Millimeter Wave Technology Market Size to Grow At 37.3% CAGR From 2024 to 2030

Millimeter Wave Technology Market Size (2024 - 2030)

As per our research Report, the Millimeter Wave Technology Market is forecasted to be growing at CAGR of 37.3% from 2024 to 2030.

Millimeter wave (mmWave) or millimeter band is the band of the spectrum with frequencies ranging from 30 GHz and 300 GHz and wavelengths between 1 millimeter and 10 millimeters. This frequency range is much higher than that against to conventional wireless communication systems like Wi-Fi and cellular networks. The International Telecommunication Union (ITU) divides this frequency range as the extremely high frequency (EHF) band. With respect to meeting the capacity requirements of the forthcoming 5G network, millimeter wave communication systems have attracted important interest. 4G networks' maximum carrier frequency, 2GHz, offers a spectrum bandwidth of only 100 MHz. The spectrum bandwidth tends to rise by a factor of 10 when utilizing millimeter wave frequencies. For 5G networks, mmWave frequencies varying from 28 GHz and 60 GHz are the most desirable frequencies. The 28 GHz frequency gives a bandwidth of up to 1 GHz, while each channel of the 60 GHz frequency can provide an available signal bandwidth of 2 GHz. This leads to a total spectrum of 9 GHz, which can be segmented between 4 channels. Millimeter wave technology has become one of the most chosen technologies utilized across several industries, including IT and telecommunications, aerospace and defense, and electronics and electrical. Applications that need broad bandwidth, low latency, high data rates, and enhanced security, such as 5G wireless networks, backhaul networks, and point-to-point wireless communication network, experience most of the advantages from millimeter wave technology's use for high-speed data transfer and communication. Its unique properties, including penetration through fog, rain, and cloud, can empower multiple applications like all-weather radar and sensing. In addition, mmWave imaging has arrived as an effective technology for screening individuals for bombs and other non-metallic weapons. Because the waves pass via common clothing and are reflected by the human body and any hidden objects, millimeter waves are effective for human screening. As an impact of these advantages, the global millimeter wave technology market is expected to have a fast CAGR during the forecast period.

As more and more people are utilising electronic devices, such as smartphones, tablets, laptops, etc., they ask for wireless connections that are faster and more dependable in contrast to the traditional ones. These high-speed, low-latency wireless networks are made possible by millimetre wave technology that facilitates the transmission of signals or data over long distances, which is particularly significant in densely populated urban areas where conventional wireless networks may be congested. Resultantly, various telecommunications companies are deploying highly in mmWave technology to increase the quality of their wireless services and widen their 5G networks. Therefore, this factor propels the demand for millimetre wave technology. In the military and defence industry, various enhanced uses like electronic warfare, radar, and satellite communications are being increasingly utilized. During combat scenarios, mmWave technique will be required in these applications to transfer commands, military intelligence, and orders from one location to another. The high-frequency range of millimetre wave technology makes it suitable for deployment in these applications of military and defence. This technology can cover a range of radar and satellite communication segments, particularly those within the 18 to 40 GHz range. In addition, mmWave technology provides rapid and more safer information exchange and connectivity during tactical communications. Therefore, this factor also propels the demand for millimetre wave technology.

The outbreak of the COVID-19 pandemic substantially affected the global millimetre wave technology market. The imposition of strict lockdowns, traveling limitations, and social distancing measures across several countries affected many companies' manufacturing capacities and caused a shortage of skilled labour. The pandemic caused disturbances in supply chains and distribution of goods and services, which highly affected the deployment of millimetre wave technology in wireless networks. Additionally, a number of 5G projects using mmWave technology were late due to the advent of the global pandemic. These factors detrimentally affected the growth of the global millimetre wave technology market. Despite these hurdles, the global millimetre wave technology market is estimated to recover and grow in the future years owing to its escalating applications in IT and telecommunications, aerospace and defence, and electronics and electrical industries.

Key Market Insights: 

  • Based on the component, the global millimeter wave technology market is divided into amplifiers, antennas and transceivers, control devices, frequency converters, oscillators, passive components, and others. In 2023, the antennas and transceivers segment held the biggest market share. The growth can be dedicated to the high importance of these components in millimeter-wave communication systems.

  • In 2023, the telecommunication equipment segment held the biggest market share. The growth can be credited to the rising demand for mmWave technology in the telecommunications industry for increased applications, such as telecommunications equipment, which facilitates high-speed data transfer and communication. Due to the growing adoption of mmWave technology for enhancing the efficiency and dependability of security systems, the radar and satellite communication systems segment is expected to widen at the quickest rate over the forecast period.

  • The V-band constitutes of frequencies ranging from 40 GHz to 70 GHz and the mm waves of these bands are utilised in military & defence markets. Also, the V-band frequencies are extensively applied in radar & satellite communications. The segment for E-band frequency applications is estimated to observe a drastic transformation over the outlook period. E-band frequencies hold important applications across the telecommunication equipment industry.

  • Based on the license type, the fully licensed frequency type held the biggest market share in 2023 and is expected to further grow at the fastest CAGR during the predicted period. This is due to its superior performance and fewer data traffic concerns.

  • Based on the application, the global millimeter wave technology market is divided into telecommunications, military and defence, automotive and transport, healthcare, electronics, and semiconductor, security, and others. In 2023, the telecommunications segment held the biggest market share. The growth can be dedicated to the rising use of mmWave technology in small-cell backhaul uses and the growing adoption of 5G networks in developing nations.

  • In 2023, the North American region led the global millimeter wave technology market. The early and widened adoption of new and advanced technologies, involving 5G network services, the existence of well-established IT and telecommunications industries in developed countries, such as the United States and Canada, and the rising investments in research and development activities for mmWave technology are some of the elements influencing the region's growth.

Millimeter Wave Technology Market Segmentation:

By Component

  • Amplifiers

  • Antennas & Transceivers

  • Control Devices

  • Frequency Converters

  • Oscillators

  • Passive Components

  • Others 

By Product

  • Imaging & Scanning Systems

  • Radar & Satellite Communication Systems

  • Telecommunication Equipment

  • Others

By Frequency Band

  • V-Band

  • E-Band

  • Other Frequency Bands

By License Type

  • Light Licensed Frequency mmWave

  • Unlicensed Frequency mmWave

  • Fully Licensed Frequency mmWave

By Application

  • Telecommunications

  • Military & Defense

  • Automotive & Transport

  • Healthcare

  • Electronics & Semiconductor

  • Security

  • Others

By Region

  • North America

  • Europe

  • Asia-Pacific

  • South America

  • Middle East & Africa

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