New York, March 24, 2022 (GLOBE NEWSWIRE) -- Ever since smartphones were made available commercially, the number of smartphone users around the globe skyrocketed. In the year 2019, the number of global smartphone users, for the first time, crossed the 3 Billion mark, and this trend is anticipated to continue over the upcoming years. Sales of new smartphones had registered close to 1.6 Billion units annually, while the number of smartphone subscriptions is projected to surpass 7800 Million by the end of 2028. On the other hand, the number of mobile internet subscribers reached close to 4 Billion worldwide in the year 2021. Furthermore, by the end of 2022, the total number of 5G connections across the globe is projected to cross 1 Billion.
Kenneth Research has recently released a report on “Global Millimeter Wave Technology Market” which is studied for the forecast period, i.e., 2022-2031. The market research report includes the market size and forecast and also a brief analysis of the market dynamics. Besides this, a detailed analysis of the competitive landscape along with the players operating in the market and their product portfolio is also studied in this research report. In addition to this, the report also covers the regional opportunity analysis and the regulatory and standards landscape analysis associated with the market growth in the upcoming years.
Smartphones nowadays have been an essential part of more or less every human life, and so the requirement for high-speed mobile internet services amongst smartphone users has also witnessed enormous growth. By the end of 2025, it has been estimated that the penetration rate of unique mobile subscribers would be close to 70% up from around 65% in the year 2020, while the penetration rate for mobile internet subscribers is projected to touch around 62%, up from about 50% during the same period. On the other hand, with global 5G connections estimated to surpass 2 Billion by the end of 2026, capital expenditure by telecom operators to expand their existing capacity is expected to witness a figure of close to USD 600 Billion between the period 2021 and 2026. Out of this total capital expenditure that is expected to be initiated by the telecom operators, more than 80% of the expenditure is planned on developing 5G infrastructure. The rising need for high-speed internet services, the surge in adoption of 5G, along with increasing investments by telecom operators to expand their existing infrastructure are some of the major factors anticipated to drive the demand for millimeter wave technology, and in turn, contribute to the market growth.
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The global millimeter wave technology market generated a revenue of USD 1345.9 Million in the year 2021 and is further projected to touch USD 22583.2 Million by the end of 2031, by growing with a CAGR of 33.2% during the forecast period. The market growth can also be attributed to the increasing advancements in wireless network technology, which is also contributing to the enhanced performances of both mobile and fixed broadband internet services. For instance, the global median download speed for mobile and fixed broadband internet services in the month of February 2022 was registered to be around 30 Mbps and 61 Mbps respectively, while the upload speeds registered close to 9 Mbps and 26 Mbps respectively. On the other hand, in July 2021, the global mean of download speeds for both mobile and fixed broadband services jumped nearly to 60% and 32% respectively as compared to the speeds registered in July 2020. Furthermore, the mean download speed over mobile was around 99%, 143%, and 196% faster respectively when compared to July 2019, 2018, and 2017 respectively.
The global millimeter wave technology market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Amongst the market in these regions, the market in North America generated the largest revenue of USD 463.1 Million in the year 2021 and is further expected to touch USD 7892.7 Million by the end of 2031. The growth of the market in the region can be attributed to the growing adoption of 5G technology, the availability of a larger smartphone user base, and the surge in demand for high-speed internet services. According to the statistics by the Pew Research Center, the share of adults in the United States who own a smartphone increased from 35% on May 21st, 2011 to 85% on February 7th, 2021. Moreover, the share of 5G in the overall network technology mix in North America is expected to reach close to 60% by the end of 2025. The market in the region is further segmented by country into the United States and Canada. Amongst the market in these countries, the market in the United States is anticipated to grow with the highest CAGR of 33.6% during the forecast period and also attain the largest revenue of USD 686.2 Million in the year 2023.
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On the other hand, the millimeter wave technology market in the Asia Pacific generated the second-largest revenue of USD 396.5 Million in the year 2021 and is further expected to reach USD 7478.8 Million by the end of 2031. The market in the region is also anticipated to grow with the highest CAGR of 34.7% during the forecast period. The market in the region is further segmented by country into Australia, Japan, Singapore, South Korea, China, India, and the Rest of Asia Pacific. Amongst the market in these countries, the market in China is expected to attain the largest revenue of USD 3335.8 Million by the end of 2031 and also grow with the highest CAGR of 35.6% during the forecast period.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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The global millimeter wave technology market is segmented by component into power & battery components, antennas & transceiver, frequency sources & related components, interface components, communication & networking components, sensors & controls, imaging components, RF & radio components, and others. Amongst these segments, the frequency sources & related components segment registered the largest revenue of USD 253.0 Million in the year 2021 and is further projected to reach USD 5138.1 Million by the end of 2031, by growing with the highest CAGR of 35.7% during the forecast period. In North America, the segment is anticipated to garner the largest revenue of USD 1789.6 Million by the end of 2031 and also grow with the highest CAGR of 36.0% during the forecast period. Moreover, in the Asia Pacific, the segment generated the largest revenue of USD 73.0 Million in the year 2021 and is further expected to touch USD 1669.5 Million by the end of 2031.
The global millimeter wave technology market is further segmented by application into 5G & small cell concept, millimeter wave therapy, HD video, virtual reality headsets, wireless gigabit alliance, high frequency radar technology, body scanners, autonomous driving, and other applications. Among these segments, the high frequency radar technology segment registered the largest revenue of USD 384.6 Million in the year 2021 and is further expected to reach USD 6115.3 Million by the end of 2031. In North America, the segment is expected to garner the largest revenue of USD 2139.0 Million by the end of 2031 by growing with a CAGR of 32.7% during the forecast period. Meanwhile, in Europe, the segment registered the largest revenue of USD 101.7 Million in the year 2021 and is further projected to reach USD 1480.7 Million by the end of 2031.
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The global millimeter wave technology market is further segmented by product, license type, installation, transmission frequency, and by end-user.
Global Millimeter Wave Technology, Segmentation by Product
- Radar & Satellite Communication System
- Perimeter Surveillance Radar Systems (PSRS)
- Application Specific Radar Systems
- Telecommunication Equipment
- Small-Cell Equipment
- Mobile Backhaul Equipment
- Macro-Cell Equipment
- Scanner System
- Active Scanners
- Passive Scanners
- Other Products
Global Millimeter Wave Technology, Segmentation by License Type
- Light Licensed Frequency
- Fully Licensed Frequency
- Unlicensed Frequency
Global Millimeter Wave Technology, Segmentation by Installation
- Upgradation
- New Implementation
Global Millimeter Wave Technology, Segmentation by Transmission Frequency
- 24 GHz – 57 GHz
- 57 GHz – 86 GHz
- 86 GHz – 300 GHz
Global Millimeter Wave Technology, Segmentation by End-User
- Aerospace & Defense
- Mobile & Telecom
- Consumer & Commercial
- Industrial
- Others
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Some of the prominent industry leaders in the global millimeter wave technology market that are included in our report are L3Harris Technologies, Inc., Eravant, E-Band Communications, LLC, Smiths Detection Group Ltd. (Smiths Group plc.), Keysight Technologies, Inc., NEC Corporation, Galion LLC, Millivision Technologies (Galion LLC), Vubiq Networks, Inc., Millimeter Wave Products Inc., Farran, Mistral Solutions Pvt. Ltd., Axxcss Wireless Solutions, Inc., Siklu Inc., Qualcomm Technologies, Inc., Huawei Technologies Co., Ltd., and others.
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