Millimeter Wave Equipment Market To Report Impressive Growth, Revenue To Surge To US$2,600.79 Million by 2024
With the presence of a large pool of participants, the global millimeter wave equipment market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Siklu communications, E-band communications, Bridgewave communications, Dragonwave, Aviat Networks, sub 10 systems, Agilent Technologies, and Huawei Technologies are some of the key vendors of millimeter wave equipment across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the millimeter wave equipment market study.
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Citing an instance, in October 2018, AT&T Inc. successfully launched the world’s major millimeter wave mobile 5G browsing session standards-based commercial mobile 5G equipment.
As estimated in this report, the global millimeter wave equipment market stood at US$378.24 million in 2017. Witnessing a tremendous rise during the period from 2018 to 2024, the revenue in this millimeter wave equipment market is expected to reach US$2,600.79 million by the end of the forecast period. The main products available in this millimeter wave equipment market are millimeter scanners, telecommunication equipment, millimeter radars, and satellite communication.
Lucrative Applications Across Various Sectors To Propel Market Size
“Plethora of product applications across defense, aerospace, automotive, telecommunication and consumer electronics sectors will spur millimeter wave equipment market size in the upcoming years,” says the author of this millimeter wave equipment market study. Apart from this, massive product usage in 5G technologies for increase in bandwidth, enhancing multimedia content, and improving video quality. With 4G technologies depending on spectrum availability and millimeter wave equipment offering high data rates of up to 10 gigabits, is likely to create more growth opportunities for millimeter wave equipment market in the years ahead.
Millimeter waves have limited range and are absorbed by the atmosphere, thus further reducing their transmission distances. These are the limitations that are likely to hamper the early adoption of millimeter wave equipment.
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Massive Product Use In Telecom To Support North America Maintain Dominance
Regionally, North America has been leading the worldwide millimeter wave equipment market and is anticipated to continue on the dominant position in the years to come, states the millimeter wave equipment market study. The growing need for high-speed data transfer along with optimum use of the product in the telecom sector is the key factor behind the dominance of the North America millimeter wave equipment market. Furthermore, the large-scale testing of autonomous and semi-autonomous vehicles is also expected to boost the demand for millimeter wave-based components across the region. The high number of market players being headquartered in North America is another significant factor that is supporting the growth of this regional millimeter wave equipment market. In addition, escalating use of the product in unmanned aerial vehicles (UAVs) and unmanned surface vessels (USVs) will further accelerate the growth of millimeter wave equipment market in the forthcoming years.
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