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Millimeter Wave Technology Market Trends

Report ID: GMI8085
Published Date: Feb 2024
Report Format: PDF

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Millimeter Wave Technology Market Trends

The millimeter wave technology industry is evolving with notable trends. The surge in 5G deployments is a primary driver, leveraging millimeter wave frequencies for high-speed data. The Internet of Things (IoT) and video streaming have led to an increase in data consumption, which has increased the demand for higher bandwidth that millimeter wave frequencies provide. The applications and market reach of millimeter wave technology have increased owing to its integration into consumer electronics such as smartphones, Wi-Fi enabled devices, and smart home systems.

Additionally, millimeter wave sensor adoption is increasing in Advanced Driver-Assistance Systems (ADAS) and safety applications due to the automotive industry's pursuit of autonomous vehicles. The application of millimeter wave technology in medical imaging in the healthcare industry is further expanding millimeter wave technology market growth. For instance, in August 2023, CitiusTech Healthcare Technology Pvt. Ltd. partnered with Radical Imaging LLC to offer comprehensive services for both companies to support development projects built on the Open Health Imaging Foundation (OHIF) open-source web imaging platform.

Millimeter wave solutions are being adopted by the security and defense industries for military imaging & radar systems. The market for millimeter wave technologies is expanding at a rapid rate due to ongoing developments in semiconductor technologies as well as large investments in research & development to address regulatory issues and overcome propagation challenges.

Authors: Suraj Gujar , Sandeep Ugale

Frequently Asked Questions (FAQ) :

The market size of millimeter wave technology reached USD 3 million in 2023 and is set to grow at 20% CAGR between 2024 and 2032, propelled by its capacity for high-speed and low-latency communication.

The communications and networking segment accounted for over 20% of the market share in 2023, favored by faster data transfer rates.

North America held over 30% of the market share in 2023, attributed to the rapid rollout of 5G infrastructure and significant investments by major telecom operators.

Aviat Networks, Smiths Interconnect Group Limited, Axxcss Wireless Solutions, Bridgewave Communications Inc., Cambium Networks, Ducommun Incorporated, E-band Communications LLC, Eravant (SAGE Millimeter Inc.), Farran Technology Ltd., Keysight Technologies Inc., Kyocera Corporation, L3Harris Technologies Inc., Millimeter Wave Products Inc., NEC Corporation and Siklu Communication Ltd.