Millimeter Wave Technology Market

Millimeter Wave Technology Market Outlook (2024 to 2034)

The global millimeter wave technology market is set to reach a size of US$ 3.19 billion in 2024 and thereafter increase at a CAGR of 20.4% to climb to a value of US$ 20.41 billion by the end of 2034.

Technological breakthroughs in digital network connections link several devices enhancing the growth of the healthcare, education, automotive, and consumer electronics markets. Integration of autonomous millimeter wave technology in such devices is also gaining momentum.

Electromagnetic technology or millimeter waves in smartphones, automobiles, and other electronic gadgets assure greater speed of wireless broadband connections. These millimeter wave devices operate over extremely high frequency (EHF) since they display signal spectrum ranging from 30 GHz to 300 GHz within a narrow band of wavelength between 1 to 10 mm. Thus, millimeter wave technology is witnessing increasing acceptance by both industrial and commercial sectors for delivering wireless communication through smart devices and wearables.

• Global demand for millimeter-wave radar and satellite communication systems is foreseen to rise at a CAGR of 21.4% from 2024 to 2034.
• The telecommunication sector also accounts for high use of millimeter wave technologies. Mobile & telecom is expected to hold 44% of the global millimeter wave technology market share in 2024.

Government funding for R&D in the field of wave spectrum technology and a high consumer base adopting upgraded communication technologies are some of the latest millimeter wave technology market trends in East Asia countries.

• The East Asia millimeter wave technology market size is projected to reach US$ 5.1 billion by 2034.

Report Attributes	Details
Millimeter Wave Technology Market Size (2024E)	US$ 3.19 Billion
Forecasted Market Value (2034F)	US$ 20.41 Billion
Global Market Growth Rate (2024 to 2034)	20.4% CAGR
South Korea Market Value (2034F)	US$ 1.18 Billion
Canada Market Growth Rate (2024 to 2034)	20.5% CAGR
Millimeter Wave Scanning Systems Demand Growth (2024 to 2034)	21.6% CAGR
Key Companies Profiled	Aviat Networks, Inc.; BridgeWave Communications; E-Band Communications, LLC; Keysight Technologies; LightPointe Communications, Inc.; Millitech, Inc.; NEC Corporation; Smiths Group PLC; Farran Technology; Millimeter Wave Products Inc.; QuinStar Technology, Inc.; AXXCSS Wireless Solutions; L3Harris; Elva-1; Eravant; Siklu Communication Ltd.; Trex Enterprises Corporation

Why is Millimeter Wave Technology the Talk of the Town?

“High Application in Military and Aerospace Products”

Millimeter wave radar and satellite communication systems are gaining momentum in consumer and commercial applications. Due to the increasing focus on providing 5G mmWave technology in rural areas, this segment is projected to exhibit high growth during the forecasted period.

Utilization of millimeter wave technology in military and aerospace is mainly attributed to radar and satellite communication typically used during combat situations. Transformation of the trans-border warfare over the digital space is leading to high investments in the research and development of millimeter wave radar automotive that can be deployed at strategic locations. Evolution of radar sensors is predicted to augment the sales of millimeter wave technologies and expand its utility in various other sectors as well.

What Challenges are Faced in Millimeter Wave Technologies?

“Small Area of Networking and Concerns over Environment”

Though millimeter wave technology is capable of providing an appreciably higher rate of data transfer than the previous generation wave bands, its small area of networking is limiting the overall industry growth. The millimeter wave signals are also incapable of bouncing off of physical objects and get absorbed failing the transmission. Such disadvantages are speculated to be a major obstacle in the millimeter wave technology market growth.

High cost of operation owing to the requirement for more network points is also a leading challenge faced by millimeter wave companies. There have been several instances of concern over mmWave impact on the environment and climate, which is hampering the propagation of this new technology.

Start-up Ecosystem

• Based in the United States, Mobix Labs is a start-up that offers 5G mmWave chips. Mobix Labs is gaining popularity due to its mmWave 5G and high bandwidth cable networks. The company also manufactures single-chip, single-die, fully integrated, compact, CMOS-based mmWave beamformers, and antenna solutions.
• Elve Inc. is a start-up located in the United States. The company specializes in the manufacturing of lightweight millimeter-wave power amplifiers.

Country-wise Analysis

Which Growth Accelerators are Driving Sales of Millimeter Wave Technologies in the United States?

“Rapid Technical Advancements Pushing Adoption of Millimeter Wave Technologies”

Attribute	United States
Market Value (2024E)	US$ 872.6 Million
Growth Rate (2024 to 2034)	19.1% CAGR
Projected Value (2034F)	US$ 5 Billion

Advancements in beamforming technology, antenna design, and signal processing techniques are driving high demand for enhanced and reliable millimeter wave systems. These advanced technologies are exhibiting high demand in commercial applications in the United States. In the telecommunication sector, the proliferation of IoT devices is gaining traction fuelling the demand for millimeter wave systems.

What is the Demand Outlook for Millimeter Wave Technology in Japan?

“Rapidly Increasing Use of Millimeter Wave Technology in Industrial Automation”

Attribute	Japan
Market Value (2024E)	US$ 202.8 Million
Growth Rate (2024 to 2034)	22.2% CAGR
Projected Value (2034F)	US$ 1.5 Billion

Japan’s industrial automation and smart manufacturing sectors widely adopt low-latency and reliable wireless communication systems. Millimeter wave technology is vital to meet the effective connectivity and productivity needs of industrial IoT applications.

Category-wise Analysis

Why is Use of Millimeter Wave Technology High in Scanning Systems?

“Effective Use of Millimeter Wave Cameras in Medical Imaging”

Attribute	Scanning Systems
Segment Value (2024E)	US$ 637.8 Million
Growth Rate (2024 to 2034)	21.6% CAGR
Projected Value (2034F)	US$ 4.49 Billion

Hospitals and medical institutions are increasingly adopting autonomous passive millimeter wave cameras for medical imaging. Increasing spending on improving the healthcare infrastructure by various countries is boosting the demand for advanced millimeter wave bands. Growth in the use of millimeter wave cameras in various other areas of application is also rendering the millimeter wave technology more attractive for many market players.

Who are the Leading End Users of Millimeter Wave Technologies?

“High Revenue Expected from Mobile and Telecom Sectors”

Attribute	Mobile & Telecom
Segment Value (2024E)	US$ 1.4 Billion
Growth Rate (2024 to 2034)	19.8% CAGR
Projected Value (2034F)	US$ 8.57 Billion

Smartphones and telecommunication equipment constitute the leading share of the global millimeter wave technology market. A growing number of smartphone users is increasing the competition among smart device manufacturers around the world. At such a time quick adoption of new technology for providing attractive products to potential consumers is driving the sale of millimeter-wave integrated circuits.

In the communication sector use of millimeter (mm) wave sensors enables the transmission of signals or data over long distances. Increasing demand for broadband services and smartphone data transfer speed is a crucial enabler of IP traffic over the digital space. The rising use of high bandwidth content over electronic products is expected to propel the sales of millimeter wave devices.

Data-intensive applications including video streaming, online conferences, and the exchange of media over internet channels or even online gaming platforms are expected to enhance the need for high-bandwidth services. This shift in digital requirements is anticipated to increase the desire to adopt mmWave technology over the coming years.

Growing trend of e-governance services and the smart city concept is further driving the demand for millimeter wave technologies across various countries. Requirement of high-speed internet for providing such services to the citizens is creating a profitable market for milliwave 5g communication technology providers.

Competitive Landscape

Key players in the millimeter wave technology market are forming strategic alliances to develop innovative products. The leading companies are investing heavily in research and development activities to fulfil the demand of the growing consumers. Furthermore, mergers and acquisitions are increasing the product offerings of the industry giants.

• In August 2023, Fujitsu introduced a pioneering millimeter-wave chip technology for 5G radio units.

Fact.MR provides detailed information about the price points of key millimeter wave technology providers positioned across the world, sales growth, production capacity, and speculative technological expansion, in the recently updated market report.

Key Segments of Millimeter Wave Technology Market Research

• By Component:

  • Antennas & Transceivers
  • Frequency Sources & Relative
  • Communication & Networking
  • Imaging
  • RF & Radio
  • Sensors & Controls
  • Interface
  • Power & Batteries

• By Product:

  • Scanning Systems
  • Radar & Satellite Communication Systems
  • Telecommunication Equipment
  • Others

• By Frequency Band:

  • 24 to 57 GHz
  • 57 to 95 GHz
  • 95 to 300 GHz

• By License Type:

  • Light Licensed FMW
  • Unlicensed FMW
  • Fully Licensed FMW

• By End Use:

  • Mobile & Telecom
  • Consumer & Commercial
  • Healthcare
  • Industrial
  • Automotive & Transportation
  • Imaging

• By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa