Market Overview
The Millimeter Wave Technology Market Companies is expected to reach USD 4364.9 million by 2024 at a CAGR of 35.64% during the forecast period. Market Research Future (MRFR) in its report envelops segmentations and drivers to provide a better glimpse of the market in the coming years. Over the last decade, there have been rapid developments in the millimeter wave technology. Millimeter wave is an extremely high-frequency band spectrum that lies between 30 gigahertz (GHz) and 300 GHz with a short wavelength that ranges from 10 millimeters to 1 millimeter. Owing to its several benefits, such as high frequency, higher resolution, and low interference it is widely used for applications such as the transmission of large volumes of computer data, cellular communications, and radar transmissions.
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Key Players
The key players of global Millimeter Wave Technology Market Companies are Millivision Technologies (US), Vubiq Networks, Inc. (US), Smiths Group PLC (UK), Fastback Networks (US), NEC Corporation. (Japan), Mistral Solutions Pvt. Ltd (India), E-Band Communications, LLC (US), Farran Technology Ltd (Ireland), L3 Technologies, Inc. (US), Millimeter Wave Products, Inc. (US), BridgeWave Communications, Inc. (US), SAGE Millimeter, Inc. (US), and Keysight Technologies, Inc. (US).
Millimeter Wave Technology Market - Segmentation
The global Millimeter Wave Technology Market Analysis has been segmented based on product, component, license type, frequency band, end user, and region.
Based on end user, the market has been segmented into IT & telecommunication, automotive & aerospace, healthcare, consumer & commercial, government & defense. The IT & telecommunication segment accounted for the larger market share in 2018, is expected to register the highest CAGR during the forecast period. The automotive & aerospace segment was the second-largest market in 2018. Advancements in wireless communication technologies have enabled the widespread use of millimeter wave to address the challenges of lower frequency and high-speed communications. The millimeter wave technology has a significant role in autonomous driving and aerospace applications and is expected to revolutionize the automotive industry. The millimeter wave technology enables medical practitioners to perform advanced medical procedures with a reliable wireless network connected to another side of the globe.
Millimeter Wave Technology Market - Regional Analysis
The global millimeter wave technology market, by region, has been segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. North America is expected to dominate the millimeter wave technology market during the forecast period due an increase in mobile data traffic with bandwidth-intensive applications, adoption of this technology in small-cell backhaul network, and development of innovative millimeter wave-based radar and security products.
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