According to the research report, the "Millimeter Wave Technology Market by Product (Scanner Systems, Telecommunication Equipment), License Type (Unlicensed, Fully Licensed), Application (Mobile and Telecom, Automotive), Component, Frequency Band, and Region - Global Forecast to 2026", size is estimated to grow from USD 1.8 billion in 2021 to USD 4.7 billion by 2026, at a CAGR of 20.8%. Rising adoption of millimeter waves in the telecommunication sector is one of the factors fueling the growth of this market.
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Frequency sources & related components accounted for a larger share of millimeter wave technology market, by component, in 2020
The market for frequency sources & related components is projected to account for the largest share. The larger market share of frequency components is mainly due to the use of oscillators. The frequency sources and related components include oscillator source devices that generate 30 GHz to 300 GHz signals. The efficiency of signals generated from millimeter wave systems depends on the nature of frequencies involved in the component manufacturing process.
Telecommunication equipment accounted for the largest share of millimeter wave technology market, by product, in 2020
The telecommunication equipment is estimated to dominate the millimeter wave technology industry by product. The high growth of telecommunication equipment is due to the higher use of millimeter wave components for 5G backhaul. Also, millimeter wave components are widely used in indoor and outdoor telecommunication equipment, which includes small-cell and macro-cell equipment. The market for scanner systems is estimated to account for a significant share due to its high adoption in airports, malls, and other public places for people screening. The market for radar & satellite communication systems is projected to grow at a significant rate due to its adoption in military and defense applications.
Fully licensed spectrum accounted for a larger share of millimeter wave technology market in 2020
The millimeter wave technology for unlicensed frequencies accounted for the largest share by 2020, due to the high adoption of millimeter wave for devices in the unlicensed frequency band. The fully licensed band is set to grow at the highest rate due to its increasing adoption, mainly in the mobile and the telecom sector. Users are expected to use light licensed and fully licensed frequency bands in the near future, owing to the lack of security in the unlicensed spectrum.
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“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.