DUBLIN, August 31, 2021 / PRNewswire / – The “Millimeter Wave Technology Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecast, 2021-2029” report was added to ResearchAndMarkets.com offer.
Experts forecast that the global millimeter wave technology market is expected to grow at a CAGR of 35.2% during the forecast period (2021-2029).
The global millimeter wave technology market is primarily driven by increasing mobile data traffic, demand for bandwidth-intensive applications, and growing adoption of millimeter waves in small cell backhaul networks. Millimeter wave technology can reduce the pressure of data traffic on the base station (BS) of the network, thereby increasing the communication speed and improving the quality of the network.
Exponential Increase in Data Traffic Key Booster Market Revenue
Data traffic refers to the amount of data transferred between the internet and the hosting account on the web server. With the evolution of the user towards more data-intensive content such as video streaming, augmented reality, voice-over data, 4k video, growing number of internet users on smartphones, etc. Data traffic is expected to increase in the future. The increase in data traffic creates bandwidth complexities and network congestion.
One of the main advantages of millimeter wave technology is the ability to transmit a large amount of data because the frequency is directly proportional to the bit rates. Thus, millimeter waves are suitable for the transmission of digital data, for cellular communications. This creates a need for an efficient wireless mobile link.
Researchers and telecom operators seek to incorporate millimeter wave technology in order to reduce the lack of bandwidth and easily deliver data intensive content leading to the market adoption of millimeter wave technology.
5G, the new buzz ensuring significant growth around the world
Millimeter waves are considered the key enabling technology for the successful deployment of the 5th generation wireless communications network. With the growing investment in 5G infrastructure, a huge demand for equipment based on millimeter wave technology is anticipated.
According to the Organization for Economic Co-operation and Development (OECD), the communication network and service environment would become more complex by 2023 and the 5G technology market would experience immense growth due to the continued advancements of the 5G network infrastructure.
United States, UK, France, Germany, South Korea, Japan, China are at the forefront of research and testing investments for 5G technology. Such investments in 5G would fuel the development of wireless infrastructure and networks and promote the growth of the global mobile phone and telecommunications market during the forecast period.
Mobile and telecom applications represent more than half of market revenues
The global millimeter wave technology market has been segmented on the basis of products, frequency band, license type, and application. The applications segment is further sub-segmented into Mobile & Telecommunications, Consumer & Commercial, Healthcare, Industrial, Automotive & Transport, Military, Defense, and Aerospace & Imaging.
Mobile & Telecommunication dominates the application segment in terms of revenue in the global millimeter wave technology market with approximately 55.14% market share in 2019. Millimeter waves are considered to be the key enabling technology for the market. successful deployment of the 5th generation wireless communication network and the growing telecommunications industry. is expected to propel the global millimeter wave technology market during the forecast period. The increased investment and adoption of 5G technology network is expected to create a huge demand for millimeter wave technology equipment.
The mobile and telecom application is expected to grow at a CAGR of 35.9% over the forecast. The telecommunications industry is undergoing radical change with increasing data consumption and limited bandwidth. With the increasing consumption of data, the radio frequency spectrum has become congested as all mobile service providers operate in the same frequency band, resulting in slower service and more dropped connections.
North America – The Present Market, APAC – The Future Market
Asia Pacific The millimeter wave technology market is expected to grow at the highest CAGR of 36% during the forecast period 2021-2029.
Asia Pacific The millimeter wave technology market is primarily driven by the increase in data consumption which has created a demand for efficient wireless backhaul solutions, coupled with high infrastructure investment to set up a 5th grade wireless network. generation. According to CISCO VNI in 2016, Asia-Pacific will account for 47% of global data traffic by 2021, followed by Middle East & Africa and North America and mobile data traffic in Asia Pacific is expected to reach 22 exabytes by 2021 compared to 2.97 exabytes in 2016. However, North America dominates the market in terms of turnover for 2020.
Innovation is the key to improving market presence
Product launch is the primary strategy adopted by companies in the global millimeter wave technology market. New and advanced products help to improve the company’s visibility in the market while competing effectively with the main competitors in the market. Partnership and collaboration is the secondary strategy adopted by companies in the global millimeter wave technology market.
Increased mobile data traffic and demand for bandwidth-intensive applications
Growing demand in radar and security applications
Growing adoption of Mmw in small cell transport networks
High potential for the use of millimeter wave technology in consumer electronics
Wireless: wireless excellence
E-Band Communications LLC
L3 Technologies Inc.
Millimeter Wave Products Inc.
Sage Millimeter Inc.
Hubei YJT Technology
For more information on this report, visit https://www.researchandmarkets.com/r/fz28u9
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SOURCE Research and Markets