Millimeter Wave Technology Market Size, Share, Trends, Industry Analysis, and Forecast (2024 – 2030)

Millimeter Wave Technology Market Size
The global millimeter wave technology market size was valued at $3.03 billion in 2024 and is projected to reach $9.14 billion by 2030, growing at a CAGR of 20.2% during the forecast period.

Millimeter Wave Technology Market Overview
Millimeter wave technology refers to a spectrum of radio frequencies typically ranging from 30 to 300 gigahertz, which are much higher than those used for traditional cellular and Wi-Fi networks. This technology is known for its ability to transmit large amounts of data at incredibly high speeds, making it ideal for applications requiring high bandwidth and low latency, such as 5G networks. Millimeter wave signals can carry vast amounts of information, enabling faster internet speeds and supporting advanced technologies like augmented reality, autonomous vehicles, and the Internet of Things.

Millimeter Wave Technology Market Dynamics
• The millimeter wave technology market is expected to witness significant growth in the future due to increasing demand for high-speed and high-capacity wireless communication networks (5G), growing adoption of millimeter wave technology in automotive radar systems for advanced driver-assistance systems (ADAS), and expansion of IoT (Internet of Things) applications requiring high data transfer rates and low latency.
• Additionally, the potential applications in imaging and healthcare for non-invasive diagnostics and treatment, government initiatives and investments in infrastructure development for telecommunications, and advancements in beamforming and antenna technologies to improve signal strength and coverage are the prominent factors driving the growth of the millimeter wave technology market.
• However, the Limited range and susceptibility to atmospheric absorption, higher costs associated with equipment and infrastructure deployment, and regulatory challenges and spectrum allocation issues for commercial deployment are restraining the market growth.
• On the contrary, the emerging applications in industrial automation and smart cities for enhanced connectivity, potential for millimeter wave technology in autonomous vehicles for improved sensing and communication, and growth in demand for high-definition video streaming and virtual reality applications are creating opportunities for market growth.
  
By Product, the Telecommunications Equipment Segment is anticipated to Exhibit Significant Growth Rate in the Millimeter Wave Technology Market
The telecommunications equipment segment is expected to grow at a high growth rate in the millimeter wave technology market during the forecast period owing to its unique capabilities that address critical industry needs. As telecommunications networks worldwide transition towards 5G technology, Millimeter Wave Technology plays a crucial role due to its ability to transmit large amounts of data at incredibly high speeds. This capability is essential for meeting the increasing demand for bandwidth-intensive applications such as video streaming, virtual reality, and IoT devices. Moreover, Millimeter Wave Technology enables operators to alleviate network congestion and improve overall network performance, ensuring a seamless user experience in densely populated urban areas. Its non-genotoxic nature allows signals to pass through obstacles more effectively, making it suitable for deployment in diverse and complex environments. 

By Geography, Asia Pacific Constitutes Immense Share with the Millimeter Wave Technology Market
Asia Pacific holds a prominent share of the millimeter wave technology market during the forecast period due to the region's high population density necessitates advanced technologies capable of handling large volumes of data efficiently. Millimeter wave technology excels in this regard, offering high data transfer capacities which are crucial in densely populated urban areas. Additionally, the technology's non-genotoxic nature allows signals to penetrate obstacles effectively, making it suitable for the region's diverse and complex urban landscapes. Furthermore, China, as a prominent player in the telecommunications sector within Asia Pacific, has significantly contributed to the market's growth. With initiatives like ""Made in China 2025"" focusing on bolstering manufacturing competitiveness and IT infrastructure, the region is poised to continue driving the demand for millimeter wave technology, ensuring its relevance and expansion in the foreseeable future.

Key Target Audience:
• Telecommunication Companies
• Equipment Manufacturers
• Government Regulatory Bodies
• Research Institutions and Academia
• Defense and Aerospace Sectors

List of the Key Players Profiled in the Report Includes: 
• Keysight Technologies, Inc. 
• Rohde & Schwarz GmbH & Co. KG 
• Siklu Communication Ltd.
• Aviat Networks
• Ceragon 
• Bridgewave Communications, Inc. 
• E-Band Communications, LLC 
• Farran Technology Ltd. 
• SAGE Millimeter, Inc. 
• Millitech, Inc. 
• Millimeter Wave Products Inc. 
• ELVA-1 Millimeter Wave Division 

Recent Developments:
• In February 2024, Ceragon revealed its plans to introduce a series of groundbreaking innovations at Mobile World Congress (MWC) 2024. Key features will include a live demonstration of Ceragon's forthcoming millimeter wave technology based on the Neptune SoC, boasting a remarkable 4000 MHz channel bandwidth and 16K QAM. When combined with XPIC and MIMO technologies, this mmW link can achieve speeds of 100 Gbps, significantly outpacing competitors.
• In January 2024, Aviat Networks and PT Smartfren Telecom Tbk entered into a partnership aimed at providing fast, dependable wireless connectivity, private network solutions indoors and outdoors, as well as digitalization and automation services to private network clients throughout Indonesia.

Market Segmentation:
The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, License Type:
• Fully Licensed
• Light Licensed
• Unlicensed

Market by, Product: 
• Telecommunication Equipment
• Radar & Satellite Communication Systems
• Imaging & Scanning Systems
• Other Products 

Market by, Component:
• Antennas & Transceiver Components
• Communication & Networking Components
• Frequency Sources & Related Components
• Imaging Components
• Interface Components
• Power & Battery Components
• RF & Radio Components
• Sensors & Controls 
• Other Components 

Market by, Frequency Band:
• E-Band
• V-Band 
• Other Frequency Bands

Market by, End User: 
• Aerospace & Defense 
• Automotive & Transportation 
• Consumer & Commercial 
• Healthcare 
• Industrial  
• Mobile & Telecommunication 
• Security & Surveillance 

Market by, Geography:
The millimeter wave technology market report also analyzes the major geographic regions and countries of the market. The regions and countries covered in the study include:
• North America (The United States, Canada, Mexico), Market Estimates, Forecast & Opportunity Analysis
• Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Market Estimates, Forecast & Opportunity Analysis
• Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Rest of Asia Pacific), Market Estimates, Forecast & Opportunity Analysis
• South America (Brazil, Argentina, Chile, Rest of South America), Market Estimates, Forecast & Opportunity Analysis
• Middle East & Africa (UAE, Saudi Arabia, Qatar, Iran, South Africa, Rest of Middle East & Africa), Market Estimates, Forecast & Opportunity Analysis

The report offers insights into the following aspects:
• Analysis of major market trends, factors driving, restraining, threatening, and providing opportunities for the market.
• Analysis of the market structure by identifying various segments and sub-segments of the market.
• Understand the revenue forecast of the market for North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
• Analysis of opportunities by identification of high-growth segments/revenue pockets in the market.
• Understand major player profiles in the market and analyze their business strategies.
• Understand competitive developments such as joint ventures, alliances, mergers and acquisitions, and new product launches in the market.

Table Of Content

1 Market Introduction            
    1.1 Market Definition         
    1.2 Research Scope and Segmentation       
    1.3 Stakeholders         
    1.4 List of Abbreviations        
               
2 Executive Summary             
               
3 Research Methodology            
    3.1 Identification of Data        
    3.2 Data Analysis         
    3.3 Verification         
    3.4 Data Sources         
    3.5 Assumptions         
               
4 Market Dynamics             
    4.1 Market Drivers         
    4.2 Market Restraints         
    4.3 Market Opportunities        
    4.4 Market Challenges         
               
5 Porter's Five Force Analysis            
    5.1 Bargaining Power of Suppliers        
    5.2 Bargaining Power of Buyers        
    5.3 Threat of New Entrants        
    5.4 Threat of Substitutes        
    5.5 Competitive Rivalry in the Market       
               
6 Global Millimeter Wave Technology Market by, License Type         
    6.1 Overview         
    6.2 Fully Licensed         
    6.3 Light Licensed         
    6.4 Unlicensed         
               
7 Global Millimeter Wave Technology Market by, Product         
    7.1 Overview         
    7.2 Telecommunication Equipment       
    7.3 Radar & Satellite Communication Systems      
    7.4 Imaging & Scanning Systems        
    7.5 Other Products         
               
8 Global Millimeter Wave Technology Market by, Component         
    8.1 Overview         
    8.2 Antennas & Transceiver Components       
    8.3 Communication & Networking Components      
    8.4 Frequency Sources & Related Components      
    8.5 Imaging Components        
    8.6 Interface Components        
    8.7 Power & Battery Components        
    8.8 RF & Radio Components        
    8.9 Sensors & Controls         
    8.10 Other Components         
               
9 Global Millimeter Wave Technology Market by, Frequency Band        
    9.1 Overview         
    9.2 E-Band          
    9.3 V-Band          
    9.4 Other Frequency Bands        
               
10 Global Millimeter Wave Technology Market by, End User         
    10.1 Overview         
    10.2 Aerospace & Defense        
    10.3 Automotive & Transportation        
    10.4 Consumer & Commercial        
    10.5 Healthcare         
    10.6 Industrial          
    10.7 Mobile & Telecommunication        
    10.8 Security & Surveillance        
               
11 Global Millimeter Wave Technology Market by, Geography         
    11.1 Overview         
    11.2 North America         
             11.2.1 US 
             11.2.2 Canada 
             11.2.3 Mexico 
    11.3 Europe          
             11.3.1 Germany 
             11.3.2 France 
             11.3.3 UK 
             11.3.4 Italy 
             11.3.5 Spain 
             11.3.6 Rest of Europe
    11.4 Asia Pacific         
             11.4.1 China 
             11.4.2 Japan 
             11.4.3 India 
             11.4.4 South Korea
             11.4.5 Australia 
             11.4.6 New Zealand
             11.4.7 Rest of Asia Pacific
    11.5 South America         
             11.5.1 Brazil 
             11.5.2 Argentina
             11.5.3 Chile 
             11.5.4 Rest of South America
    11.6 Middle East & Africa        
             11.6.1 UAE 
             11.6.2 Saudi Arabia
             11.6.3 Qatar 
             11.6.4 Iran 
             11.6.5 South Africa
             11.6.6 Rest of Middle East & Africa
               
12 Key Developments             
               
13 Company Profiling             
    13.1 Keysight Technologies, Inc.         
             13.1.1 Business Overview
             13.1.2 Product/Service Offering
             13.1.3 Financial Overview
             13.1.4 SWOT Analysis
             13.1.5 Key Activities
    13.2 Rohde & Schwarz GmbH & Co. KG        
    13.3 Siklu Communication Ltd.        
    13.4 Aviat Networks         
    13.5 Ceragon           
    13.6 Bridgewave Communications, Inc.        
    13.7 E-Band Communications, LLC         
    13.8 Farran Technology Ltd.         
    13.9 SAGE Millimeter, Inc.         
    13.10 Millitech, Inc.          
    13.11 Millimeter Wave Products Inc.        
    13.12 ELVA-1 Millimeter Wave Division