The Global Millimeter Wave Technology market was valued at $0.19 billion in 2014 with CAGR of 40.07% it is expected to reach $7.14 billion by 2022. Increasing usage of Millimeter wave in small cell backhaul networks, demand for innovative applications in the radar and security applications, increasing demand for bandwidth intensive applications and consumer electronics applications are the major drivers for the market growth. However, environmental issues and limited range are limiting the market growth. North America has the largest market for MM wave technology and is expected to show a high growth rate during the forecast period. U.S. is expected to grow at a faster rate due to growing applications in the mobile & telecom sector.
The mobile and telecom application has rising market in millimeter wave technology. The millimeter wave scanner market is also expected to grow rapidly in the coming few years. Mobile & telecom, and consumer & commercial sectors are the two major applications areas of MM wave technology products which are currently available.
Global Millimeter Wave Technology market is segmented by frequency band, by, product, by application, by license, by component and by geography. Based on frequency band, market is segregated into bands between 8 GGz and 57 GHz, bands between 57 GHz and 86 GHz and bands between 86 GHz and 300 GHz. Depending on product, market is classified into MM radar & satellite communication systems, MM telecommunication equipment and MM scanner systems. Based on application, market is categorized into healthcare, defense, mobile & telecom, industrial, automotive, consumer & commercial, emerging next generation, and imaging. Based on license, market is segmented into light licensed frequency mm wave, fully licensed frequency mm wave and unlicensed frequency mm wave.
Based on component, market is categorized into communication & networking components, antennas & transceiver, frequency sources & related components, imaging components, interface components, RF & radio components, power & battery components, sensors and others. Market by geography is segmented into North America, Europe, Asia Pacific, and Rest of the World.
The Key players in the market include, Mi-Wave, Inc., Aviat Networks, Inc., Smiths Group Plc, Hittite Microwave Corporation (Analog Devices), Loea Corporation, Vubiq, Inc., Smiths Group Plc, Wasa Millimeter, Wave Ab, and Farran Technology Ltd.
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