Millimeter Wave Technology Market Size (2023 - 2030)

In 2023, the Millimeter Wave Technology Market was valued at $1.31 Billion and is projected to reach a market size of $12.13 Billion by 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 37.3%.

Millimeter wave (mmWave) or millimeter band is the band of the spectrum with frequencies between 30 GHz and 300 GHz and wavelengths between 1 millimeter and 10 millimeters. This frequency range is much higher than that contrasted to conventional wireless communication systems like Wi-Fi and cellular networks. The International Telecommunication Union (ITU) classifies this frequency range as the extremely high frequency (EHF) band. Regarding meeting the capacity requirements of the forthcoming 5G network, millimeter wave communication systems have attracted significant interest. 4G networks' maximum carrier frequency, 2GHz, provides a spectrum bandwidth of only 100 MHz. The spectrum bandwidth tends to increase by a factor of 10 when utilizing millimeter wave frequencies. For 5G networks, mmWave frequencies ranging between 28 GHz and 60 GHz are the most desirable frequencies. The 28 GHz frequency provides a bandwidth of up to 1 GHz, while each channel of the 60 GHz frequency can offer an available signal bandwidth of 2 GHz. This results in a total spectrum of 9 GHz, which can be divided between 4 channels. Millimeter wave technology has become one of the most preferred technologies utilized across a variety of industries, including IT and telecommunications, aerospace and defense, and electronics and electrical. Applications that require broad bandwidth, low latency, high data rates, and increased security, such as 5G wireless networks, backhaul networks, and point-to-point wireless communication links, benefit most from millimeter wave technology's use for high-speed data transfer and communication. Its unique features, including penetration through fog, rain, and cloud, can empower various applications like all-weather radar and sensing. Additionally, mmWave imaging has emerged as an effective technology for screening individuals for explosives and other non-metallic weapons. Because the waves pass through common clothing and are reflected by the human body and any concealed objects, millimeter waves are effective for personnel screening. As a result of these advantages, the global millimeter wave technology market is estimated to have a fast CAGR during the forecast period.

Global Millimeter Wave Technology Market Drivers:

The growing demand for mmWave technology in ICT is propelling the growth of the global millimeter wave technology market

As more and more people are using electronic devices, such as smartphones, tablets, laptops, etc., they demand wireless connections that are faster and more reliable in contrast to the traditional ones. These high-speed, low-latency wireless connections are made possible by millimeter wave technology that enables the transmission of signals or data over long distances, which is especially crucial in densely populated urban areas where conventional wireless networks may be congested. As a result, numerous telecommunications companies are investing highly in mmWave technology to enhance the quality of their wireless services and expand their 5G networks. Therefore, this factor drives the demand for millimeter wave technology.

The increasing demand for mmWave technology in military and defense applications is another factor contributing to the growth of the global millimeter wave technology market

In the military and defense industry, several enhanced applications like electronic warfare, radar, and satellite communications are being increasingly utilized. During combat situations, mmWave technology will be needed in these applications to transmit commands, military intelligence, and orders from one location to another. The high-frequency range of millimeter wave technology makes it ideal for deployment in these applications of military and defense. This technology can cover a range of radar and satellite communication segments, specifically those within the 18 to 40 GHz range. Additionally, mmWave technology offers faster and more secure information exchange and connectivity during tactical communications. Therefore, this factor also drives the demand for millimeter wave technology.

Global Millimeter Wave Technology Market Challenges:

The global millimeter wave technology market is encountering challenges, primarily in terms of low penetration power and the adverse impact of millimeter wave technology on the environment. Millimeter wave technology is incapable of bouncing off physical objects. Tree branches and walls, for example, have the ability to block the signal, absorb the transmission, and interfere with it, which limits its frequency range. Moreover, mmWave technology gets impacted by pollutants in the atmosphere and electrical towers, which may harm humans, wildlife, and trees.

Global Millimeter Wave Technology Market Opportunities:

The expansion of mmWave technology in the healthcare industry presents a lucrative opportunity in the global millimeter wave technology market. Given the rising demand for millimeter wave technology owing to its high bandwidth, low latency, high data rates, and increased security, companies specializing in millimeter wave technology can stand to gain significantly from this opportunity by deploying their services in the applications of healthcare industry like medical imaging systems, which can assist in easily and rapidly detecting the risk of fatal diseases in the human body, such as cancer, cardiovascular diseases, and neurological disorders, to broaden their customer base and boost their overall revenue.

Impact of COVID-19 on the Global Millimeter Wave Technology Market:

The outbreak of the COVID-19 pandemic substantially impacted the global millimeter wave technology market. The implementation of strict lockdowns, traveling restrictions, and social distancing measures across several nations hindered many companies' manufacturing capacities and caused a shortage of skilled workforce. The pandemic caused disruptions in supply chains and distribution of goods and services, which highly affected the deployment of millimeter wave technology in wireless networks. Moreover, a number of 5G projects utilizing mmWave technology were delayed due to the advent of the global pandemic. These factors negatively impacted the growth of the global millimeter wave technology market. Despite these challenges, the global millimeter wave technology market is projected to recover and grow in the coming years owing to its increasing applications in IT and telecommunications, aerospace and defense, and electronics and electrical industries.

Global Millimeter Wave Technology Market Recent Developments:

• In February 2023, Kyocera Corporation, a Japanese multinational company manufacturing ceramics and electronics, unveiled the development of a new system utilizing mmWave technology, a contactless intelligent millimeter-wave sensing system. A high-precision, low-noise sensor that has the capability to detect micron-sized vibrations without making any physical contact is included in the system, as are a number of software modules that can provide comprehensive AI-based solutions for a variety of applications.
• In January 2023, SMK Electronics Corporation U.S.A., a designer & manufacturer of OEM electronic components, set-top box remote controls, automotive-grade components, and other electronic components, unveiled its latest MilwebTM Millimeter Wave Sensor Technology and Solution.
• In October 2022, Movandi, a US-based software company specializing in 5G mmWave, unveiled its collaboration with Rakuten Mobile to expand 5G indoor and outdoor millimeter wave network coverage and capacity in the country of Japan by utilizing Movandi’s smart repeater and BeamXR Open-RAN technology.

MILLIMETER WAVE TECHNOLOGY MARKET REPORT COVERAGE:

Global Millimeter Wave Technology Market Segmentation: By Component

• Amplifiers

• Antennas & Transceivers

• Control Devices

• Frequency Converters

• Oscillators

• Passive Components

• Others 

Based on the component, the global millimeter wave technology market is segmented into amplifiers, antennas and transceivers, control devices, frequency converters, oscillators, passive components, and others. In 2022, the antennas and transceivers segment held the highest market share. The growth can be attributed to the high significance of these components in millimeter-wave communication systems. Additionally, the increasing demand for antennas and transceivers with the rising adoption of 5G networks in developing countries and the demand for high data rates and broad bandwidth further propels the segment's growth. Due to the increasing demand for high-bandwidth and small-cell backhaul applications, where frequency plays a critical role, the frequency converters segment is anticipated to expand at the fastest rate over the forecast period.

Global Millimeter Wave Technology Market Segmentation: By Product

• Imaging & Scanning Systems

• Radar & Satellite Communication Systems

• Telecommunication Equipment

• Others

In 2022, the telecommunication equipment segment held the highest market share. The growth can be attributed to the increasing demand for mmWave technology in the telecommunications industry for enhanced applications, such as telecommunications equipment, which enables high-speed data transfer and communication. Due to the rising adoption of mmWave technology for enhancing the efficiency and reliability of security systems, the radar and satellite communication systems segment is anticipated to expand at the fastest rate over the forecast period.

Global Millimeter Wave Technology Market Segmentation: By Frequency Band

• V-Band

• E-Band

• Other Frequency Bands

The V-band consists of frequencies of range between 40 GHz & 70 GHz and the mm waves of these bands are used in military & defense applications. Also, the V-band frequencies are widely used in radar & satellite communications. The segment for E-band frequency applications is projected to experience a drastic shift over the outlook period. E-band frequencies hold significant applications across the telecommunication equipment industry.

Global Millimeter Wave Technology Market Segmentation: By License Type

• Light Licensed Frequency mmWave

• Unlicensed Frequency mmWave

• Fully Licensed Frequency mmWave

Based on the license type, the fully licensed frequency type held the highest market share in 2022 and is estimated to further grow at the fastest CAGR during the forecast period. This is due to its superior performance and fewer data traffic issues.

Global Millimeter Wave Technology Market Segmentation: By Application

• Telecommunications

• Military & Defense

• Automotive & Transport

• Healthcare

• Electronics & Semiconductor

• Security

• Others

Based on the application, the global millimeter wave technology market is segmented into telecommunications, military and defense, automotive and transport, healthcare, electronics, and semiconductor, security, and others. In 2022, the telecommunications segment held the highest market share. The growth can be attributed to the increasing use of mmWave technology in small-cell backhaul applications and the rising adoption of 5G networks in developing countries. Millimeter wave technology provides high bandwidth connectivity in densely populated urban areas where conventional wireless networks are congested. Due to the increasing demand for mmWave technology in enabling a faster and more secure exchange of information and connectivity during tactical communications, the military and defense segment is anticipated to expand at the fastest rate over the forecast period.

Global Millimeter Wave Technology Market Segmentation: By Region

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

In 2022, the North American region dominated the global millimeter wave technology market. The early and widespread adoption of new and advanced technologies, including 5G network services, the presence of well-established IT and telecommunications industries in developed nations, such as the United States and Canada, and the increasing investments in research and development activities for mmWave technology are some of the factors propelling the region's growth. Additionally, North America is home to several significant market players, including Keysight Technologies, Inc., BridgeWave Communications, Inc., Eravent, E-Band Communications, LLC, and Anokiwave Inc. Due to the growing number of small and medium-sized enterprises (SMEs), their need for secure data storage, and the increasing ability to access the data over the enterprise network, the region of Asia-Pacific is anticipated to expand at the quickest rate over the forecast period.

Global Millimeter Wave Technology Market Key Players:

1. Keysight Technologies, Inc. (United States)

2. NEC Corporation (Japan)

3. Siklu Communication Ltd. (Israel)

4. BridgeWave Communications, Inc. (United States)

5. Denso Corporation (Japan)

6. Eravent (United States)

7. Farran Technology (Ireland)

8. E-Band Communications, LLC (United States)

9. Anokiwave Inc. (United States)

10. InnoSenT GmbH (Germany)