Growing Adoption of 5G Millimeter to Steer Millimeter Wave Technology Market Past US$ 12.7 Bn by 2032
The U.S. To Remain at the Epicenter of Millimeter Wave Technology Market
Fact.MR's latest report on millimeter wave technology market presents a thorough study of growth drivers, latest trends and restraints affecting the market dynamics. It uncovers various emerging opportunities across segments in terms of component, product, frequency band, license type, and end use. The report also highlights strategies adopted by prominent players to improve sales.
NEW YORK, May 5, 2022 /PRNewswire/ -- The global millimeter wave technology market size is projected to reach US$ 2.2 Bn in 2022. Sales are forecast to grow at a stupendous CAGR of 19.3% between 2022 and 2032, reaching around US$ 12.7 Bn by 2032. Rising adoption of millimeter wave technology in telecommunication, radar and security applications is anticipated to propel the market in the forthcoming years.
Millimeter wave technology is a band of radio frequencies used for numerous applications ranging from radio astronomy, automotive radars, remote sensing, and telecommunications to imaging security screening and military applications.
In recent years, millimeter wave technology has gained traction for meeting requirements of the 5G network. These systems have frequency ranges between 30 and 300 GHz that are ideal for quick transmission of data.
Millimeter wave technology is being rapidly adopted by end users such as healthcare, mobile & telecom, and automotive that require higher bandwidth. The technology offers the potential to deliver higher bandwidth as compared to other alternate technologies.
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Ongoing expansion in various end-use verticals coupled with rising penetration of 5G network and connected devices is expected to create lucrative opportunities for the providers of millimeter wave technology.
With surging demand for fast and high-speed video streaming, there has been an increase in broadband and mobile speeds, thereby creating a conducive environment for millimeter wave technology adoption.
The U.S will continue to remain at the top of the ladder in the global millimeter wave technology market, with demand growing at a prolific CAGR of 19% between 2022 and 2032 and surpassing over US$ 4.5 Bn by 2032. Growth in the market is attributable to rising popularity of millimeter wave technology, rapid digitalization, and heavy presence of leading market players.
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Key manufacturers operating in the millimeter wave technology market are introducing novel solutions to cater to end user requirements. Besides this, they are adopting various strategies such as partnerships, collaborations, mergers, and acquisitions to expand their global presence.
Key Companies Profiled by Fact.MR
More Valuable Insights on Millimeter Wave Technology Market
In the latest study, Fact.MR offers a 360-degree view of the global millimeter wave technology market for the forecast period of 2022 to 2032. The report also highlights key factors such as recent developments and growth drivers influencing sales in the millimeter wave technology market through detailed segmentation as follows:
By Frequency Band:
By License Type:
By End Use:
Key Questions Covered in the Millimeter Wave Technology Market Report
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