According to the new market research report "Millimeter Wave Technology Market by Product (Scanner Systems, Telecommunication Equipment), Frequency Band, License Type, Application (Mobile and Telecom, Military, Defense, and Aerospace, Automotive), and Geography - Global Forecast to 2023", this market is expected to be worth USD 2,302.6 Million by 2023, at a CAGR of 35.2% between 2017 and 2023.
The major factors driving the growth of the millimeter wave technology industry include the surge in mobile data traffic with bandwidth-intensive applications, use in the small-cell backhaul network, demand for innovative application of radar and security products, and potential use in consumer electronics.
Telecommunication equipment expected to hold the largest market size by 2023
Millimeter wave technology-based telecommunication equipment held the largest market share in 2016. This is attributed to the surge in the number of mobile subscribers, resulting in the demand for efficient mobile backhaul solutions that can provide services to a large user base without degrading the connectivity and connection speed.
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Market for mobile & telecom application to grow at the highest rate during the forecast period
The millimeter wave technology for the mobile & telecom application is estimated to grow at the highest CAGR during the forecast period. The research and developments, and testing of 5G technology are anticipated to be the key factor contributing toward the growth of the market for the mobile & telecom application over the next six years.
North America likely to hold the largest share of the millimeter wave technology market during the forecast period
North America is expected to hold the largest share of the millimeter wave technology market during the forecast period owing to the growing need for high-speed data transfer along with the overuse of the existing spectrum in the telecom sector. Further, the large-scale testing of autonomous and semi-autonomous vehicles is also expected to boost the demand for millimeter wave-based components. North America is also anticipated to witness considerable growth in the market for the military, defense, and aerospace applications with the increasing use of this technology in unmanned aerial vehicles (UAVs) and unmanned surface vessels (USVs).