Northbrook, IL 60062 -- (SBWIRE) -- 11/21/2022 -- The millimeter wave technology market in Asia Pacific is projected to grow from USD 522 million in 2021 to USD 1,693 million by 2026; it is expected to grow at a CAGR of 26.5% from 2021 to 2026.
The growth of the millimeter wave technology market in Asia Pacific is driven by the high population density in APAC which makes millimeter wave technology increasingly suitable for use in the region. This is due to inherent high data transfer capabilities of this technology and its ability to penetrate through obstacles without being genotoxic.
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The global millimeter wave technology market is projected to grow from USD 1.8 billion in 2021 to USD 4.7 Billion by 2026, at a CAGR of 20.8% from 2021 to 2026.
By product, the telecommunication equipment segment is projected to grow at the highest rate in the Asia Pacific millimeter wave technology market during the forecast period
The telecommunication equipment segment is expected to grow at the highest CAGR across the Asia Pacific millimeter wave technology market during the forecast period. The high growth of this segment is due to the higher use of millimeter wave components for 5G backhaul. Millimeter wave components are also used widely in indoor and outdoor telecommunication equipment, including smallcell and macrocell equipment.
By end use, the aerospace & defense segment in the Asia Pacific millimeter wave technology market is stipulated to witness a high growth rate
The aerospace & defense sector in Asia Pacific millimeter wave technology market is projected to grow at a high CAGR during the forecast timeline. The market for millimeter wave technology in aerospace and defense is estimated to be dominated by APAC, due to the significant investments in the defense vertical, mainly by China. As millimeter waves are superior to microwave and infrared-based sensors in almost every application, they are extensively used in defense and aerospace applications and solutions that test, filter, and process high-frequency signals for wireless telecommunication networks. The small size and less weight of millimeter wave radars make them suitable for use in aircraft and satellite platforms. Some of the commonly employed millimeter wave radar subsystems include collision warning sensors, autonomous cruise control, robotic vision, surveillance for air defense and artillery location-tracking, missile guidance and tracking, aircraft collision warning, collision detection systems for helicopters, unmanned aerial vehicles (UAVs), and unmanned surface vehicles (USVs), among many others.
China is projected to witness the highest market share in the APAC market from 2021 to 2026
During the forecast period, China is expected to witness the highest market share in the Asia Pacific millimeter wave technology market. China has the highest number of 5G connections globally; it accounted for a significant share of the global 5G connections in 2022. Moreover, China-based telecommunication operators are expected to invest more than USD 200.0 billion in 5G technology from 2021 to 2026. The rise in industrial automation is expected to accelerate the deployment of 5G networks in China, as it will offer a single wireless access to large industrial facilities, instead of using different short-range wireless standards, thereby minimizing signal interferences caused by obstacles.
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Key Players in the Market
The key players operating in the Asia Pacific millimeter wave technology market are NEC Corporation (Japan), Nuctech (China), Kyocera (Japan), Siklu Communication (US) among others.