Millimeter Wave Technology Global Market Report 2024

The millimeter wave technology market size has grown exponentially in recent years. It will grow from $2.44 billion in 2023 to $3 billion in 2024 at a compound annual growth rate (CAGR) of 22.9%. The expansion observed in the historical period can be ascribed to the evolution of wireless communication, advancements in satellite communication, an increasing need for broadband services, and the widespread application of millimeter wave technology in defense, aerospace, and medical imaging.

The millimeter wave technology market size is expected to see exponential growth in the next few years. It will grow to $6.86 billion in 2028 at a compound annual growth rate (CAGR) of 23.0%. Anticipated growth in the forecast period can be linked to escalating bandwidth needs, the expansion of environmental sensing and weather monitoring applications, the adoption of energy-efficient solutions, the increasing demand for IoT connectivity, initiatives for smart cities, the acceleration of industrial automation, and the ongoing trend of rapid urbanization. Key trends expected in the forecast period involve advancements in 5G technology, seamless integration with artificial intelligence, technological strides in silicon photonics, and the integration of millimeter wave technology with machine learning.

The millimeter wave technology market is anticipated to experience significant growth, propelled by the increasing adoption of autonomous vehicles. Autonomous vehicles, capable of operating without human intervention, rely on advanced sensors, cameras, radar, lidar, and artificial intelligence algorithms to navigate and control their movement. Millimeter wave technology plays a crucial role in facilitating real-time communication among autonomous vehicles, allowing them to exchange substantial data and make informed decisions. A notable example is Tesla, a US-based automotive company, reporting an 87.7% growth in vehicle deliveries, including autonomous models, in 2021 compared to the previous year.

The expanding adoption of the Internet of Things (IoT) is expected to contribute to the growth of the millimeter wave technology market. IoT, a networked system of interconnected computing devices and machinery, utilizes millimeter wave technology for high-speed data transfer and increased bandwidth. This technology enables efficient communication by transmitting large amounts of data at very high frequencies. A report by Ericsson, a Sweden-based telecommunications company, indicates a global IoT connection growth from 13.2 billion connections in 2022 to an expected 34.7 billion connections by 2028, driving the demand for millimeter wave technology.

The millimeter wave technology market is witnessing a notable trend of technological advancements, with major companies actively embracing new technologies to maintain and strengthen their market positions. An example of this trend is seen in the recent introduction by SMK Electronics Corporation, a US-based manufacturing company, of Milweb Millimeter Wave Sensor Technology and Solution in January 2023. This innovative sensor technology employs proprietary algorithms to identify objects, surfaces, and terrain, even measuring an individual's heart rate and respiration at close range. Its applications span across diverse industries, including home automation, automotive manufacturing, healthcare, and safety products. Milweb Millimeter Wave Sensor Technology enables the integration of intelligent technologies, enhancing manufacturers' capabilities to offer products with advanced safety features and functionalities. Its versatility in applications such as health monitoring, security systems, room occupancy detection, and vehicle alert systems opens up new possibilities for improved functionality and safety in various environments.

Major players in the millimeter wave technology industry are adopting strategic partnership approaches to drive innovation and expand market reach, particularly in the realms of high-speed data transmission and 5G technology implementation. A notable instance is the partnership between ZTE Corporation, a Finland-based provider of information and communication technology solutions, and Advanced Info Service Public Company Limited (AIS), a Thailand-based mobile network operator. This collaboration aims to introduce a new-generation ultra-large-bandwidth millimeter-wave AAU, distinguished as the world's first to support 1.2 GHz bandwidth and above, with a maximum bandwidth of 1.6 GHz.

In June 2022, Quantic Electronics, a US-based electronic components manufacturing company, acquired Microwave Dynamics, a provider of microwave and millimeter-wave components. This acquisition has fortified Quantic Electronics' oscillator portfolio and expanded its capabilities in high-precision microwave and millimeter-wave components, enhancing its ability to address the intricate design challenges in aerospace, defense, and industrial markets.

Major companies operating in the millimeter wave technology market report are Huawei Technologies Co. Ltd., Lockheed Martin Corporation, Denso Corporation, QUALCOMM Inc., Mitsubishi Electric Corporation, Fujitsu Limited, Ericsson, NEC Corporation, L3Harris Technologies Inc., Toyoda Gosei Co. Ltd., Keysight Technologies Inc., Smiths Interconnect, Aviat Networks Inc., Mistral Solutions Pvt. Ltd., Vayyar Imaging Ltd., Siklu Communications Ltd., REMEC Broadband Wireless Networks LLC, Radio Gigabit Inc., Eravant, Sivers Semiconductors AB, Farran Technology Ltd., LightPointe Communications Inc., Millimeter Wave Products Inc., Blu Wireless Technology Limited, Vubiq Networks Inc., E-Band Communications LLC, Hubei YJT Technology Co Ltd., BridgeComm Inc., Movandi Corporation, Wireless Excellence Limited.

North America was the largest region in the millimeter wave technology market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the millimeter wave technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the millimeter wave technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The key components of millimeter wave technology include antennas and transceiver components, frequency sources, communication and networking components, imaging components, RF and radio components, sensors and controls, interface components, power and battery components, and others. Antennas and transceiver components play a pivotal role, functioning as devices that both transmit and receive electromagnetic waves within a single unit. The product categories encompass scanning systems, radar and satellite communication systems, telecommunication equipment, and more, featuring license types such as light licensed frequency millimeter wave, unlicensed frequency millimeter wave, and fully licensed frequency millimeter wave. Frequencies ranging from 24 GHz to 57 GHz, 58 GHz to 86 GHz, and 87 GHz to 300 GHz find applications across diverse sectors, including telecommunications, military and defense, automotive and transport, healthcare, electronics and semiconductor, and security.

The millimeter wave technology market research report is one of a series of new reports that provides millimeter wave technology market statistics, including millimeter wave technology industry global market size, regional shares, competitors with a millimeter wave technology market share, detailed millimeter wave technology market segments, market trends and opportunities, and any further data you may need to thrive in the millimeter wave technology industry. This millimeter wave technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The millimeter wave technology market consists of revenues earned by entities by providing radio astronomy, remote sensing, security screening, and telecommunications services. The market value includes the value of related goods sold by the service provider or included within the service offering. The millimeter wave technology market also includes sales of e-band, V-band, Microwave, and Wi-Fi equipment which are used in providing services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.