Dublin, June 30, 2021 (GLOBE NEWSWIRE) -- The "Global Millimeter Wave Technology Market by Product (Scanner Systems, Telecommunication Equipment), License Type (Unlicensed, Fully Licensed), Application (Mobile and Telecom, Automotive), Component, Frequency Band, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global millimeter wave technology market size is estimated to grow from USD 1.8 billion in 2021 to USD 4.7 billion by 2026, at a CAGR of 20.8%.
An increase in mobile and broadband speeds is one of the main factors driving the growth of the millimeter wave technology market.
The market for communication & networking components is projected to grow at the highest CAGR during the forecast period
Communication and networking components include switches and routers, which are crucial in the telecommunication application. The quest for a viable and low-cost solution for high data rate applications such as home and personal area networking, automotive radar, and high bandwidth communications has helped boost the millimeter wave technology market
Market for telecommunication equipment is projected to grow at the highest CAGR during the forecast period
The telecommunication equipment is expected to dominate the millimeter wave market by product. The high growth of telecommunication equipment is due to the higher use of millimeter wave components for 5G backhaul. Also, millimeter wave components are widely used in indoor and outdoor telecommunication equipment, which includes small cell and macro-cell equipment.
Market for unlicensed spectrum is expected to grow at highest CAGR during the forecast period
The millimeter wave technology market for unlicensed frequencies is projected to account for the largest share by 2025, due to the high adoption of millimeter wave for devices in the unlicensed frequency band. The fully licensed band is set to grow at the highest rate due to its increasing adoption, mainly in the mobile and telecom sector. Users are expected to use light licensed and fully licensed frequency bands in the near future, owing to the lack of security in the unlicensed spectrum.
Market for 57-95 GHz is projected to grow at highest CAGR during the forecast period
The market for millimeter wave technology for 57-95 GHz frequency band is projected to account for the largest share and grow at the highest CAGR during the forecast period. The dominance of this frequency band is due to the high demand for this frequency band, as it serves numerous applications such as autonomous mining, security and perimeter protection, traffic monitoring, and automated cruise control.
Apart from this, the E-band and V-band are mainly used for telecom applications, which lies in the 57-86 GHz frequency band, which is projected to further increase the dominance of this frequency band.
APAC to grow at the highest rate in the millimeter wave technology market by 2026
APAC is projected to grow at the highest rate due to the high adoption of millimeter wave technologies for telecommunication equipment products and mobile & telecom applications. In APAC, the investments look promising as the majority of the countries such as China, Japan, and South Korea have been successful in reducing the contamination of the virus compared with the US and European countries.
China is easing the restrictions placed on factories' lockdown and workers' movement. Major telecommunication equipment providers in the region, including ZTE and Huawei Technologies, have signed more than 95 5G commercial deals with global leading operators.
Major Players Profiled in This Report:
Impact of COVID-19 on Millimeter Wave Technology Market
Revenue Shift and New Revenue Pockets for Millimeter Wave Technology Market
Value Chain Analysis
Tariff and Regulatory Landscape
Porter's Five Forces Analysis
Other Key Players
For more information about this report visit https://www.researchandmarkets.com/r/gsqslo
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