Global Millimeter Wave Technology Market Size, Share, Statistics Analysis Report By Product Type (Telecommunication Equipment, Radar and Satellite Communication Systems, Scanning and Imaging Systems), By Frequency Band (V-Band, E-Band, Others), By Component (Antennas and Transceivers, Control Devices, Frequency Converters, Oscillators, Amplifiers, Other Components), By Industry Vertical (Telecommunications, Electronics, Automotive, Transportation, Aerospace & Defense, Other Industry Verticals), Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

Report Overview

The Global Millimeter Wave Technology Market size is expected to be worth around USD 49.8 Billion By 2033, from USD 3.1 Billion in 2023, growing at a CAGR of 32.00% during the forecast period from 2024 to 2033. In 2023, North America dominated the Millimeter Wave Technology market, capturing over 38.9% of the market share and generating USD 1.2 billion in revenue.

Millimeter Wave (MMW) technology refers to the electromagnetic waves that fall within the frequency range of 30 GHz to 300 GHz, with wavelengths ranging from 1 millimeter to 10 millimeters. These waves are used for high-speed data transmission, offering significant advantages in terms of bandwidth and data rates. MMW technology is increasingly being adopted in various sectors, particularly in telecommunications, automotive, aerospace, and medical applications.

It enables faster data transfer rates, low latency, and high throughput, which are essential for modern technologies such as autonomous vehicles, virtual reality, and smart cities. As a result, the Millimeter Wave Technology market is expanding rapidly, with significant investments being made to develop and deploy MMW-based solutions worldwide.

The Millimeter Wave (MMW) Technology market is growing rapidly, driven by the global rollout of 5G networks, which demand ultra-fast data transmission for next-gen mobile services. The increasing need for efficient communication to support connected devices and IoT further boosts MMW technology’s demand. Additionally, MMW is crucial for autonomous vehicles, relying on high-resolution radar systems for accurate real-time data processing.

Advancements in semiconductor technology are lowering the cost and simplifying the integration of MMW components into consumer electronics, fueling market growth. At the same time, significant investments from governments and private companies in MMW research and development are driving innovations, making the technology more accessible and scalable for a wide range of applications.

Millimeter wave technology is gaining popularity due to its ability to support 5G networks and next-gen mobile connectivity. Despite being newer than sub-6 GHz bands, it is rapidly gaining interest in sectors like telecommunications, automotive, aerospace, and healthcare. Its ability to offer fast, reliable communication is outweighing challenges like the need for advanced antennas and specialized hardware.

For instance, In August 2023, Siklu, a global leader in millimeter Wave (mmWave) technology, introduced the MultiHaul TG T261 terminal unit. This launch adds to its lineup of four products in the MultiHaul TG family, which is designed to provide high-speed, point-to-multipoint connectivity using 60 GHz spectrum. Importantly, the T261 is Terragraph (TG) certified, showcasing its alignment with cutting-edge wireless standards for dense urban and suburban areas.

The market presents vast opportunities for growth. One key area where mmWave is gaining traction is in satellite communication, where its capability to transmit large amounts of data over long distances is highly valuable. Additionally, the automotive industry is leveraging mmWave technology for radar systems in autonomous driving, enabling vehicles to detect objects with exceptional precision.

The millimeter wave (mmWave) technology market is rapidly expanding, driven by investments in 5G infrastructure. Beyond telecom, industries such as aerospace, defense, and healthcare are exploring mmWave applications in radar, imaging, and sensors. Its growing use in areas like smart cities, autonomous transportation, and high-performance computing highlights mmWave’s potential to transform connectivity and communication.

Key Takeaways

• The Global Millimeter Wave Technology Market size is projected to reach USD 49.8 Billion by 2033, growing from USD 3.1 Billion in 2023, with a CAGR of 32.00% during the forecast period from 2024 to 2033.
• In 2023, the Telecommunication Equipment segment held a dominant market position, capturing more than 55.6% of the market share.
• In 2023, the E-Band segment held a dominant market position, capturing more than 64.0% of the market share.
• In 2023, the Antennas and Transceivers segment held a dominant market position, capturing more than 40.5% of the market share.
• In 2023, the Telecommunications segment held a dominant market position, capturing more than 47.1% of the market share.
• In 2023, North America held a dominant market position in the millimeter wave technology market, capturing more than 38.9% of the market share and generating USD 1.2 billion in revenue.

Product Type Analysis

In 2023, the Telecommunication Equipment segment held a dominant market position, capturing more than 55.6% of the Millimeter Wave (MMW) Technology market share. This leadership can primarily be attributed to the increasing demand for high-speed, reliable communication networks, particularly with the global rollout of 5G infrastructure.

Millimeter wave technology plays a pivotal role in enabling ultra-fast data transmission, which is crucial for meeting the capacity and speed requirements of next-generation telecom networks. Telecommunication equipment, such as base stations, antennas, and transceivers, rely heavily on MMW for enhanced data throughput and lower latency, making it the preferred choice for telecommunications service providers.

One of the key factors driving the growth of the telecommunication equipment segment is the expanding adoption of 5G technology worldwide. As operators look to deliver faster, more efficient networks, the need for MMW solutions in 5G infrastructure becomes more pronounced. Millimeter waves allow telecom companies to achieve high bandwidths, essential for supporting large volumes of data, especially in urban areas where network congestion is a concern.

Frequency Band Analysis

In 2023, the E-Band segment held a dominant market position, capturing more than 64.0% of the share in the millimeter wave technology market. This dominance can be attributed to the E-Band’s ability to support high-speed data transmission and its significant role in facilitating the deployment of 5G networks.

Operating in the frequency range of 60 GHz to 90 GHz, the E-Band offers a large bandwidth, making it ideal for applications requiring high-capacity communication, such as backhaul networks and high-speed wireless links. Its ability to deliver ultra-fast, low-latency communication has made it the preferred choice for telecom operators and service providers looking to meet the growing demand for data-heavy applications.

The E-Band’s popularity has also been driven by its relatively less congested frequency spectrum compared to other bands.The ability to deliver high-speed connections in both dense and remote environments makes it an essential frequency band for 5G backhaul, where reliable, high-bandwidth communication is critical for maintaining seamless connectivity.

In addition to telecommunications, the E-Band is also increasingly used in the aerospace and defense sectors for radar and satellite communications. Its characteristics, such as high resolution and precision, make it highly suitable for applications where accuracy and reliability are paramount.

Component Analysis

In 2023, the Antennas and Transceivers segment held a dominant market position, capturing more than a 40.5% share of the millimeter wave technology market. This leadership can be attributed to the critical role that antennas and transceivers play in the overall performance of millimeter wave systems.

As the core components responsible for signal transmission and reception, they are essential for ensuring high-speed, high-frequency communication, which is increasingly in demand for applications such as 5G networks, satellite communication, and advanced radar systems. Their ability to support higher data transfer rates and wider bandwidths has been a key factor driving their market dominance.

The growing adoption of 5G and the expanding need for high-capacity, low-latency communication systems have placed a premium on these components. Antennas, particularly, are becoming more advanced, with innovations in beamforming and phased-array technologies allowing for better performance in terms of signal quality and range.

Furthermore, the miniaturization and integration of antennas and transceivers into smaller, more efficient form factors have helped reduce costs and space requirements, further boosting their adoption. As industries such as automotive, aerospace, and telecommunications embrace millimeter wave technology, the demand for these components is expected to remain strong.

Industry Vertical Analysis

In 2023, the Telecommunications segment held a dominant market position, capturing more than a 47.1% share of the millimeter wave technology market. This leadership can be primarily attributed to the rapid rollout of 5G networks globally, where millimeter wave technology plays a pivotal role in delivering high-speed, low-latency communication.

Telecommunications service providers are increasingly relying on millimeter wave frequencies to meet the growing demand for faster internet speeds and more reliable wireless connections. With the vast potential of millimeter waves to support high-capacity data transmission, the telecommunications sector remains the largest driver of market growth.

Millimeter wave frequencies provide the bandwidth required to handle the large data volumes from smartphones and connected devices. With significant investments in 5G infrastructure, the adoption of mmWave technology in telecommunications is expected to drive continued market growth in the coming years.

Telecommunications companies are increasingly using millimeter wave technology for FWA solutions to provide high-speed internet in remote or underserved regions where traditional fiber-optic infrastructure is not feasible. This broader application of millimeter waves in both mobile and fixed communication networks strengthens the telecommunications sector’s dominance in the market.

Key Market Segments

By Product Type

• Telecommunication Equipment
• Radar and Satellite Communication Systems
• Scanning and Imaging Systems

By Frequency Band

• V-Band
• E-Band
• Others

By Component

• Antennas and Transceivers
• Control Devices
• Frequency Converters
• Oscillators
• Amplifiers
• Other Components

By Industry Vertical

• Telecommunications
• Electronics
• Automotive
• Transportation
• Aerospace & Defense
• Other Industry Verticals

Driver

Increasing Demand for High-Speed Communication

Millimeter wave (mmWave) technology has become a key enabler of high-speed communication, particularly in 5G networks. The growing demand for faster data transmission and low-latency services in applications like autonomous vehicles, IoT, and enhanced mobile broadband is driving the adoption of mmWave.

These frequencies (30 GHz to 300 GHz) can provide significantly higher bandwidth compared to lower frequency bands, making them ideal for handling the surge in data traffic that modern networks require. In 5G, mmWave can support gigabit speeds, ultra-reliable communication, and massive device connectivity crucial for developing smart cities, connected devices, and real-time applications.

Restraint

Limited Range and Penetration

One of the major restraints of mmWave technology is its limited range and penetration capabilities. Millimeter waves have a much shorter wavelength, which makes them more prone to attenuation due to obstacles like buildings, trees, and even atmospheric conditions. This means that the signals do not travel as far as lower-frequency waves and may require more base stations and infrastructure to ensure adequate coverage.

This challenge can increase the cost of deployment in both urban and rural areas. Additionally, mmWave signals struggle to penetrate through walls or dense materials, making it less effective in indoor environments, such as homes and offices. As a result, the reliance on dense networks of small cells for mmWave to reach its full potential can be a financial and logistical barrier, particularly for large-scale rollouts.

Opportunity

Enhancing IoT and Smart City Applications

The rapid expansion of the Internet of Things (IoT) and smart city initiatives presents a significant opportunity for mmWave technology. In these environments, the need for large-scale connectivity, real-time data processing, and ultra-low latency communication is critical.

MMwave can enable high-density device connectivity without the network congestion typical of lower frequencies, making it ideal for environments like smart grids, traffic management systems, and public safety networks.

The ability to support high-bandwidth applications such as video surveillance, connected sensors, and autonomous transportation can enhance the operational efficiency of smart cities. As governments and organizations invest in IoT infrastructure, they are increasingly turning to mmWave to provide reliable, fast, and scalable communication networks.

Challenge

Regulatory Hurdles and Spectrum Allocation

A major challenge facing the widespread adoption of mmWave technology is the complexity of spectrum allocation and regulatory hurdles. The high-frequency bands used for mmWave are in high demand, and governments and regulatory bodies need to ensure that these frequencies are used efficiently. However, due to limited availability, countries and regions have been slow to release additional mmWave spectrum.

Without sufficient access to these bands, network operators and service providers may find it challenging to deploy mmWave technology at scale. The process of spectrum auctioning and managing frequency licenses can be time-consuming and expensive, further delaying the rollouts of 5G networks and other mmWave-dependent applications.

Emerging Trends

One of the most notable emerging trends is its adoption for high-speed, low-latency wireless communication. MMW technology allows for faster data transmission, which is essential for next-generation applications like autonomous vehicles, augmented reality (AR), virtual reality (VR), and ultra-high-definition video streaming.

Another key trend is the miniaturization of MMW devices. As technology improves, MMW components are becoming smaller and more energy-efficient, making them easier to integrate into consumer electronics. This is driving innovation in smartphones, smart home devices, and wearables.

The growing use of MMW technology in satellite communications is also noteworthy. With the need for higher bandwidth in space communications, MMW is increasingly used to provide faster connections for remote areas and global internet coverage.

Business Benefits

Millimeter Wave (MMW) technology offers businesses a range of significant benefits, particularly as digital transformation accelerates across various industries. One of the primary advantages is its ability to support high-speed internet and reliable wireless communication. For businesses that rely on cloud computing, MMW can help reduce latency and improve the efficiency of data transmission.

In the realm of manufacturing and logistics, MMW technology plays a crucial role in optimizing smart factories and warehouses. The ability to support a high number of devices simultaneously through efficient, fast wireless communication is transforming operations.

For companies in the automotive sector, MMW technology is helping enable advancements in autonomous driving and smart vehicles. High-speed communication and data transfer between vehicles, sensors, and infrastructure help improve vehicle safety and traffic management.

Regional Analysis

In 2023, North America held a dominant market position in the Millimeter Wave Technology market, capturing more than a 38.9% share and generating USD 1.2 billion in revenue. This leadership is primarily attributed to the region’s robust technological infrastructure and the early adoption of advanced communication systems, including extensive 5G deployment across the United States and Canada.

The market dominance of North America is further bolstered by significant investments from both the private and public sectors in telecommunications and defense applications. The U.S. government, for instance, has been proactive in allocating spectrum for 5G services, which has facilitated a rapid expansion of MMW-based telecommunication equipment.

Additionally, the region’s well-established semiconductor industry plays a critical role in supporting the growth of the MMW market. Technological advancements in semiconductor manufacturing have lowered the cost and increased the availability of MMW components, making the technology more accessible to a broader range of applications and industries. This has also spurred innovation in consumer electronics, such as smartphones and smart home devices, further integrating MMW technology into everyday products.

Moreover, North America’s commitment to maintaining its technological lead is evident in its strategic policy frameworks and funding initiatives aimed at research and development in the field of millimeter wave technology. These initiatives are designed to sustain innovation and competitiveness in global markets, ensuring that North America remains at the forefront of MMW technology development and application.

Key Regions and Countries

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Singapore
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

Key Player Analysis

In the evolving landscape of millimeter wave technology, Keysight Technologies, Inc. stands out as a pivotal player. Renowned for its innovative approach to testing and measurement solutions, Keysight has carved a niche in helping telecommunications providers, network equipment manufacturers, and service providers ensure the reliability and performance of their mmWave technologies.

NEC Corporation is another key figure in the millimeter wave technology market, leveraging its extensive expertise in IT and network solutions to innovate in mmWave applications. NEC has made significant contributions to the integration of mmWave technology in public infrastructure projects, including smart city initiatives and national defense systems, where high-speed, secure communication is paramount.

Ceragon Networks Ltd. specializes in wireless backhaul solutions that are integral to the deployment of mobile and broadband networks. As a leader in mmWave technology, Ceragon provides carriers and service providers with the tools to extend the reach and capacity of their networks, especially in challenging environments that demand high bandwidth and reliable connectivity.

Top Key Players in the Market

• Keysight Technologies, Inc.
• NEC Corporation
• Ceragon Networks Ltd.
• E-Band Communications, LLC
• Aviat Networks, Inc.
• Farran Technology
• L3Harris Technologies, Inc.
• QuinStar Technology Inc.
• Millimeter Wave Products Inc.
• Eravant
• Other Key Players

Top Opportunities Awaiting for Players

The millimeter wave (mmWave) technology market is set for substantial expansion, opening numerous strategic opportunities for businesses within this space.

• 5G Network Expansion: As 5G networks continue to spread, the need for mmWave technology is intensifying. Millimeter wave frequencies, which are key to achieving ultra-high-speed data transfers and minimal latency, are crucial for enabling services such as high-definition video streaming and seamless real-time gaming. This burgeoning expansion of 5G infrastructure is fueling a surge in demand for mmWave components and systems, providing lucrative opportunities for vendors specializing in these technologies.
• Advances in IoT and Smart Cities: The rapid growth of IoT devices and smart city initiatives creates a rising demand for high-capacity communication networks. Millimeter wave technology provides the bandwidth needed for efficient real-time data handling in applications like smart grids, traffic systems, and public safety. This presents opportunities for companies to drive growth by offering mmWave solutions tailored to IoT and urban connectivity needs.
• Autonomous Vehicle Development: The growth of autonomous vehicles relies on advanced sensing and communication, with mmWave radar offering high-resolution imaging for navigation and obstacle detection. As the automotive industry moves toward greater automation, the demand for mmWave-based radar systems is rising, creating significant opportunities for innovation in the market.
• Innovations in Healthcare Imaging: In healthcare, mmWave technology is advancing towards new frontiers, offering non-invasive, high-resolution imaging solutions that are ideal for skin diagnostics and vital signs monitoring. This opens up new possibilities for companies to venture into the development of mmWave-based medical devices, addressing the growing market demand for sophisticated and precise diagnostic tools.
• Security and Surveillance Enhancements: Millimeter wave technology is crucial for security and surveillance, especially for detecting concealed objects through clothing and materials. This capability is valuable in airports, public venues, and border checkpoints. There is significant market potential for companies to develop advanced mmWave scanning and surveillance systems, improving security across various environments.

Recent Developments

• In August 2023, Marki Microwave®, a leader in the RF and microwave industry for over 30 years, has acquired the waveguide business of Precision Millimeter Wave LLC, a top supplier of sub-THz waveguide technology. This acquisition strengthens Marki’s position in the millimeter wave and sub-THz markets, allowing it to develop unique products combining waveguide and traditional board-level connections.
• In November 2024, C-DOT has teamed up with IIT-Roorkee to develop a millimeter wave transceiver for 5G rural connectivity. The project aims to create a millimeter wave backhaul system, connecting a few small cell stations to the gateway via fibre.
• In December 2024, Possumic Technology, a Chinese innovator in millimeter-wave sensor chips, has announced the successful completion of its Series A funding round, raising almost 100 million yuan.

Report Scope