Millimeter wave or MM wave is an emerging technology. Millimeter wave is the highest bad of the radio waves, which could be measured in millimeters. Frequency of the radio waves is a crucial factor in wireless communication. Frequency of the waves determines the feasibility and efficiency of the devices using them. MM wave technology operates at 20-30 GHz frequency range. This bandwidth is available worldwide and has excellent efficiency in comparison with the conventional wireless local area network technologies (LAN). High-speed supply is a unique feature of these waves that makes them ideal for numerous applications and services.
Millimeter Wave Technology Market Trends and Forecasts
Millimeter wave technology has various applications is as far advanc3ed imaging, high-speed data transfer, backhaul and home media networking is concerned. Several other emerging applications of the MM wave include radar system, satellite communications and wireless communication in a variety of fields. The global millimeter wave market is booming since its emergence. Despite being a relatively new technology, MM waves have made its mark on global platform, especially urban environments. Popular products that work with this technology include MM scanners, radars and macro cell backhauls.
There is a great segmentation in the market based on product types, components, applications, geographical demands and technological variety. Millimeter wave technology is highly useful for the fields like telecommunication, automotive and healthcare. These are low range and narrow beam waves, ideal for avoiding interference with neighboring links. This is a great alternative for the fiber optics. As a result, MM wave technology is popularly used in telecommunication. The market for this technology has great prospects for growth, development and opportunities.
As far as the revenue aspect is concerned, the market is going strong as of now. it is expected to grow at the CAGR rate of 59.1% and cross USD 1.1 billion by the end of next five years. The market is also estimated to cross USD 116 million by the end of this year. It also means tremendous growth in the unit sales, which will go up from 11.8 thousand units to 360 thousand units by the end of next five years. The small cell backhaul field will experience the highest gains in terms of revenue channels and demands. Along with the small cell backhaul, millimeter wave scanner will also witness growth in demands, production and revenue.
Bargaining powers of the buyers, existing competitors and new entrants are the major threats to those looking for growth in the millimeter wave market. These exists a threat from substitutes for this technology, which will fade away in the years to come.
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