The millimeter wave technology market is anticipated to grow from USD 2.8 billion in 2023 to USD 7.9 billion by 2028, at a CAGR of 22.8%. Some key factors accrediting to the growth of millimeter wave technology market include increase in broadband and mobile speeds, rising use of millimeter wave in small-cell backhaul networks, and surging demand for millimeter wave technology in security and radar applications.
Axxcss Wireless Solutions, Inc. (US), NEC Corporation (Japan), Siklu Communication (US), L3HARRIS Technologies, Inc. (US), Smiths Group PLC (UK), Millimeter Wave Products Inc. (US), Farran Technology (Ireland), Eravant (US), Keysight Technologies, Inc. (US), Avait Networks, Inc. (US), Vubiq Networks, Inc. (US), ELVA-1 (Latvia), Verana Networks (US), FastBack Networks (US), and Anokiwave (US) are some of the major companies operating in the millimeter wave technology market. Product launches, partnerships, acquisitions, and collaborations are key strategies most companies adopt in the millimeter wave technology market.
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Axxcss Wireless Solutions (US) is the parent company for some of the major suppliers of millimeter wave technologies—REMEC Broadband Wireless Networks, BridgeWave Communications, and E-band Communications. REMEC is a wholly owned subsidiary that provides wireless gigabit solutions, including point-to-point wireless bridges and backhaul. The company’s solutions include point-to-point wireless links used by carriers and mobile operators looking to support 5G, 4G, LTE, and WiMAX adoption. Its technologies are designed to provide small cells with high cell density for high-capacity mobile backhaul solutions in metropolitan areas. The company offers millimeter wave and microwave products. Its products are used mainly in applications such as mobile backhaul, fronthaul, broadband/IP, WAN/LAN connectivity, disaster recovery, and video surveillance. In 2019, Microwave and millimeter wave systems, including Flex4G-10000, by BridgeWave, a subsidiary of Axxcss Wireless Solutions, were deployed in Genesee County, New York, US, to provide reliable high-speed data, HD video, and voice connectivity for its government and public safety agencies. These installations enabled a faster RoI than fiber and more affordable CAPEX and OPEX costs.
NEC Corporation (Japan) offers services, components, systems, and integrated solutions for communication and computing products. The company also provide secure and well-organized social solutions for domestic and foreign governments, government agencies, public and financial institutions, and other organizations by integrating its distinctive technology assets, including network and sensing technologies. The company operates through the following segments: Public Infrastructure, Enterprise, Network Services, Global, Public Solutions, and Others. NEC’s core competencies include supplying equipment for network implementation to telecom carriers, network control platform systems, and operating services. The major products and services include network infrastructure involving optical transmission systems, mobile backhaul systems, mobile phone base stations, and submarine cable systems. In June 2022, Researchers at Tokyo Tech and NEC Corporation have launched a phased-array beamformer for the 5G millimeter wave (mmWave) band. This product enables ultra-low latency in communication along with data rates of over 10 Gbps and a massive capacity to accommodate several users.
Millimeter Wave Technology Market by Product (Scanning Systems, Telecommunication Equipment), License Type (Unlicensed, Fully Licensed), Application (Mobile & Telecommunication, Automotive), Component, Frequency Band and Region - Global Forecast to 2028
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