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Trusted Business Insights presents an updated and Latest Study on Millimeter Wave Sensors & Modules Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Millimeter Wave Sensors & Modules market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Millimeter Wave Sensors & Modules Market
The global millimeter wave sensors and modules market size was valued at USD 49.1 million in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 26.6% from 2021 to 2027. Increasing research and development activities in the millimeter wave technology and constantly increasing demand for bandwidth-intensive applications are anticipated to propel the market growth. Continuously rising demand from bandwidth-intensive applications, arising particularly from consumer electronic products, such as smartphones and wearable electronics, is necessitating the need for high-bandwidth, high-speed internet across the telecom sector. Data-intensive services such as video streaming, video conferencing, media exchange over the internet, and high-speed online gaming are expected to increase the demand for high-bandwidth, thus fostering the demand for adopting MMW (millimeter wave) sensors and modules.
Continuously rising demand from bandwidth-intensive applications, arising particularly from consumer electronic products, such as smartphones and wearable electronics, is necessitating the need for high-bandwidth, high-speed internet across the telecom sector. Data-intensive services such as video streaming, video conferencing, media exchange over the internet, and high-speed online gaming are expected to increase the demand for high-bandwidth, thus fostering the demand for adopting MMW (millimeter wave) sensors and modules.
The MMW sensors and modules are beneficial in extreme weather and low visibility conditions, such as fog, smoke, and thunderstorm. These MM wave sensors and modules perform relatively better than infrared-based or microwave-based sensor technologies. Adoption of millimeter wave sensors and modules is rapidly increasing in various automotive applications, such as advanced avionics navigation systems, automotive Long-range Radar (LRR), and Instrument Landing Systems (ILS). This automotive radar technology uses high-frequency radio waves for scanning and detecting objects within the 40 meters range of vehicles in only 0.1 seconds.
The MM wave sensors and modules are extensively used in applications across various sectors, such as military and defense, telecommunication, automotive, security, and healthcare. Increasing demand arriving from all these industrial and commercial sectors is further expected to catapult the market for MM wave sensors and modules at a considerable pace.
The usage of wireless and mobile networking equipment has risen drastically in the last few years. Increasing number of internet-driven applications and solutions is resulting in an increased need for large amounts of data transfer among various devices in the mobile connectivity ecosystem. This is expected to develop high-speed data transfer devices, wherein millimeter wave modules and sensors are extensively used.
Frequency Band Insights
Based on the frequency band, the market for MMW sensors and modules is segmented into V-band, E-band, and other millimeter wave frequency bands. The E-band frequency segment held the largest share of more than 60.0% in 2019 and is projected to expand at the highest CAGR over the forecast period 2021-2027. The market for E-band frequency applications is forecast to witness a notable shift over the estimated duration. E-band frequencies hold remarkable applications across the telecommunication equipment segment. The telecommunications sector is anticipated to maintain its grip over the entire market.
The V-band frequencies range between 40 GHz to 70 GHz and the millimeter waves of these bands are particularly used in the military and defense applications. In addition, the V-band frequencies are extensively used in the radar and satellite communications.
Application Insights: Millimeter Wave Sensors & Modules Market
Based on application, the market for MMW sensors and modules is categorized into telecommunications, military and defense, automotive and transport, healthcare, electronics and semiconductor, and security applications. The telecommunications segment held the largest market share of more than 45.0% in 2019 owing to increased demand for high-speed data transfer and communication arising from the residential and commercial sectors, such as data centers and IT offices.
The military and defense segment is projected to exhibit the fastest CAGR of 39.0% over the forecast period on account of the increasing adoption of MMW modules and sensors in various military and defense applications. The security application segment is expected to exhibit rapid growth and generate a considerable amount of revenue over the forecast period. The millimeter wave (MMW) scanners are in great demand and being adopted by international airport authorities worldwide. Increasing adoption of the MMW scanners on account of the global terrorism issue is expected to propel the growth of the MM wave technology across the security application segment.
Regional Insights: Millimeter Wave Sensors & Modules Market
Based on geography, the market for MMW sensors and modules is segmented into North America, Europe, Asia Pacific, South America, and MEA. North America accounted for the largest market share of more than 40.0% in 2019 owing to larger acceptance of technology in the region. Countries such as the U.S. and Canada are the prominent and early adopters of the upcoming and emerging technologies. Thus, these factors are creating opportunities for the MM wave technology in different applications.
The millimeter-wave technology market in Asia Pacific and South America and MEA is anticipated to witness notable growth during the forecast period. Asia Pacific is poised to exhibit the fastest CAGR of 32.4% over the forecast period. The rapid growth of the technology in Asia Pacific can be attributed to the developments and upgradation being carried out in its telecom infrastructures. Furthermore, the installation of new telecom equipment based on the MM wave technology is expected to drive the market across the region at a significant pace.
Key Companies & Market Share Insights: Millimeter Wave Sensors & Modules Market
The service providers in the telecom industry are intensely focusing on improvising the technology to meet the demand of increasing bandwidth applications and high-speed internet requirements arising from the bandwidth-intensive applications. These market players are adopting various strategies, such as mergers and acquisitions, product developments, collaborations, partnerships, and expansions, to cater to customer demand.
For instance, in December 2016, Aviat Networks announced the supply agreement with NASPO ValuePoint (U.S.), a cooperative purchasing enterprise in the U.S. The agreement allows the purchasing of microwave networking solutions by U.S. state and local government agencies from Aviat Networks until 2021. Some of the prominent players in the millimeter wave sensors and modules market include::
Key companies Profiled: Millimeter Wave Sensors & Modules Market Report
- Aviat Networks, Inc.
- Siklu Communication Ltd.
- E-band Communications LLC
- Sage Millimeter, Inc.
- Bridgewave Communications, Inc.
- Farran Technology Ltd.
- Keysight Technologies, Inc.
- Lightpointe Communications, Inc.
- Millitech, Inc.
- NEC Corporation
- QuinStar Technology, Inc.
- Trex Enterprises Corporation
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global millimeter wave sensors and modules market report based on frequency band, application, and region:
Frequency Band Outlook (Revenue, USD Million, 2016 – 2027)
- Other Frequency Bands
Application Outlook (Revenue, USD Million, 2016 – 2027)
- Military & Defense
- Automotive & Transport
- Electronics & Semiconductor
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