USD 3.1 billion
Millimeter Wave Technology Market Size, Share, and Growth Analysis
Millimeter Wave Technology Market By Components (Antenna and transceiver components, Frequency sources and related components), By Product Type (Scanner systems, Radar and satellite systems), By License Type, By Application, By Region - Industry Forecast 2025-2032
Report ID:
SQMIG50C2034 |
Region:
Global |
Published Date: September, 2024
Pages:
177
|Tables:
115
|Figures:
79
Format -
Millimeter Wave Technology Market Insights
Millimeter Wave Technology Market size was valued at USD 3.1 billion in 2023 and is poised to grow from USD 3.73 billion in 2024 to USD 16.24 billion by 2032, growing at a CAGR of 20.2% during the forecast period (2025-2032).
Millimeter wave technology is increasingly being used in the healthcare and aerospace industries because of the rising need for imaging devices, networks, displays, and, most importantly, security. In addition, accurate occupancy detection and person tracking are possible at distances between 14 and 50 metres thanks to the growing adoption of building automation and the demand for millimetre wave solutions in the industrial sector. Global advancements in material science, imaging technology, and industrial process control are what are driving the millimetre wave industry. The market for millimetre wave technology has a lot of room to develop as 5G applications are deployed more often. The introduction of 5G technology has made Millimetre Wave a crucial part of wireless networks, providing higher data transfer speeds and lower latency. For its next-generation 60 GHz wireless RF transceivers and antenna technology, Pharrowtech, a pioneer in designing and developing mmWave hardware and software for wireless applications, has raised USD 18.40 million in a Series A funding round. Additionally, Millimetre Wave technology has the power to revolutionise communication by supporting the Internet of Things (IoT), new applications like wireless virtual reality, augmented reality, and more. The industry is expected to expand due to the rising need for sophisticated communication systems.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
E-Band
Fastest Growth
E-Band
Growth Rate
20.2% CAGR
Global Millimeter Wave Technology Market 2021-2030 ($ Bn)
Country Share for North America Region- 2021 (%)
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Millimeter Wave Technology Market Segments Analysis
Global Millimeter Wave Technology Market is segmented by Components, Product Type, License Type, Frequency Band, Application and region. Based on Components, the market is segmented into Antenna and transceiver components, Frequency sources and related components, Communication and networking components, Maging components, RF and radio components, Sensors and controls and Others. Based on Product Type, the market is segmented into Scanner systems, Radar and satellite systems and Telecommunication equipment. Based on License Type, the market is segmented into Light licensed frequency, Unlicensed frequency and Fully licensed frequency. Based on Frequency Band, the market is segmented into 24 GHz to 57 GHz, 58 GHz to 86 GHz and 87 GHz to 300 GHz. Based on Application, the market is segmented into Telecom and datacom, Military and defense, Automotive, Industrial, Consumer, Medical and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Millimeter Wave Technology Market Analysis by Product
In 2022, the market was dominated by the telecommunication equipment segment, which accounted for more than 58.0% of total revenue. Spectrum bandwidth and utilization are both significantly increased by millimeter wave technology. The telecom industry has undergone a transformation thanks to the widespread use of millimeter wave technology. Due to their capacity for gigabit-per-second data transmission, millimeter waves are also revolutionizing fifth generation (5G) cellular communication. Over the projection period, it is expected that the rising demand for MMW technology in 5G applications would fuel the expansion of the telecom equipment market.
Over the projected period, it is expected that the imaging and scanning segment will increase at a high rate. The expanding use of MMW technology in imaging and scanning systems has improved their features by bringing stability and dependability. Additionally, the use of millimeter waves in scanners improves the accuracy of security systems. Modernizing defense strategies, security systems have improved in effectiveness and dependability with the use of millimeter wave technology in radar and satellite communication. Over the projected future, it is anticipated that these applications will help fuel even more growth in the imaging and scanning market.
Millimeter Wave Technology Market Analysis by Frequency Band
With a market share of more than 62.0% in terms of revenue in 2022, the E-band category led the market. Due to the E band's unlicensed spectrum being available, wireless networks for high-speed data transfer can be deployed affordably, contributing to the segment's growth. The E band, which offers faster data rates and lower latency, is becoming a crucial part of 5G networks because of the rising need for high-bandwidth applications like video streaming, cloud computing, and IoT.
Over the projected period, the V-Band category is expected to have significant growth. The segment's expansion is attributable to the V band's use in point-to-point communication applications such wireless backhaul and fiber extension. For applications like wireless backhaul for 5G networks and fiber extension for broadband access in rural areas, the high-frequency range of the V band is excellent because it allows for high-capacity, long-range communication with less interference. The V band is also utilized for satellite communication, enabling high-speed connectivity for remote areas and supporting cutting-edge applications like connected vehicles and drones.
Millimeter Wave Technology Market Analysis by license type
Light Licensed: Picture a segment on the data pathway with some rules and regulations of the road. Light licensed millimeter wave walks this line. I like it because it is not too rigid while at the same time not very freeform either. Deployments are bound by some limitations in the amount of power and spectrum that they can use which helps organize the usage of the spectrum although they are more flexible than the fully licensed methodologies. This makes it good for use in applications that require moderate range and capacity such as company campus wireless networks, and high-speed wireless backbone links for transmission of data.
Unlicensed: In other words, the concept can be described as an open-access lane on the data highway. The particular licence-free spectrum is the most versatile in terms of implementation. Lower aspects of this band do not require a license to be used in the operation of the devices. However, as the system is super conducive to use it is by this channel that other devices using the same unlicensed band maybe a problem. Unlicensed millimeter wave performs well for short range and low power application where the capability of quick installation and cost effective is critical as in case of Local wireless sensor network for indoor environment or public countering system.
Fully Licensed: Imagine a fast through-lane of the data roadway. Unlike partially licensed millimeter wave fully licensed millimeter wave allow the full control of the millimeter wave for deployment. The owners have rights to particular frequencies hence restricting the chances of outside interference and maximum functionality. This premium option is the best for high-rate implementations needing low latency and dependable connection, for example, 5G mobile network backhaul or fixed wireless access for clients needing high bandwidth.
Millimeter Wave Technology Market Analysis by end use
Mobile & Telecommunication: As the conductor for this segment of the future of 5G, this segment directs and coordinates the entirety of the global implementation. Therefore, the use of millimeter wave technology is the key performer to achieve data rate and capacity demands of 5G networks. This is used in backhaul- the fast link between two cell sites and the core network, as well as in FWA- fixed wireless access that provides near-gigabit broadband internet to consumers’ homes and workplaces instantly.
Healthcare: It is an interesting fact that MM wave is not only used in communication, but in the medical field too. In this instance, it functions as an innovative imaging instrument. The high frequency may increase the detail of the scans, which could lead to new developments of security scanners, cancer detection without going through surgery, and the possibility of other new forms of medical imaging.
Industrial: As seen, it is the manufacturing sector that forms the core of the industrial use of millimeter wave. Here it has the function of an efficiency releasing device. Because of the high bandwidth and low time delay of millimeter wave, various devices in industries such as factory automation mechanisms, quality control devices, and manufacturing process can be monitored and controlled in real-time.
Others: The ‘Others’ are a collage, a choir of people, minorities of otherness, that symbolize the future that is full of opportunities. This encompasses millimeter wave radar for vehicles to enhance the driver’s experience, security in airports, and possibly the self-driving cars and the space stations of the future. In the case of millimeter wave innovation, the symphony is just getting started now.
Global Millimeter Wave Technology Market Size By Frequency Band 2021(%)
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Millimeter Wave Technology Market Regional Insights
In 2022, North America held a commanding 42.0% revenue share in the millimeter wave technology market. The expansion of technological adoption in the region can be credited with the rise of the North American millimeter wave technology market. North American nations like the U.S. and Canada are well-known for being early adopters of cutting-edge and new technologies. In addition, the area is home to a number of significant market players who are fostering the region's development. Therefore, these elements open up prospects for MMW technology in many applications in the region, driving its growth during the projection period.
Over the forecast period, growth in Asia Pacific is anticipated to be the fastest. The expansion and modernization of its telecom infrastructures are to blame for the Asia Pacific region's explosive growth. A higher demand for MMW technology is also brought on by the quick adoption of 5G technology in significant nations like South Korea and India. Additionally, it is anticipated that installing new millimeter wave-based telecom equipment will significantly accelerate industry growth in the region.
Global Millimeter Wave Technology Market Size By Geography, 2021-2030
- Largest
- Fastest
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Millimeter Wave Technology Market Dynamics
Millimeter Wave Technology Market Drivers
Increased 5G Technology Testing to Bolster market growth
- The most modern, highly effective infrastructure exists in the US, Japan, South Korea, and China, and it requires 5G networking to function. As a result, enormous amounts of data must be processed quickly and with little latency. Millimeter wave technology is used by the 5G network to provide flawless performance in wireless communication because of its high frequency and significant data carrying potential functions over short distances. For instance, according to Huawei's forecast, China would account for one-third of all 5G network users by 2025. Due to the need for high transmission frequency rates to ensure network efficiency, the need for 5G technology in the US, Japan, South Korea, and China is a significant driver for the global market.
- The demand for millimetre wave technology is influenced by the improvement in wireless technologies since it can support a 5G network and enable high-speed communication, high bandwidth, high-resolution videos, and carrying a lot of data. Multiple devices and sensors are connected by technological advancements in digital networks, ensuring advancements in a variety of smart technologies like autos, cell phones, medical devices, and others. As a result, the global need for millimetre wave technology grows as mobile device penetration from consumer electronics increases.
Millimeter Wave Technology Market Restraints
Environmental Effects of Millimetre Wave Technology
- One of the crucial conditions for millimetre wave technology is the quick implementation of a 5G network. The millimetre wave technology used by the 5G network allows for quicker connectivity. However, due to its short range, it can be obstructed by walls or buildings. Additionally, it is impacted by air pollutants and interfered with by electricity towers, which is bad for people, animals, and trees. The deployment of the 5G network in industrialised nations will undoubtedly lead to an increase in the demand for millimetre wave technology, which is damaging to people, pets, and the environment. Such elements limit market expansion.
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Millimeter Wave Technology Market Competitive Landscape
There are numerous players who each contribute to the market share in the millimeter wave technology market. These firms are forming strategic alliances to provide improved millimeter Wave technology options following the launch of 5G. The telecom service providers are putting a lot of effort into advancing technology to fulfil the demands of the growing number of bandwidth-intensive applications and the high-speed internet needs they generate.
Top Players in Millimeter Wave Technology Market
- Qualcomm (USA)
- Samsung (South Korea)
- Nokia (Finland)
- Intel (USA)
- Ericsson (Sweden)
- Huawei (China)
- Keysight Technologies (USA)
- TowerJazz (Israel)
- Movandi Corporation (USA)
- Filtronic (UK)
- NEC Corporation (Japan)
- L3Harris Technologies, Inc. (USA)
- Smiths Group PLC (UK)
- Millimeter Wave Products Inc. (USA)
- Axxcss Wireless Solutions (USA)
- Ceragon (Israel)
- Aviat Networks (USA)
- Siae Microelettronica (Italy)
Millimeter Wave Technology Market Recent Developments
- In may 2024, The application of millimeter wave technology is expanding beyond traditional telecommunications. This includes potential applications in areas such as automotive radars, security imaging scanners, and high-speed wireless backhaul for various industries.
- In april 2024, Leading chip manufacturers announced new millimeter wave chipsets with improved performance, lower power consumption, and smaller form factors. These advancements pave the way for the development of more compact and efficient millimeter wave devices.
- In early 2024, Continued rollout of 5G infrastructure remained a key driver for the millimeter wave market. This technology plays a crucial role in enabling high-speed and ultra-low latency data transmission required for advanced 5G applications.
- In late 2023, The global millimeter wave technology market reached an estimated value of around USD 10 billion (sources may vary slightly). This indicates a stable market size with ongoing growth potential.
Millimeter Wave Technology Key Market Trends
- Expansion of Wireless Backhaul: Millimeter wave technology is widely used in wireless backhaul applications. As the demand for data transmission increases, especially in dense urban areas, millimeter wave links provide high-capacity connectivity between base stations and the core network. This trend is driven by the need for reliable and high-bandwidth connections to support the growing volume of data traffic.
Millimeter Wave Technology Market SkyQuest Analysis
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global millimeter wave technology market is experiencing significant growth and is expected to continue expanding in the coming years. Millimeter wave technology refers to the utilization of electromagnetic waves in the frequency range of 30 to 300 GHz, enabling high-speed wireless communication and data transmission. The Continued advancements in technology and increased collaboration among industry players are expected to drive the market forward and shape its future trajectory. Market has been witnessing substantial growth due to the increasing demand for high-speed wireless connectivity, advancements in telecommunications infrastructure, and the deployment of 5G networks. The market size is projected to expand further as industries such as telecommunications, automotive, healthcare, consumer electronics, and defence adopt millimeter wave technology.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 3.1 billion |
| Market size value in 2032 | USD 16.24 billion |
| Growth Rate | 20.2% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Millimeter Wave Technology Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Millimeter Wave Technology Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Millimeter Wave Technology Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Millimeter Wave Technology Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Millimeter Wave Technology Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Millimeter Wave Technology Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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