Texas-based market research company and consulting firm Markets and Markets has released a report that suggests the millimeter wave market could reach roughly $1.2 billion by 2018.
According to the report, titled “Millimeter Wave (MM Wave) Market – By Technology, Components (Frequency, Imaging, Radio); Products (MM Scanners, MM RADARs, MM Macro/Small Cell Backhaul); Applications (Telecommunication, Healthcare, Automotive)-Analysis & Forecast (2013 – 2018),” the incorporation of millimeter wave technology into small-cell equipment has taken a “steep upward curve with the global LTE boom in 2012-2013.” In addition, millimeter waves are reportedly being seen as an increasingly low cost alternative to fiber-optics.
The millimeter wave scanners and imaging systems market is also expected to grow with the expected shift of the scanning and security industry away from current technologies in use, such as the X-ray backscatter technology, in favor of millimeter wave technology.
North America is expected to hold the major share in the market, based on its expected revenue of $48 million in 2013. Europe and Asia Pacific are considered to be the fasted growing regions, due to the large “growth spurts” expected in telecommunications.
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