Global Millimeter Wave Technology Market Size (2024 - 2030)

The estimated global Millimeter Wave Technology Market size is poised to ascend from USD 2.6 Billion recorded in 2024 to USD 19.67 Billion by 2030. This market demonstrates a robust Compound Annual Growth Rate (CAGR) of 33.5% between the years 2024 and 2030. The surge in testing of 5G Technology and the proliferation of smart devices emerge as pivotal factors propelling the industry's expansion.

Industry Overview:

A smart TV, an internet-enabled television with a myriad of online functionalities, embodies Millimeter Waves representing the radio frequency spectrum ranging from 30GHz to 300GHz, featuring wavelengths between 1 to 10 millimeters. These waves enable denser communication links, thereby optimizing spectrum utilization significantly, while also enhancing the security of communication transmissions. The escalating demand for imaging devices, networks, monitors, and notably, security, has led to a burgeoning utilization of millimeter wave technology in the healthcare and aerospace domains. Additionally, the mounting adoption of building automation and the requisition for millimeter wave solutions in the industrial sector facilitate precise occupancy detection and monitoring of individuals within a range of 14 to 50 meters. The global millimeter wave technology market is propelled by advancements in material research, imaging systems, and technological prowess within the industrial landscape.

The surging demand for data-intensive services such as video streaming, video conferencing, digital media exchange, and high-speed online gaming is anticipated to fuel the need for high bandwidth, thereby fostering the adoption of this technology. Millimeter Wave (MMW) technology finds significant application across various sectors including telecommunications, military & defense, security, automotive, and healthcare. The burgeoning demand emanating from these industrial and commercial sectors is expected to catapult the market forward at a remarkable pace.

COVID-19 Impact on the Millimeter Wave Technology Market

COVID-19, an infectious ailment instigated by the novel coronavirus, emerged largely unknown until the outbreak commenced in Wuhan, China, in December 2019, rapidly evolving into a global pandemic. The COVID-19 pandemic exerted immense pressure on healthcare infrastructures worldwide, prompting companies to escalate Research and Development (R&D) endeavors for the development of vaccines and treatments against the virus.

The COVID-19 pandemic moderately decelerated the pace of the millimeter wave technology market. Owing to stringent lockdown measures implemented globally, the production of essential components for the technology came to a standstill. Consequently, this inadvertently impacted the installations and growth activities of market players. The pandemic significantly dented company revenues, consequently influencing capital costs and expenditure projections for many firms. Furthermore, the onset of the global pandemic delayed the execution of numerous 5G projects. This delay was primarily due to the cessation of spectrum issuance and auctions during the lockdowns. Various sectors such as automotive & transportation and electronics bore the brunt of the pandemic, witnessing a decline in demand. The telecom sector exhibited relative resilience during the crisis owing to its adaptable digital core. Market recovery commenced towards the end of 2021, gaining significant momentum in early 2022.

Market Drivers:

The proliferation of 5G Technology adoption across various nations propels market growth.

Highly efficient infrastructural setups in the US, Japan, South Korea, and China, equipped with state-of-the-art technologies, necessitate 5G networking for seamless operations. This entails processing massive volumes of data at high speeds with low latency. The 5G network harnesses millimeter wave technology to deliver impeccable performance in wireless communication, owing to its high frequency and substantial data-carrying capacities over short distances.

The surge in demand for smart devices fuels market growth.

Advancements in wireless technologies such as high-speed communication, extensive bandwidth, high-resolution videos, and handling vast amounts of data stimulate the demand for millimeter wave technology. Its capability to enable a 5G network is instrumental in connecting various devices and sensors within digital networks, thereby fostering advancements in a range of smart technologies such as automobiles, smartphones, medical devices, among others. Consequently, the escalating penetration of mobile devices from consumer electronics amplifies the demand for a 5G network, further augmenting the global need for millimeter wave technology.

Market Restraints:

The adverse environmental impact of the technology restrains market growth.

The rapid deployment of a 5G network stands as a fundamental requisite in millimeter wave technology. The 5G network utilizes high-band frequencies for expedited communication, i.e., millimeter wave technology. However, due to its limited range, it can be obstructed by buildings or walls. Moreover, it is susceptible to environmental interference and disturbances from the presence of electrical towers, posing risks to humans, wildlife, and trees. The deployment of the 5G network is prominent in developed nations such as the U.S., Germany, Canada, and France, inevitably amplifying the demand for millimeter wave technology, which poses hazards to humans, animals, and the environment. These factors impede market growth.

Global Market for Millimeter Wave Technology - Product Segment

• Telecommunication Equipment
• Scanner Systems
• Radar & Satellite Communication Systems

The utilization of millimeter wave technology in telecommunication equipment has significantly impacted the telecom sector. These waves are driving innovations in fifth-generation (5G) cellular communication by enabling gigabit data transmission per second. Telecommunication equipment dominated the market share, exceeding 58.15% in 2022, owing to the expansion of the telecom sector. The integration of MMW technology in imaging and scanning systems has enhanced their capabilities, offering stability and reliability. Additionally, the adoption of this technology in scanners has improved the accuracy of security systems. Radar and satellite communication systems are integral to national security. The application of millimeter wave technology in radar and satellite communication has enhanced the efficiency and reliability of these systems, modernizing defense strategies.

Global Millimetre Wave Technology Market - By License Type

• Fully Licensed
• Light Licensed
• Unlicensed

Global Millimetre Wave Technology Market - By Frequency Band

• 24 - 57 GHz
• 57 - 86 GHz
• 86 - 300 GHz

Global Millimetre Wave Technology Market - By End-Use

• Mobile & Telecom
• Healthcare
• Aerospace & Defense
• Automotive & Transportation
• Imaging
• Consumer & Commercial

Global Millimetre Wave Technology Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Geographically, The North American location accounted for the biggest market measurement in 2024 owing to the broader acceptance of technology in the region. Countries such as the U.S. and Canada are distinguished and early adopters of upcoming and rising technologies. Thus, the elements are developing possibilities for MMW technology in distinct applications.

The market in the Asia Pacific and the Rest of the World (RoW) areas is predicted to witness an incredible increase during the forecast period. The Asia Pacific location is poised to show off the best rate with a CAGR of greater than 44.0% over the forecast period. This fast growth of technology in the Asia Pacific area can be attributed to the trends and enhancements being carried out in its telecom infrastructures. Further, the set-up of new telecom equipment, based totally on the millimeter wave technology, is additionally anticipated to pressure the overall market throughout the region, at a significant pace.

Global Millimetre Wave Technology Market Share by Company

1. REMEC Broadband Wireless Networks LLC
2. Keysight Technologies
3. NEC Corporation
4. SAGE Millimeter, Inc.
5. Siklu Inc.
6. Aviat Networks
7. Farran Technology
8. Millimeter Wave Products Inc
9. Millivision Technologies
10. Vubiq Networks, Inc.
11. E-Band Communications, LLC.
12. Smiths Group plc
13. L3Harris Technologies

Recently, Siklu and BATS Wireless declared the testing of BATS’ OnPoint 5G antenna stabilization system with Siklu’sEtherHaul 8010FX.

The service vendors in the telecom enterprise are intensely focusing on improvising the science to meet the needs of the growing bandwidth functions and high-speed net requirements arising from bandwidth-intensive applications. Furthermore, the developing demand for on-site gas grants in a wide variety of sectors is compelling producers to enhance technology and follow aggressive administration in all areas of manufacturing and distribution. A key enterprise approach utilized by using notable purveyors is the acquisition of enterprises that complement a purveyor's present-day goods and services. They are engaged in many activities such as collaboration and promotions which are estimated to drive the market's growth during the forecast period.

Recent Developments

• In August 2022, Virgin Media O2, NEC Corporation, and Rakuten Symphony announced the initiation of their joint multi-vendor Open RAN, marking the activation of the first live sites in Virgin Media O2's commercial network.

Also in August 2022, NEC Corporation and Fortinet® commenced a global agreement aimed at providing secure 5G networks for communication service providers, combining NEC's expertise in IT and network technologies with Fortinet®'s cybersecurity solutions.