The global millimeter wave technology market stood at a value of around USD 2.11 Billion in 2024. The market is further expected to grow in the forecast period of 2025-2034 at a CAGR of 23.00% reaching a value of USD 16.72 Billion by 2034.
Moreover, the heightened technological advancements in the automotive industry are generating a significant demand for millimeter wave technology, for detection of obstructions in real time, for low latency, collision avoidance systems, and automatic lane keeping, among others. In addition, the increasing investments towards automation in industries such as military and defence, and IT and telecom, are likely to provide impetus to the millimeter wave technology market in the coming years.
Moreover, millimeter waves can wirelessly transmit ultra-high definition videos to HDTV. Hence, the growing need for fast and efficient ways of transmitting and storing HD multimedia content is furthering the demand for millimeter wave technology.
Over the forecast period, the increasing demand for millimeter wave technology for satellite communication owing to the increasing research and development in space research organisations and aerospace and defence sectors are anticipated to accelerate the market growth.
Telecommunication Segment Holds a Significant Share in the Market for Millimeter Wave Technology
Millimeter wave technology is applied in various telecommunication equipment including automotive radars, routers, fibre optic cables, and smartphones, among others, which is driving the market growth. Millimeter wave solutions are ideal choice for 5G backhaul as these solutions provide integrated access, high throughput, economic flexibility, and efficient deployment. In this regard, the increasing application of 5G backhaul in various telecommunication equipment is further propelling the millimeter wave technology market growth.North America Accounts for a Substantial Share in the Market
The market for millimeter wave technology in the North America region is being driven by the advanced IT infrastructure in the United States and Canada. The increasing demand for technologically advanced IT and wireless broadband services in various industries is accelerating the market growth.Moreover, the heightened technological advancements in the automotive industry are generating a significant demand for millimeter wave technology, for detection of obstructions in real time, for low latency, collision avoidance systems, and automatic lane keeping, among others. In addition, the increasing investments towards automation in industries such as military and defence, and IT and telecom, are likely to provide impetus to the millimeter wave technology market in the coming years.
Market Segmentation
Millimeter wave technology refers to a band of the electromagnetic spectrum which supports wireless broadband communication services such as high-speed wireless local area network (WLAN). The wavelength of the millimeter wave spectrum can vary between 10 milimeters (30 GHz) and 1 millimeter (300 GHz), and this technology is capable of providing higher rates of data transmission at lower frequencies.Based on product, the market can be segmented into:
- Telecommunication Equipment
- Imaging and Scanning Systems
- Radar and Satellite Communication Systems
On the basis of component, the market can be broadly categorised into:
- Antennas and Transceivers
- Amplifiers
- Control Devices
- Oscillators
- Frequency Converters
- Passive Components
- Others
Based on frequency band, the market is segmented into:
- V-band
- E-band
- Others
On the basis of applications, the is categorised into:
- Military and Defence
- Telecommunication
- Automotive and Transport
- Electronics and Semiconductor
- Healthcare
- Security
- Others
The regional markets for the product include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Increasing Demand for High Bandwidth Capacity is Driving the Market for Millimeter Wave Technology
The increasing demand for high bandwidth capacity in commercial and industrial sectors is driving the millimeter wave technology market growth. In addition, the heightened adoption of smart appliances and gadgets, coupled with the increasing penetration of the Internet of Things is accelerating the demand for millimeter waves.Moreover, millimeter waves can wirelessly transmit ultra-high definition videos to HDTV. Hence, the growing need for fast and efficient ways of transmitting and storing HD multimedia content is furthering the demand for millimeter wave technology.
Over the forecast period, the increasing demand for millimeter wave technology for satellite communication owing to the increasing research and development in space research organisations and aerospace and defence sectors are anticipated to accelerate the market growth.
Key Players in the Global Millimeter Wave Technology Market
The report gives a detailed analysis of the following key players in the global market for millimeter wave technology, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:- Aviat Networks, Inc.
- Siklu Communication Ltd.
- E-band Communications LLC
- Sage Millimeter, Inc.
- Bridgewave Communications, Inc.
- Others
Table of Contents
1 Executive Summary
2 Market Overview and Stakeholder Insights
3 Economic Summary
4 Country Risk Profiles
5 Global Millimeter Wave Technology Market Analysis
6 Regional Analysis
7 Market Dynamics
8 Competitive Landscape
Companies Mentioned
- Aviat Networks, Inc.
- Siklu Communication Ltd.
- E-band Communications LLC
- Sage Millimeter, Inc.
- Bridgewave Communications, Inc.
