Millimeter Wave Technology Market Size

Millimeter Wave Technology Market size was valued at USD 3 million in 2023 and is estimated to register a CAGR of over 20% between 2023 and 2032. Millimeter wave technology refers to the use of radio frequencies in the millimeter wave band, typically ranging from 30 to 300 gigahertz. Known for high data transfer rates, it plays a crucial role in applications such as 5G communication, imaging, and sensing; however, it faces challenges related to range and atmospheric absorption. The increasing demand for high-bandwidth applications, such as 5G networks, autonomous vehicles, and augmented reality, acts as a significant growth driver for the market.

The capabilities of millimeter waves are becoming essential as these applications demand high data transfer rates. Due to its capacity for high-speed, low-latency communication, the technology is viewed as an essential enabler for emerging technologies, which propels millimeter wave technology market growth in response to the ever-increasing demands of contemporary, data-intensive applications. For instance, in August 2023, Siklu, a world leader in millimeter Wave (mm Wave) solutions for Digital City and Gigabit Wireless Access (GWA), launched its new MultiHaul TG T261 terminal unit. The T261 represents Siklu’s fourth addition to the MultiHaul TG family of point-to-multipoint 60 GHz products and is Terragraph (TG) certified.

Growing investments in telecommunication infrastructure, especially for the rollout of 5G networks, and cutting-edge wireless technologies are driving the market for millimeter wave technologies. The adoption of millimeter wave solutions is driven by the need for faster data transfer rates and lower latency.

The market potential of millimeter wave technology is limited by its limited penetration and range. As millimeter waves have short wavelengths, obstacles such as buildings and gases in the atmosphere can absorb them. This constraint limits the technology's usefulness, especially in crowded cities and difficult terrain. It is imperative that these obstacles are handled to guarantee the successful integration and broad adoption of millimeter wave technology across a range of applications.

Millimeter Wave Technology Market Trends

The millimeter wave technology industry is evolving with notable trends. The surge in 5G deployments is a primary driver, leveraging millimeter wave frequencies for high-speed data. The Internet of Things (IoT) and video streaming have led to an increase in data consumption, which has increased the demand for higher bandwidth that millimeter wave frequencies provide. The applications and market reach of millimeter wave technology have increased owing to its integration into consumer electronics such as smartphones, Wi-Fi enabled devices, and smart home systems.

Additionally, millimeter wave sensor adoption is increasing in Advanced Driver-Assistance Systems (ADAS) and safety applications due to the automotive industry's pursuit of autonomous vehicles. The application of millimeter wave technology in medical imaging in the healthcare industry is further expanding millimeter wave technology market growth. For instance, in August 2023, CitiusTech Healthcare Technology Pvt. Ltd. partnered with Radical Imaging LLC to offer comprehensive services for both companies to support development projects built on the Open Health Imaging Foundation (OHIF) open-source web imaging platform.

Millimeter wave solutions are being adopted by the security and defense industries for military imaging & radar systems. The market for millimeter wave technologies is expanding at a rapid rate due to ongoing developments in semiconductor technologies as well as large investments in research & development to address regulatory issues and overcome propagation challenges.

Millimeter Wave Technology Market Analysis

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Based on component, the market is segmented into antennas & transceiver, communications & networking, interface, RF & radio, imaging, sensor & controls, power & battery, and others. The communications and networking segment accounted for 20% of the market share in 2023.

• The communications and networking industries are expected to witness significant expansion in the millimeter wave technology market. Millimeter wave frequencies are essential in 5G as they enable low-latency connectivity and faster data transfer rates, which propels the development of the telecom infrastructure. Millimeter wave technology is essential in the deployment of 5G networks as it can transfer massive amounts of data at extremely fast speeds, improving the overall wireless communication performance.
  
• Multi-gigabit-per-second data rates can be achieved through this technology, which also makes communication easy for a wide range of applications including video streaming and developing Internet of Things (IoT) ecosystems. Additionally, millimeter wave technology expands high-capacity, low-latency networks by facilitating the development of sophisticated networking solutions.
  

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Based on frequency band, the millimeter wave technology market is segmented into 24 - 57 GHz, 57 - 86 GHz and 86 - 300 GHz. The 57 - 86 GHz segment is poised to witness 20.5% CAGR during the forecast period.

• The market for millimeter wave technology has enormous growth potential in the 57 - 86 GHz frequency range. The specific frequency range, which is also called the V-Band, is an essential part of the spectrum for 5G networks and other high-capacity communication systems. The 57 - 86 GHz band plays an essential part in enabling faster data transfer and low-latency communication as demand for these services grows. Owing to its large bandwidth, the spectrum can handle large amounts of data, which makes it useful for applications such as high-speed wireless networking and point-to-point communication links.
  
• Growing usage cases in telecommunications, especially for fronthaul and backhaul connections in 5G networks, are fueling the predicted growth in the 57-86 GHz frequency band. The development of millimeter wave sensors for use in automotive radar systems, which advances autonomous driving technologies, also depends on this frequency range. Furthermore, it is anticipated that ongoing research initiatives and the constant advancement of semiconductor technologies will address propagation obstacles, thereby unleashing the complete potential of the 57-86 GHz frequency band in driving the subsequent stage of the growth of the market.
  

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North America millimeter wave technology market held over 30% of the revenue share in 2023. The rapid rollout of 5G infrastructure and significant investments made by major telecom operators in millimeter wave spectrum for high-speed communication are driving the regional market expansion.

The market is expected to grow further owing to the growing adoption of millimeter wave technology in various sectors such as consumer electronics, healthcare, and defense. North America has emerged as a major player in the development and mass market uptake of millimeter wave technology due to favorable regulatory frameworks, cutting-edge R&D efforts & a thriving ecosystem of technological innovators.

Millimeter Wave Technology Market Share

Aviat Networks holds a significant market share in the millimeter wave technology industry. It is a global provider of wireless transmission solutions including millimeter wave technology. It offers innovative microwave & millimeter wave products for mission-critical applications in telecommunications, government, and utilities. Aviat focuses on enabling high-performance communication networks, emphasizing reliability and efficiency in wireless connectivity solutions.

Major players, such as Aviat Networks, Bridgewave Communications Inc., Cambium Networks, Siklu Communication Ltd., are constantly implementing strategic measures, such as geographical expansion, acquisition, mergers, collaborations, partnerships, and product or service launches, to gain market shares.

Millimeter Wave Technology Market Companies

Major companies operating in the millimeter wave technology industry are:

• Aviat Networks
• Axxcss Wireless Solutions
• Bridgewave Communications Inc.
• Cambium Networks
• Ducommun Incorporated
• E-band Communications LLC
• Eravant (SAGE Millimeter Inc.)
• Farran Technology Ltd.
• Keysight Technologies Inc.
• Kyocera Corporation
• L3Harris Technologies Inc.
• Millimeter Wave Products Inc.
• NEC Corporation
• Siklu Communication Ltd.
• Smiths Interconnect Group Limited
  

Millimeter Wave Technology Industry News

• In December 2023, Eravant (SAGE Millimeter Inc.) received a patent related to a novel series of electrical connectors used in the rapidly growing field of millimeter-wave electronics. The patented devices are compatible with the existing coaxial interfaces. Uni-Guide waveguide connectors help component manufacturers offer a wide range of waveguide sizes and orientations using a reduced number of package designs.
  
• In June 2022, Researchers at Tokyo Tech and NEC Corporation launched a phased-array beamformer for the G millimeter wave (mmWave) band. This product enables ultra-low latency in communication along with data rates of over 10 Gbps and a massive capacity to accommodate several users.
  

The millimeter wave technology market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments:

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Market, By Component

• Antennas and Transceiver
• Communications and Networking
• Interface
• RF & Radio
• Imaging
• Sensor & Controls
• Power & Battery
• Others

Market, By Frequency Band

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

Market, By End Use

• Telecommunication
• Healthcare
• Industrial
• Automotive
• Transportation
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA