Millimeter Wave Technology Market Analysis

 

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.
  

 

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.
  

 

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.