandwidth-intensive applications and the increasing prevalence of millimeter waves in small cell backhaul networks. Millimeter wave technology can reduce the traffic pressure on the base station (BS) of the network, which ultimately increases the communication speed and improves the quality of the network.
Exponential increase in traffic key to increase market revenue
Data traffic describes the amount of data that is transferred between the Internet and the hosting account on the web server. Since the user has to rely on more data-intensive content such as video streaming, augmented reality, voice-over data, 4k Video, more and more internet users on smartphones, etc. Data traffic is expected to increase in the future. Growing traffic leads to bandwidth complexity and network congestion.
One of the main advantages of millimeter wave technology is the ability to transfer large amounts of data as the frequency is directly proportional to the bit rates. Thus, the millimeter waves are suitable for the transmission of digital data, cellular communication. This creates a need for an efficient wireless mobile backhaul.
Researchers and telecom operators are trying to integrate millimeter wave technology to curb bandwidth shortages and easily deliver data-intensive content, leading to the advent of millimeter wave technology market.
5G, the new buzz that is generating significant growth worldwide
The millimeter waves are considered to be the key technology for the successful use of wireless communication networks of the 5th generation. With the growing investments in the 5G infrastructure, an enormous demand for devices based on millimeter wave technology is expected.
According to the Organization for Economic Cooperation and Development (OECD), the communications network and service environment would become more complex by 2023 and the 5G technology market would experience immense growth due to the ongoing advances in 5G network infrastructure.
United States of America, Great Britain, France, Germany, South Korea, Japan, China are leaders in research and testing investments in 5G technology. Such investments in 5G would fuel the development of wireless infrastructure and network and fuel the growth of the global cellular and telecommunications market over the forecast period.
Mobile and telecommunications applications account for more than half of the market’s sales
The global millimeter wave technology market has been segmented based on products, frequency bands, license type and application. The application segment is further broken down into Cellular & Telecommunications, Consumer & Commercial, Healthcare, Industrial, Automotive & Transportation, Military, Defense, and Aerospace & Imaging.
Mobile communications and telecommunications lead the application segment in terms of sales in the global market for millimeter wave technology with a market share of around 55.14% in 2019. Millimeter waves are considered to be the key technology for the successful use of 5th generation wireless communication networks and the growing telecommunications industry is expected to propel the global millimeter wave technology market during the forecast period. The increasing investments and the introduction of 5G technology networks are expected to create a huge demand for devices with millimeter wave technology.
The mobile and telecommunications application is expected to grow at a CAGR of 35.9% during the forecast. The telecommunications industry is in a state of upheaval with growing data consumption and limited bandwidth. With the increasing consumption of data, the radio frequency spectrum is overloaded, as all mobile network providers work in the same frequency band, which leads to slower services and more connection drops.
North America – The Present Market, APAC – The Future Market
Asia Pacific The Millimeter Wave Technology market is expected to grow with the highest CAGR of 36% in the forecast period 2021-2029.
Asia Pacific The market for millimeter wave technology is mainly driven by increasing data consumption, which has created the demand for efficient wireless backhaul solutions combined with high infrastructure investments for building a 5th generation wireless network. According to CISCO VNI in 2016, Asia Pacific will account for 47% of global traffic by 2021, followed by middle East & Africa and North America and mobile traffic in Asia Pacific is projected to reach 22 exabytes by 2021, down from 2.97 exabytes in 2016. North America dominates the market in terms of sales for 2020.
Innovation is the key to improving market presence
Product launch is the primary strategy pursued by companies in the global millimeter wave technology market. New and advanced products help improve the company’s market presence while effectively competing with major competitors in the market. Partnership and collaboration is the secondary strategy pursued by companies in the global millimeter wave technology market.
Growing mobile data traffic and demand for bandwidth-intensive applications
Increasing demand in radar and security applications
Increasing Adoption of Mmw in Small Cell Backhaul Networks
Great potential for the use of millimeter wave technology in entertainment electronics
Wireless: Wireless Excellence
E-Band Communications LLC
L3 Technologies Inc.
Millimeter wave products inc.
Not a company
Sage Millimeter Inc.
Hubei YJT technology
For more information on this report, see https://www.researchandmarkets.com/r/fz28u9
Research and Markets
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