Millimeter Wave Market - Forecast 2021 - 2026
Overview
Millimeter-Wave Market is forecast to reach $2.3 billion by 2025, after growing at a CAGR of 19.8% during 2019-2024. The millimeter-wave frequencies of the electromagnetic spectrum are being predominantly used for applications such as radio astronomy, remote sensing, military and other applications. The booming number of small cell backhaul network deployments and mobile backhaul solutions in metros are driving the market growth. In addition to this, millimeter-wave offers a promising multi-gigabit transmission rate, cost-effective candidate for 5G backhauling, which is further anticipated to provide a boost to the millimeter-wave market growth during the forecast period.
Report Coverage
The report: “Millimeter Wave Market – Forecast (2019-2024)”, by IndustryARC, covers an in-depth analysis of the following segments of the Millimeter Wave Market.
Key Takeaways
· APAC dominates the Millimeter Wave Market attributed to the surge in the number of investments and partnerships in the telecommunication sector in this region.
· Increasing mobile traffic is prompting next-generation cellular research. In order to cater to the consumers’ data services, numerous projects are underway to integrate millimeter wave technology into the current mobile networks as a multi-band network.
· Moreover, the communication devices produced on a mass scale to handle 5G networks and meet the growing demand for faster data transfer rates, are expected to accelerate the market.
· Limited range of the millimeter-wave restrains the range to 10 meters or less, thereby obstructing the growth of the Millimeter Wave Market.
Type of Product - Segment Analysis
Telecommunication Equipment segment held the largest share in the Millimeter Wave Market in 2018. Growth in this segment is attributed to the increasing number of mobile subscribers, which has created a need for high bandwidth in the backhaul. Moreover, the shift towards 5G technology has fuelled the demand for millimeter-wave based electronics and telecommunication equipment.
Application - Segment Analysis
Millimeter-wave technology is being deployed in various applications including telecommunication, military defense, automotive transport and other industry verticals. Telecommunication is a major application estimated to grow at a CAGR of around 24.8% during the forecast period 2020-2025 accredited to the increase in demand for wireless communications. Furthermore, factors such as high demand for high bandwidth application in electronic devices and wearables, also propels the growth of millimeter wave technology forecast. High dependency on internet for media exchange, video conferencing, streaming, online gaming, and other applications has necessitated the organizations and telecom companies to shift towards the use of millimeter-wave technology.
Geography - Segment Analysis
Asia - Pacific region has dominated the Millimeter Wave Market with a share of more than 35%, followed by North America. Growth in this region is due to increasing initiatives such as investments and partnerships in the telecom sector by countries such as China, Japan and others. According to the stats by Xinhua News Agency, China is expected to invest $150 billion in its 5G networks by 2025. Moreover, Chinese operators will deploy 4.9 million 5G base stations by 2030. In 2018, Tech Mahindra and Japanese telecom company, Rakuten Mobile Network have entered into a partnership to set up 5G and 4G network labs in Tokyo and Bengaluru. Developments such as these are propelling the growth of the millimeter-wave market in the APAC region.The report covers Millimeter-Wave Market size by type and Applications, Millimeter-Wave Market share by top 5 companies and also the market share by start-ups during the forecast period.
Drivers – Millimeter Wave Market
· Technological Advancements in Communication Systems
High adoption of millimeter wave technology to provide wireless communication in smart wearable, smartphones and smartwatches have fuelled the millimeter wave market growth. Technological advances in digital networks connect a number of devices and sensors together, which ensures advances in healthcare, education, transportation, automotive, telecommunication, and other industries. In addition, an increase in demand for higher bandwidth increases the demand for new technologies such as mm-wave over fiber optic cable, which provides high data transmission at high rate.
· Increased demand from Military and Automotive Sector
There has been a surge in demand for millimeter wave technology in unmanned vehicles owing to a shift in preference of consumers from normal cars to smart cars, which assist automatic parking, braking, GPS navigation, blind spot detection collision avoidance system, and others. Hence, such benefits can be availed only with the integration of mm-wave technology. In addition, millimeter wave technology aids in the exchange of information in military and defense sector by making use of various applications such as electronic warfare, radar, tactical, and satellite communications. These factors are expected to create lucrative opportunities for the millimeter-wave technology market globally.
Challenges – Millimeter Wave Market
· Limited Network Range
One of the major challenges faced by millimeter wave market is its limited range. As per the laws of physics, the shorter the wavelength, the shorter is the transmission range for a given power. While signals at poor frequency bands can spread apart many miles, and enter more easily through rigid structures, millimeter-wave signals travel only a few miles, and do not penetrate concrete materials effectively. This challenge restrains the range to 10 meters or less, thereby hindering the growth of the global millimeter wave market.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the mobile VoIP market. In 2018, the market of millimeter-wave has been consolidated by the top five players accounting for around 65% of the share. Major players in the Millimeter Wave Market are Millivision Technologies, SAGE Millimeter Inc., Keysight Technologies, Vubiq Networks Inc, BridgeWave Communications, E-Band Communications, LLC, Aviat Networks, NEC Corporation and Siklu Communication Ltd. among others.
Acquisitions and Investments/Technology Launches
- In November 2019, Auspion Inc., a U.S. based millimeter wave startup, has raised $15 million in a Series A funding aiming to use the funds to complete commercialization, obtain FCC approval of its first products and add new management and engineering talent.
- In March 2019, NXP Semiconductors N.V. and Movandi Corporation have entered into a partnership to collaborate on millimeter wave (mmWave) solutions for 5G networks. The partnership will combine NXP’s digital networking and signal processing portfolio with Movandi’s innovative RF transceiver and systems architecture to deliver high-performance 5G solutions and the wireless communications infrastructure for applications such as smart homes, self-driving cars and future mobile cloud-based services.
