According to a report published by Allied Market Research, the global millimeter wave technology industry that garnered a market value of over $220.5 million in 2018 is now expected to reach $3.25 billion by 2026, growing at a CAGR of 40.4% during the period. The forecast was made by Allied Market Research in their latest Millimeter Wave Technology Market report. The report provides a detailed analysis of the drivers & opportunities, top investment pockets, top winning strategies, market size & estimations, competitive landscape, and wavering market trends.
Drivers, Restraints, and Opportunities
Rise in testing of 5G technology in U.S., Japan, South Korea, and China, growing demand for smart devices and surge in use of millimeter wave technology-based scanner systems in airports drive the growth of the millimeter wave technology market. On the other hand, adverse impact of millimeter wave technology on the environment restrains the growth to some extent. However, increasing usage of millimeter wave technology in military & defense sector and rise in demand for autonomous vehicles are expected to create multiple opportunities for the key players in the industry.
Telecommunication Segment to Lead the Trail by 2026
Based on product, the telecommunication segment accounted for nearly three-fourths of the global millimeter wave technology market share in 2018 and is expected to dominate throughout the forecast period. Rise in demand for wireless device and extremely high data rates by the users in the telecom industry are anticipated to propel the growth. The same segment is also projected to grow at the fastest CAGR of 42.9% till 2026.
Fully Licensed Frequency millimeter Wave Segment Held Largest Share in 2018
Based on license type, the fully licensed frequency millimeter wave segment contributed to more than four-fifths of the global millimeter wave technology market revenue in 2018 and is anticipated to retain its top status throughout 2019-2026. Increasing adoption of fully licensed frequency has fueled the growth. The light licensed frequency millimeter wave segment, on the other hand, would register the fastest CAGR of 47.7% during the study period. The fact that light licensed frequency approach enables easier spectrum management and combines two approaches such as individual licensing and general authorization government has accentuated the growth.
Asia-Pacific, Followed by North America, to Rule the Roost in Terms of Revenue
Based on geography, the Asia-Pacific region, followed by North America, generated the lion's share in 2018, holding nearly two-fifths of the global millimeter wave technology market. High demand for bandwidth intensive application and need for millimeter wave solution in the telecom sector have increased the usage of the technology in the region. The same province would also cite the fastest CAGR of 45.4% throughout the forecast period. Rise in demand for high speed network for accessing smart application on commercial and residential level has helped drive the growth of the millimeter wave technology market in the region.
Click here to read the full report.
