Millimeter Wave Technology Market Analysis, growth, Sales Revenue 2027

 Market Analysis 

The millimeter wave technology market will touch USD 4364.9 million at a healthy 35.64% CAGR by 2024 states the latest Market Research Future (MRFR) report.

Drivers 

Increasing Adoption in Military, Defense, and Aerospace Sector to Boost Market Growth 

The increasing adoption of millimeter wave technology in the MDA (military, defense, & aerospace) sector will boost the market growth for the faster and easy exchange of information such as commands, orders from one place to another with security and high connectivity by using various applications like satellite communications, tactical, radar, and electronic warfare. 

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Regional Analysis 

North America to Command Millimeter Technology Market 

North America will command the Millimeter Wave Technology Market Size over the forecast period. Rise in mobile data traffic with bandwidth-intensive applications, growing adoption of the technology in small-cell backhaul network, development of innovative millimeter wave-based radar and security products, growing adoption in mobile and telecom applications, the presence of key players, increasing adoption in different applications, and early adopters of the emerging and upcoming technologies in Canada and the US are adding to the global millimeter wave technology market growth in the region. 

Opportunities 

Surging Demand in Unmanned Vehicles to offer Robust Opportunities 

Growing demand for millimeter wave technology in unmanned vehicles will offer robust opportunities for the market over the forecast period. This is owing to the consumers shift in preference to smart driver’s assistant cars from normal cars that assist automatic parking, GPS navigation, braking, blind spot detection collision avoidance systems, and others. 

Restraints 

High Service Cost to act as Market Restraint 

The high cost associated with services coupled with delays in the standardization of spectrum may act as market restraints over the forecast period. 

Challenges 

Adverse Environmental Impact to act as Market Challenge 

The adverse impact of millimeter wave technology on the environment and low penetration power will act as market challenge over the forecast period. Besides, challenges related to its physical properties may also impede market growth. 

Key Players 

Eminent players profiled in the millimeter wave technology market report include Millivision Technologies (US), Vubiq Networks, Inc. (US), Smiths Group PLC (UK), Fastback Networks (US), NEC Corporation. (Japan), Mistral Solutions Pvt. Ltd (India), E-Band Communications, LLC (US), Farran Technology Ltd (Ireland), L3 Technologies, Inc. (US), Millimeter Wave Products, Inc. (US), BridgeWave Communications, Inc. (US), SAGE Millimeter, Inc. (US), Keysight Technologies, Inc. (US).

Industry Updates 

Orbic has joined hands with Dixon Technologies for manufacturing the first ever 5G millimeter wave smartphone in India for exporting to the United States. 

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About Us:

Market Research Future (MRFR) is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against reputed organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.

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