millimeter wave technology market
PORTLAND, OREGON, USA, Jan. 14, 2022 /EINPresswire.com/ — A senior analyst at AMR pointed out that the millimeter wave technology market in North America and Europe contributed the largest share in 2019 .
According to the report published by Allied Market Research, the global millimeter wave technology market generated $369.9 million in 2019 and is expected to reach $3.88 billion by 2027 growing at a CAGR of 37.1%. from 2020 to 2027. The report highlights key segments, major investment pockets, growth by segmentation and competitive scenario.
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The report provides detailed information about drivers, restraints, and opportunities to help market players to design several growth strategies. The increase in testing of 5G technology in the United States, South Korea, Japan and China, the increase in demand for smart devices and the growing use of technology-based scanner systems in airports are facilitating the growth of the global millimeter wave technology market.
On the other hand, adverse effects on the environment hamper growth to some extent. However, the increase in the use of technology in the military and defense sector and the increase in demand for autonomous vehicles are expected to provide multiple opportunities for major players in the industry.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the global millimeter wave technology market. Electronics manufacturing centers have been temporarily closed to curb the spread of COVID-19 among individuals. This has significantly affected the supply chain of the semiconductor market by creating shortages of materials, components and finished products, which has negatively impacted the global millimeter wave technology market, especially during the initial phase of the pandemic. However, as the global situation improves, the market should soon get back on track.
“Millimeter wave technology is widely used in various industries including telecommunications, military and defense, automotive, radio astronomy, commercial, transportation and others for higher bandwidth, high internet speed and secure transmission communication applications. The telecommunications industry is currently experiencing the greatest demand for millimeter wave technology. Additionally, the emphasis on the adoption of imaging network devices and unmanned vehicles for security is expected to provide growth opportunities for millimeter wave technology market players. said Ankit Prajapati, principal analyst, semiconductors and electronics at Allied Market Research.
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The report offers a detailed segmentation of the global millimeter wave technology market on the basis of application, product, component, license type, frequency, and region. This information is useful for new and existing market players to capitalize on the fastest growing and revenue generating segments to achieve growth in the future.
By product, the telecom equipment segment contributed the major share in 2019 and is expected to grow at a considerable CAGR of 74.6% by 2027. By application, the telecom and data communication industry accounted for the major part of $38.0 million in 2019. Based on frequency, on the other hand, the 24 GHz to 57 GHz frequency segment held more than $155.0 million of the global technology market revenue millimeter wave technology in 2019 and is expected to lead the way by 2027. By region, North America and Europe held the largest share in the global millimeter wave technology market in 2019 and is expected to witness significant growth while throughout the forecast period.
Key market players analyzed in the global millimeter wave technology market report include L3 Technologies, Inc., Keysight Technologies, Millimeter Wave Products Inc., BridgeWave Communications (REMEC Broadband Wireless Networks), Hubei YJT Technology, Siklu Communication , NEC Corporation, CableFree: Wireless Excellence, Farran Technology, E-Band Communications, LLC, SAGE Millimeter, Inc., Denso Corporation, Fujitsu, Mitsubishi Electric Corporation and MMW Biomedical.
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