Global Millimeter Wave IC Market Size (2024-2030)

The Global Millimeter Wave IC Market was valued at USD 0.95 billion in 2023 and is projected to reach a market size of USD 2.84 billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 17%.

The primary drivers that are aiding in the growth of this market are the increasing use of ADAS technology by the Original Equipment Manufacturers or OEMs and the rise in the use of the millimeter wave ICs in the small-cell backhaul networks.

Industry Overview:

An IC, also known as an integrated circuit, is a type of chip or microchip in recent times. It is generally made from silicon and used in any and all sorts of electronic devices. As the name suggests, it is a circuit that is an integration of several smaller components. It is a combination of various types of transistors and the aforementioned components which make it a significant part of any device. Millimeter Wave ICs are a step forward from the radio frequency integrated circuits or the RFICs. Virtually connected devices that have no physical cords are the demand of technological progressions. Millimeter wave ICs are the key component to that kind of wireless connection of devices. This variety of integrated circuits ensures that the communication is done at high speeds or data rates. Data rates refer to the speed at which data is transferred from one device to another. Initially, the integrated circuits manufactured operated on low frequencies but the millimeter wave ICs only operate on frequencies of 24 GHz or above. The mm-wave ICs work with the help of MMIC technology also known as Monolithic Microwave Integrated Circuit. Therefore these circuits are the backbone of new-age high-speed communicative devices.

COVID-19 impact on the Millimeter Wave IC Market:

The COVID-19 pandemic has had a devastating effect on people’s lives worldwide. The pandemic was a result of the virus called SARS-COV-2 or the coronavirus for the layman. Because the virus was extremely contagious, governments of the world shut down all borders, national and international. Non-essential products were halted in their manufacturing and people could no longer travel far beyond their residences. This resulted in the loss of livelihoods of millions of people and production issues across all industries. Because the manufacturing units were shut down, there were supply chain issues for several products because the key element required was not being made. Silicon chips especially handled the fall. The millimeter wave ICs are essentially silicon chips and they observed a massive decline in production as they were a non-essential item. The market took a massive hit because of this and in several cases, it is still recovering. The COVID-19 pandemic had different effects on different industries but the IC industry suffered majorly.

Market Drivers:

Increasing use of the ADAS technology by the Original Equipment Manufacturers is poised to drive the market growth for Millimeter Wave IC:

In the automotive sector, the use of ADAS or Advanced Driver Assistance Systems is increasing at a very rapid rate. This system is a combination of various objects like sensors, cameras, cloud systems, and networking services that helps a driver to better handle the car. It helps in various areas like parking, preventing accidents, and more. It tells the driver when objects are nearby to help in case of parking and study past patterns to prevent accidents by alerting the driver and training the device. This technology is very heavily based on the millimeter wave IC because it is a significant integrated circuit that can be used for the same purpose. The OEMs or the original equipment manufacturers that are focusing on building ADAS more frequently are heavily reliant on mm-wave ICs. Thus these manufacturers are the primary drivers that are helping the market to grow.

The rise in the use of the millimeter wave ICs in small-cell backhaul networks is boosting market expansion:

Small-cell backhaul networks are arguably the most important part of cellular and telecommunication devices. Small-cell backhaul refers to the connection or transmission links that have been established between regular home cellular devices and the core or integral network that is managed by the mobile service provider. These core networks are extremely essential because they hold the applications and the content that is used by consumers every day. Small cells ensure that the network operator sites that are in function, are not overloaded and only handle a small number of devices, and are efficient in power usage. Thus these small-cell backhaul networks are the building blocks for the future of telecommunication and all of them chiefly integrate the millimeter wave ICs. This makes them a key driver for the market.

Market Restraints:

The Millimeter Wave IC Market's growth is being stifled by the high costs of integration and lack of awareness regarding it.

The millimeter wave ICs are, as the name suggests, integrated circuits. Several transistors are integrated together to form a single IC. The integration task is extremely difficult as the area is very small. As the devices are becoming more compact in the telecommunication sector the ICs are becoming even smaller. These are then to be integrated and configured in pre-existing machinery which can be even more difficult and expensive. Because the smaller ICs require newer technology they are more expensive to establish and put into function. The general public also has a lack of awareness of it owing to its infamous name. All of these factors combined are the reason for hindering the market growth.

MILLIMETER WAVE IC  MARKET REPORT COVERAGE:

Market Segments:

This research report on the global Millimeter Wave IC Market has been segmented based on end-user industry, frequency range, technology, and region.

Millimeter Wave IC Market- By End User Industry

• Automotive
• Telecommunication
• Security & Imaging
• Healthcare
• Others

In the end-user industry segmentation, the Automation industry has been segmented into – Automotive, Telecommunication, Security & Imaging, Healthcare, and Others. The automotive segment is the most powerful and it has dominated the market sector for the majority in the past and continues to be strong. But owing to high-speed devices, the telecommunication sector is anticipated to grow the fastest in the forecast period, 2023-2030.

Millimeter Wave IC Market- By Frequency Range

• Short and Medium wave
•  Long-Range

Based on the frequency range, the millimeter wave IC market has been segmented into 2 major segments – Short and Medium wave and Long Range. The long-range frequencies have traditionally dominated the market share and held a large market share in the past and will continue to do so as global communication increases. Additionally, the short and medium waves are significant shareholding segments in the market and is anticipated to grow at a great pace.

Millimeter Wave IC Market- By Technology

• GaAs
• SiGe BiCMOS
•  RF CMOS

Based on the technology, the millimeter wave IC market has been segmented into 3 major segments – GaAs, SiGe BiCMOS, and RF CMOS. The SiGe BiCMOS refers to the Silicon-Germanium Bipolar CMOS transistor. As the name suggests it combines bipolar and CMOS technology into one. GaAs refers to the gallium arsenide type of semiconductor which is mainly used in solar cells. The Radio Frequency CMOS is used in telecommunications and is a key aspect of the success of wireless devices. Among the segments, RF CMOS held the largest market share in 2022, due to its large –scale applications in the telecommunication sector.

Millimeter Wave IC Market- By Region

• North America
• Europe
• Asia-Pacific
• Rest of the World

North America is a giant market for the telecommunication sector along with automatic vehicles. Thus it is predictably the largest market share holder in 2022 and continues to be so during the forecast period (2023-2030) as well.

In the forecast period from 2022-2030, Europe is anticipated to show the fastest growth in the millimeter wave IC industry as it is aiming to be the new hub with various different government regulations and OEM advancements.

Major Key Players in the Market

1. Texas Instruments
2. Infineon Technologies AG
3.  United Monolithic Semiconductors
4.  Mitsubishi Electric Corporation
5. NXP Semiconductors N.V.
6. Movandi
7. Verana Networks
8. Mobix Labs
9. MATRIXSPACE, INC.
10. Shared Spectrum

Market Insights and Developments

• In September 2020, the company Anokiwave, launched its 4^th generation ICs. These millimeter wave ICs will be a key part of 5G radios and it boasts of being of the highest efficiency in the industry.
• In June 2022, at the IMS expo, Keysight presented a wideband active device that was made with the help of the millimeter wave IC. It helps in providing the least possible residual error and it helps in improving accuracy.