Millimeter Wave Technology Market Size & Share, By Component (Frequency Sources & Related components, Communication & Networking components), Frequency Band (24–57 GHz, 57–95 GHz), Product (Scanning Systems, Radar and Satellite Communication Systems), License Type (Light licensed, Unlicensed), End-User (Cellular & Telecom, Consumer & Commercial), Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Market Outlook:

Millimeter Wave Technology Market size was over USD 1.31 Billion in 2023 and is poised to surpass USD 18.74 Billion by end of the year 2032, growing at over 34.4% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 1.31 Billion
• CAGR (2024-2032): 34.4%
• Forecast Year Value (2032): USD 18.74 Billion
• Historical Data Period: 2019-2023
• Largest Region: North America
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

1. Increasing demand for high-speed data transfer and communication networks, especially in 5G technology, is driving the growth of the millimeter wave technology market.

2. The growing adoption of millimeter wave technology in various applications such as automotive radar, security and surveillance, and medical imaging is creating new growth opportunities for the market.

3. The emergence of advanced technologies such as Internet of Things (IoT) and virtual reality (VR) which rely on high-speed, low-latency connectivity is fueling the demand for millimeter wave technology.

4. Government initiatives and investments in the development of 5G infrastructure and smart cities are expected to drive the growth of the millimeter wave technology market.

Report Scope

Report Coverage	Details
Segments Covered	Component, Frequency Band, Product, License Type, End-User
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Axxcss Wireless Solutions, NEC, Siklu Communication, L3 HARRIS, Smiths Group, Eravant, Aviat Networks, Farran Technologies, Millimeter Wave Products, and Elva-1

Industry Restraints:

1. High cost of millimeter wave technology components and infrastructure is a major restraint for market growth, especially in developing economies.

2. Spectrum allocation and regulatory challenges related to the use of millimeter wave frequencies are hindering the widespread adoption of the technology.

3. Limited range and susceptibility to weather conditions, such as rain and fog, pose challenges for the effective deployment of millimeter wave technology in certain applications and environments.

Regional Forecast:

North America:

The North America market for millimeter wave technology is expected to show significant growth in the coming years, driven primarily by the increasing demand for high-speed internet and the rapid adoption of 5G technology in the region. The United States and Canada are expected to be the key contributors to the growth of the millimeter wave technology market in North America.

Asia Pacific:

In the Asia Pacific region, countries such as China, Japan, and South Korea are expected to witness substantial growth in the adoption of millimeter wave technology. The increasing deployment of 5G networks and the escalating demand for high-speed data transmission in these countries are expected to drive the growth of the millimeter wave technology market in the region.

Europe:

The European market for millimeter wave technology is also anticipated to experience significant growth, with the United Kingdom, Germany, and France being the key markets driving this growth. The increasing investments in 5G infrastructure and the rising demand for high-speed wireless communication are expected to fuel the growth of the millimeter wave technology market in Europe.

Segmentation Analysis:

In terms of segmentation, the global millimeter wave technology market is analyzed on the basis of Component, Frequency Band, Product, License Type, End-User.

Component

The Millimeter Wave Technology Market can be segmented by Component, which includes antennas and transceiver components. Antennas are an essential part of millimeter wave technology as they are responsible for transmitting and receiving signals. Meanwhile, transceiver components play a crucial role in the modulation and demodulation of signals, making them an integral part of millimeter wave technology.

Frequency Band

Frequency Band is another important segment of the Millimeter Wave Technology Market. This segment includes different frequency bands such as E-band, V-band, and others. Each frequency band has its unique characteristics and applications. For instance, the E-band is suitable for short-range, high-capacity communication, while the V-band is ideal for small cell backhaul and fixed wireless access.

Product

The Millimeter Wave Technology Market can also be analyzed based on the Product segment, which includes scanners, telecommunication equipment, and radar and satellite communication systems. Scanners are widely used in security and surveillance applications, while telecommunication equipment such as base stations and small cells are essential for 5G deployment. Radar and satellite communication systems are crucial for military and aerospace applications.

License Type

License Type is another key segment of the Millimeter Wave Technology Market, which includes fully-licensed and light-licensed frequencies. Fully-licensed frequencies are allocated exclusively to a single user or entity, providing a higher level of control and security. On the other hand, light-licensed frequencies are shared among multiple users, offering a more cost-effective solution for deploying millimeter wave technology.

End-User

The End-User segment is vital in understanding the demand for millimeter wave technology. End-users include telecommunications, automotive, military and defense, and healthcare industries. Telecommunications industry is the primary driver of millimeter wave technology, particularly for 5G deployment. Automotive industry utilizes millimeter wave technology for advanced driver-assistance systems and autonomous vehicles. Military and defense and healthcare industries also rely on millimeter wave technology for various applications like surveillance systems and medical imaging.

Competitive Landscape:

The competitive landscape in the Millimeter Wave Technology Market is highly dynamic and vibrant, with numerous companies vying for market share and dominance. The market is characterized by intense competition, technological advancements, and continuous innovation. Key players in the market are constantly investing in research and development activities to launch new products and gain a competitive edge. Additionally, strategic partnerships, collaborations, and mergers and acquisitions are commonly observed in the millimeter wave technology market as companies strive to expand their global presence and enhance their product offerings to cater to a diverse range of applications.

Top Market Players:

1. Siklu Communication Ltd.

2. Keysight Technologies, Inc.

3. NEC Corporation

4. BridgeWave Communications (RELL)

5. SAGE Millimeter, Inc.

6. E-Band Communications, LLC

7. Farran Technology Ltd.

8. Millitech Inc.

9. Smiths Interconnect

10. Vubiq Networks, Inc.