The global millimeter wave technology market is estimated to grow at a CAGR of 35.2% during forecast period (2022-2030). Global millimeter wave technology market is primarily driven by rising mobile data traffic, demand for bandwidth intensive applications and increasing adoption of millimeter wave in small cell backhaul networks.
Exponential increase in Data Traffic Key Booster of Market Revenues
Data traffic refers to the amount of data which is transferred between the internet and the hosting account on the web server. With the user moving towards more data intensive content such as video streaming, augmented reality, voice over data, 4k video, increasing number of internet user on smart phone etc. data traffic is expected to rise in future. Growing data traffic creates bandwidth complexities and network congestion.
One of the main advantage of millimetre wave technology is the ability to transmit large amount of data as the frequency is directly proportional to bit rates. Thus, the millimetre waves are suitable for transmission of digital data, cellular communications. This creates need for efficient wireless mobile backhaul. The researches and telecom operators seek to incorporate millimetre wave technology in order to curb the bandwidth crunch and provide data intensive content with ease leading to the adoption of Millimetre wave technology market.
5G the New Buzz Assuring Significant Growth across the Globe
The millimetre waves are considered to be the key enabling technology for the successful deployment of 5th generation wireless communication network. With the growing investment in the 5G infrastructure a huge demand for the equipment based on millimetre wave technology is anticipated. According to Organization for Economic Co-operation and Development (OECD), the communication network and service environment would become more complex by 2023 and the 5G technology market would witness immense growth due to the ongoing advancements in 5G network infrastructure. USA, UK, France, Germany, South Korea, Japan, China are the forefront in research and trial investments for 5G technology. Such investments in 5G would fuel development in wireless infrastructure and network and promote the growth of global mobile and telecom market during the forecast period.
Mobile and Telecom Application Account for More than Half of the Market Revenues
Global millimeter wave technology market has been segmented on the basis of products, frequency band, license type and by application. The application segment is further sub segmented into Mobile & Telecommunication, Consumer & Commercial, Healthcare, industrial, Automotive and Transportation, Military, Defense, and Aerospace and Imaging. Mobile & Telecommunication leads the application segment in terms of revenue in global millimeter wave technology market with around 55.14% market share in 2019. The millimeter waves are considered to be the key enabling technology for successful deployment of 5th generation wireless communication network and growing telecommunication industry is expected to propel the global millimeter wave technology market over the forecast period. increasing investment and adoption of 5G technology network is expected to create a huge demand for millimeter wave technology equipment. The mobile and telecom application is expected to grow at CAGR of 35.9% during the forecast. The telecommunication industry is going under a radical change with the growing data consumption and limited bandwidth. With the increasing consumption of data radio-frequency spectrum have become congested as all the mobile providers wok in the same frequency band that leads to slower service and more dropped connections.