The emergence of various applications such as artificial intelligence, virtual reality, IoT, and mobile internet is creating an urgent need for the increase in bandwidth of wireless networks. Therefore, in order to meet the bandwidth requirement of new and emerging applications, the demand for higher frequency band solutions is increasing which is generating potential growth opportunities for the millimeter wave sensors market. Moreover, the demand for bandwidth-intensive applications is on rise owing to the continuous demand of millimeter wave technology from consumer electronic products, such as smartphones and wearable electronics.
Therefore, due to this, the necessitating demand for high-bandwidth, high-speed internet, and high-frequency band spectrum is one of the key factors driving the demand for millimeter wave sensors market.
Wireless technology plays a key role in today’s communications and it is expected to become center of the emerging technologies including robots, drones, self-driving vehicles and new medical devices in coming years. These emerging technologies are generating the need for high-frequency band spectrum and high-bandwidth for faster access to data, videos, voice, and services and the growing demand for high-speed network for accessing smart systems, on residential and commercial levels.
Impact of COVID-19 on Millimeter Wave Sensors Market
The semiconductor industry is expected to be one of the hardest hit sector by the COVID-19. As China accounted for largest share in the global semiconductor market, the disruption in China due to COVID-19 is likely to have a significant impact on companies across the globe and up and down the semiconductor value chain. In addition, critical electronics manufacturing hubs were temporarily idled to limit COVID-19’s spread and the impact across the electronics value chain, from materials to final products, will likely to hit hard on those who are involved with semiconductor manufacturing.
The production of millimeter wave sensors is projected to decline by nearly 2%-3% in Q1-Q2 2020, due to plunging production and shutdown of manufacturing facilities across the globe. However, according to estimates, if the COVID-19 pandemic situation gets controlled during Q3-Q4, 2020, the market for millimeter wave sensors would recover soon and is estimated return to growth by Q2, 2021. Furthermore, despite the growing uncertainty and panic, millimeter wave sensors manufacturers should focus on long-term investments and maintaining engagement with partners in order to gain from emerging technologies such as 5G and IoT.
This is expected to help millimeter wave sensors manufacturers to have intelligent edge at the time of recovery by the technology sector.
Millimeter Wave Sensors Market: Market Dynamics
Data-intensive services, such as video streaming, video conferencing, media exchange over the internet, and high-speed online gaming, are expected to boost the demand for high-bandwidth, fostering the demand for adopting millimeter wave sensors and technology. Moreover, the evolution of 5G in mobile broadband services and IoT applications are expected to create potential growth opportunities for the millimeter wave sensors market during the forecast period.
Apart from this, the continuous investments to develop new sensor technologies and upgrading existing infrastructure to support IoT and automation are the primary factors driving the growth of millimeter wave sensors market. Also, the continuous innovation in the sensor technology and the growing demand for smart and intelligent sensors are further expected to fuel the growth of millimeter wave sensors market. The growing network infrastructure demand and wide scale implementation of wireless networks are creating potential growth opportunities for millimeter wave sensors market.
Moreover, the rising trend of smart manufacturing and IIoT are increasing the implementation of wireless sensor networks, which in turn, is creating the need for high bandwidth requirements, thus, fueling the growth of millimeter wave sensors market. Furthermore, the growth in network infrastructure and proliferation of IoT-connected devices have created the rapid demand for millimeter wave sensors.
Millimeter Wave Sensors Market: Competition Landscape
Most of the leading players in the millimeter wave sensors market are focusing on entering into partnerships and collaborations to offer advanced products for emerging technologies such as 5G and IoT.
- Texas Instruments
- Mistral Solutions Pvt. Ltd.
- Qualcomm Inc
- Key sight Technologies
- Infineon Technologies AG.
Millimeter Wave Sensors Market: Regional overview
On the basis of regions, Asia Pacific is expected to be one of the key market for millimeter wave sensors market owing to the presence of various key manufacturers of millimeter wave sensors and rising adoption of emerging technologies such as IIoT and 5G.
Moreover, the continuous investments to develop new sensor technologies and upgrading existing infrastructure to support automation in the industrial sector is expected to drive the millimeter wave sensors market in the Europe and North America region. Furthermore, the growing demand for wireless communication solutions in industrial and commercial sectors of the countries of Middle East & Africa and Latin American regions is expected to drive the millimeter wave sensors market in the region.
The Millimeter Wave Sensors market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.
The report covers exhaustive analysis on:
- Millimeter Wave Sensors Market Segments
- Millimeter Wave Sensors Market Dynamics
- Millimeter Wave Sensors Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in Millimeter Wave Sensors Market
- Technology Landscape
- Value Chain of the Millimeter Wave Sensors Market
- Market Drivers and Restraints
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of LATAM)
- Europe (Germany, Italy, U.K, Spain, France, Nordic countries, BENELUX, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia & Pacific (India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC Countries, Turkey, Northern Africa, South Africa, Rest of MEA)
- Detailed overview of parent Millimeter Wave Sensors market
- Changing Millimeter Wave Sensors market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of Millimeter Wave SensorsMarket
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Millimeter Wave Sensors Market: Segmentation
The Millimeter Wave Sensors market has been segmented on the basis of Devices:
- Telecommunication Equipment
- Imaging & Scanning Systems
- Radar & Satellite Communication Systems
The Millimeter Wave Sensors market has been segmented on the basis of Application:
- IT & Telecommunication
- Aerospace & Defense
- Transportation & Logistics
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.