Millimeter Wave Technology Market Opportunities and Challenges

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The millimeter wave technology market is projected to grow from USD 1.8 billion in 2021 to USD 4.7 Billion by 2026, at a CAGR of 20.8% from 2021 to 2026. Rising adoption of millimeter waves in the telecommunication sector is one of the factors fueling the growth of this market.

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Based on product, the telecommunication equipment segment to hold a high market share from 2021 to 2026
Based on product, the millimeter wave technology market has been segmented into telecommunication equipment, radar & satellite communication systems, and scanner systems. The telecommunication equipment segment is expected to dominate the millimeter wave technology market by product. The market for telecom applications has been further segmented into mobile backhaul equipment (which includes all indoor and outdoor radio equipment used in macro-cell and micro-cell backhaul) and smallcell equipment. The mobile backhaul equipment segment is estimated to dominate the market due to its use in backhaul applications, mainly in 5G infrastructure applications. There have been significant research projects and trials for millimeter wave products in North America, which is expected to contribute significantly to the growth of mobile backhaul equipment, and, ultimately, for telecom equipment.

Based on the license type, the fully licensed segment registered the largest share during the forecast timeframe
The millimeter wave ecosystem includes three primary license types: fully licensed, light licensed, and unlicensed Under the fully licensed policy, the spectrum has to be sold/allotted to the telecom operator at a specific cost. In the light licensing policy, the telecom operator pays a nominal amount for using the millimeter wave spectrum. These amounts are not charged uniformly and vary from one country to another. The fully licensed millimeter wave segment comprises frequency bands between 8 GHz and 23 GHz, 23 GHz and 38 GHz, and 38 GHz and 43 GHz. This frequency band forms a smaller market segment than unlicensed and light licensed frequency bands. Fully licensed frequency bands are used in point-to-point wireless communications. The 5G technology-based frequency spectrum, a part of the fully licensed millimeter wave spectrum, is expected to be one of the advancements in the telecom sector.

Based on frequency band, the 57–86 GHz segment accounts for largest size of the market during the forecast period
The frequency band segmentation includes three frequency bands: 24–57 GHz, 57–86 GHz, and 86–300 GHz. The 57–86 GHz frequency band is expected to hold the largest share of the millimeter wave technology market until 2026 and grow at the highest CAGR during the forecast period. The dominance of this frequency band is due to the high demand for it as it serves numerous applications such as autonomous mining, security and perimeter protection, traffic monitoring, and automated cruise control.

“North America is projected to dominate the millimeter wave technology market the during forecast period”
The millimeter wave technology market in North America is estimated to account for the largest share. The growth in the market is mainly attributed to the higher adoption of millimeter wave technology in mobile & telecom application. The majority of the players offering millimeter wave technology are from this region, such as Axxcss Wireless Solution, Eravant, Aviat Networks, and L3HARRIS TECHNOLOGIES, which would propel the growth of the market in this region.

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Some of the Major players in the millimeter wave technology market are Axxcss Wireless Solution (US), NEC Corporation (Japan), Siklu Communication (US), L3HARRIS (US), and Smiths Group (UK). These players have adopted various growth strategies such as contracts, joint ventures, partnerships & agreements, acquisitions, and new product launches further to expand their presence in the millimeter wave technology market.