Kenneth Research has released a report titled “Millimeter Wave Technology Market: Global Demand Analysis Opportunity Outlook 2031” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, along with the impact of COVID-19 and a detailed discussion on the latest trends and future opportunities that are associated with the growth of the market.
The total number of mobile internet subscribers are projected to cross 5.5 Billion by witnessing a penetration rate of close to 62%, by the end of 2026. Besides this, 5G connections are expected to reach a total of around 2.2 Billion by the end of 2025.
The statistics portray the growing number of cellular internet subscribers, backed by the advancement in information and communication technology, along with the surge in the adoption of 5G or the fifth generation of broadband cellular networks. With the increasing adoption of these advanced cellular technologies, there is a rising need amongst the consumers for high-speed internet services, which is driving the need amongst the telecom operators to raise their existing capacity so as to meet the needs of their customers. Such a factor is driving the need for the adoption of millimeter wave technology, which allows transmission on frequencies between 30 GHz and 300 GHz, and is well suited for 5G networks.
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The global millimeter wave technology market is anticipated to grow with a CAGR of 33.2% over the forecast period, i.e., 2022 – 2031. The market is market is estimated to garner a revenue of USD 22583.2 Million by the end of 2031, up from a revenue of USD 1345.9 Million in the year 2021. The market is segmented by product into radar satellite communication system, telecommunication equipment, scanner system, and other products. The telecommunication equipment segment, amongst the other segments, is anticipated to garner the largest revenue of USD 10774.3 Million by the end of 2031. Additionally, in the year 2021, the segment generated a revenue of USD 494.4 Million.
By region, the global millimeter wave technology market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East Africa region, out of which, the market in North America is anticipated to garner the largest revenue of USD 7892.7 Million by the end of 2031. Additionally, in the year 2021, the market in the region generated a revenue of USD 463.1 Million.
The research is global in nature and covers detailed analysis on the market 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). In addition, analysis comprising market size, Y-O-Y growth opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
However, the low penetration power of millimeter waves, along with the concern for the adverse impact on the environment are predicted to hinder the market growth during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global millimeter wave technology market, which includes company profiling of 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.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Millimeter Wave Technology Market: Global Demand Analysis Opportunity Outlook 2031”, analyses the overall global millimeter wave technology industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global millimeter wave technology market in the near future.
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