Milimeter Wave Technology Market Size, Share, Growth Analysis, By Product (Telecommunication Equipment, Imaging & Scanning Systems), By License type (Light licensed, Fully Licensed), By End user (Mobile & Telecommunication, Healthcare), By Region - Industry Forecast 2024-2031

Global Millimeter Wave Technology Market size was valued at USD 2.80 Billion in 2022 and is poised to grow from USD 3.93 Billion in 2023 to USD 58.60 Billion by 2031, at a CAGR of 40.20% during the forecast period (2024-2031).

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.