GITNUX MARKETDATA REPORT 2024

Millimeter Wave Technology Industry Statistics

The millimeter wave technology industry is expected to experience significant growth due to increasing demand for high-speed data transfer and communication systems.

With sources from: marketdataforecast.com, fortunebusinessinsights.com, grandviewresearch.com, researchandmarkets.com and many more

Statistic 1

By 2026, the global millimeter wave technology market size is expected to reach $7.38 billion,

Statistic 2

North America, specifically the US, holds the largest share in the global millimeter wave technology market due to the early adoption of technology,

Statistic 3

Mobile & telecom is the largest application segment in the millimeter wave technology industry,

Statistic 4

By 2024, Millimeter wave auto radar is expected to hold over 85% of the automotive radar market,

Statistic 5

The imaging sector of millimeter wave tech is expected to grow at a 32% CAGR from 2021 - 2027,

Statistic 6

At 60 GHz, 98% of millimeter waves are absorbed by atmospheric oxygen, making it a natural choice for short-range applications,

Statistic 7

5G technology is one of the main drivers of the millimeter wave technology market,

Statistic 8

In 2021, the 60GHz frequency band segment is expected to hold the largest share of the millimeter wave technology market,

Statistic 9

Terragraph market, a project that utilizes millimeter waves, is expected to exceed $1 billion by 2024, reflecting over 60% growth,

Statistic 10

Over the next decade, the market is expected to witness significant growth in Middle East & Africa due to advancements in telecommunications technology,

Statistic 11

The Latin America millimeter wave technology market is expected to grow at a 24.7% CAGR from 2020 to 2030,

Statistic 12

In the aerospace and defense sector, the millimeter wave technology market is expected to grow at a CAGR of 22% between 2020 and 2030,

Statistic 13

The mmWave IC market revenue was estimated to be over $250 million in 2018,

Statistic 14

In 2021, the telecommunication equipment segment led the millimeter wave technology market, with a share of around 58%,

Statistic 15

As of 2021, North America holds approximately 40% of the global millimeter wave technology market,

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In this post, we will explore the dynamic landscape of the millimeter wave technology industry, backed by an array of compelling statistics. From market projections to key application segments and emerging trends, the data paints a vivid picture of the industry’s trajectory and potential opportunities on the horizon. Join us as we delve into the realm of millimeter wave technology and uncover the driving forces behind its global evolution.

Statistic 1

"By 2026, the global millimeter wave technology market size is expected to reach $7.38 billion,"

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Statistic 2

"North America, specifically the US, holds the largest share in the global millimeter wave technology market due to the early adoption of technology,"

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Statistic 3

"Mobile & telecom is the largest application segment in the millimeter wave technology industry,"

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Statistic 4

"By 2024, Millimeter wave auto radar is expected to hold over 85% of the automotive radar market,"

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Statistic 5

"The imaging sector of millimeter wave tech is expected to grow at a 32% CAGR from 2021 - 2027,"

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Statistic 6

"At 60 GHz, 98% of millimeter waves are absorbed by atmospheric oxygen, making it a natural choice for short-range applications,"

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Statistic 7

"5G technology is one of the main drivers of the millimeter wave technology market,"

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Statistic 8

"In 2021, the 60GHz frequency band segment is expected to hold the largest share of the millimeter wave technology market,"

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Statistic 9

"Terragraph market, a project that utilizes millimeter waves, is expected to exceed $1 billion by 2024, reflecting over 60% growth,"

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Statistic 10

"Over the next decade, the market is expected to witness significant growth in Middle East & Africa due to advancements in telecommunications technology,"

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Statistic 11

"The Latin America millimeter wave technology market is expected to grow at a 24.7% CAGR from 2020 to 2030,"

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Statistic 12

"In the aerospace and defense sector, the millimeter wave technology market is expected to grow at a CAGR of 22% between 2020 and 2030,"

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Statistic 13

"The mmWave IC market revenue was estimated to be over $250 million in 2018,"

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Statistic 14

"In 2021, the telecommunication equipment segment led the millimeter wave technology market, with a share of around 58%,"

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Statistic 15

"As of 2021, North America holds approximately 40% of the global millimeter wave technology market,"

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Interpretation

The global millimeter wave technology market is projected to experience substantial growth in the coming years, with various sectors driving this expansion. North America, particularly the US, plays a pivotal role in this market due to its early technology adoption. Mobile & telecom applications dominate the industry, while millimeter wave auto radar and imaging sectors are expected to see significant advancements. Factors such as the influence of 5G technology, the natural absorption properties of millimeter waves, and key projects like Terragraph are shaping the market landscape. With notable growth expected in regions like the Middle East & Africa and Latin America, as well as specific sectors like aerospace and defense, the future looks promising for the millimeter wave technology industry.

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