Millimeter Wave Technology Market

[302 Pages Report] The millimeter wave technology market is anticipated to grow from USD 2.8 billion in 2023 to USD 7.9 billion by 2028, at a CAGR of 22.8% during 2023 to 2028. Increase in broadband and mobile speeds, rising use of millimeter wave in small cell backhaul networks, and surging demand for millimeter wave technology in security and radar applications are few driving factors accrediting to the growth of millimeter wave technology market.

Millimeter Wave Technology Market Forecast to 2028

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Millimeter Wave Technology Market Dynamics

Driver: Growing need for faster data transmission

Implementing work-from-home policies in various cities and countries has become necessary. IT and BPO sectors have made efforts to implement a smoother transition to work from home for thousands of employees. However, this has increased the chances of network bottlenecks. Users are upgrading their internet speed to obtain higher throughput. ISPs are also trying to identify locations of full nodes and splitting them to deliver optimal service. The bandwidth demand is also growing with the ever-increasing number of electronic devices and connections. Mesh network is likely to be the next investment option for ISPs to guarantee speed and access in a world with increased data traffic needs.

Restraint: Low penetration power and adverse impact on environment

The disadvantage of the limited range of millimeter wave technology would force telecom operators to increase towers and other equipment. This range can also be increased with an increase in the transmitting power. However, increased transmitting power can result in increased fuel consumption and radiation. Transmission towers also consume significant space, leading to large-scale deforestation, primarily in rural areas. In addition, several materials, such as SiGe, GaAs, InP, and GaN, that are used in circuitries that work at millimeter wave frequency are toxic, and their prolonged use can be hazardous for the environment.

Opportunity: Emergence of new applications in aerospace & defense industry

New applications for millimeter wave technology in the defense and aerospace sectors are being discovered. Satellite communication is another important application that is expected to grow in the next six years, where unallocated E- and V-band spectra are expected to be used. Millimeter wave is used in several military applications for secure and undisturbed communication in the presence of enemy threats, missile guidance systems, and other munition. Due to the lack of unallocated spectrum in microwave frequency, several military organizations, including Air Force Research Laboratory (AFRL) and Defense Advanced Research Projects Agency (DARPA), have entered the millimeter wave technology industry.

Challenge: Challenges associated with physical properties of millimeter wave

Millimeter waves open more spectrum. However, until recently, only a few electronic components could generate or receive millimeter waves, so the spectrum remained unused. Generating and receiving millimeter waves is challenging, but the traveling media is the bigger challenge associated with these high frequencies. Other major challenges are atmospheric and free-space path loss and poor foliage penetration. Physical parameter such as mechanical resonance, scattering, and non-line-of-sight Issues are the few challenges for the market.

Millimeter Wave Technology Market: Ecosystem

Frequency sources and related components segment is expected to grow at second highest CAGR during the forecast period

Oscillator source devices are the part of frequency sources and related components, which generate 30 GHz to 300 GHz signals. The efficiency of signals generated from millimeter wave systems depends on the nature of frequencies involved in the components manufacturing process. Direct oscillators running at high frequencies are often insufficient to meet most systems’ requirements. To solve this issue, low-frequency oscillators’ frequency multiplication is used to produce the high frequencies required by millimeter wave devices. The basic components in such frequency oscillators are mainly Schottky diodes and varactors. The disadvantage of these components is that they are not compatible with transistors. Thus, the manufacturers of frequency source components focus on creating transistor-based frequency multiplier chains. This could lend greater cost-effectiveness to millimeter wave products, as frequency sources are the most expensive components in millimeter wave devices.

 57–95 GHz segment is expected to grow at highest CAGR during the forecast period

The ascendency of this segment can be attributed to its high demand as it tends numerous applications such as autonomous mining, security and perimeter protection, traffic monitoring, and automated cruise control. The E-band and V-band, which lie in the 57–95 GHz frequency band, are mainly used for telecom applications. This factor is expected to increase the dominance of this frequency band further. Millimeter bands such as V-band (60 GHz) and E-band (70/80 GHz) are suitable for HetNet backhaul as they allow for access network aggregation of traffic from several base stations, which can then be transferred to the mobile switching centers and finally, the core network. Backhaul links using the V-band or the E-band are well suited to support 5G due to their 10 Gbps to 25 Gbps data throughput capabilities.

Mobile & telecommunication segment is expected to grow at highest CAGR during the forecast period

Mobile & telecommunication is a major end-use segment of millimeter wave technology, primarily relying on the communication infrastructure. The E-band and V-band segments are widely preferred frequencies in mobile backhaul solutions. With significant advancements in 5G technology, millimeter wave components have also been gaining traction for the past couple of years. For instance, a laser system manufacturer in the UK has used 5G technology on its factory floor to deliver a digitized design process that includes video and AR/VR. The smart factory used 5G to connect cameras and transfer high-definition image data onto a cloud network in real time. These factors attributed for the growth of mobile & telecommunication segment for millimeter wave technology market.

Millimeter wave technology market in Asia Pacific is expected to foresee the highest CAGR during the forecast period

The Asia Pacific region is anticipated to foresee the highest growth during the forecast period. Asia Pacific is a key market for millimeter wave technology with significant growth potential owing to the scope for the use of this technology in various applications in the region. The market growth in this region can be attributed to the high population density in Asia Pacific, which makes millimeter wave technology increasingly suitable for use in the region. This is due to this technology’s inherent high data transfer capabilities and its ability to penetrate through obstacles without being genotoxic.

Millimeter Wave Technology Market Region

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Key Market Players

Major vendors in the millimeter wave technology companies include Axxcss Wireless Solutions, Inc. (US), NEC Corporation (Japan), Siklu Communication (US), L3HARRIS Technologies, Inc. (US), Smiths Group PLC (UK), Millimeter Wave Products Inc. (US), Farran Technology (Ireland), Eravant (US), Keysight Technologies, Inc. (US), Avait Networks, Inc. (US), Vubiq Networks, Inc. (US), ELVA-1 (Latvia), Verana Networks (US), FastBack Networks (US), and Anokiwave (US).

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Scope of the Report

Millimeter Wave Technology Market Highlights

The study categorizes the millimeter wave technology market based on component, product, frequency band, license type, end use and region.

Recent Developments

• In March 2023, Siklu has made a strategic agreement with WAV and MBSI WAV. These companies are full-service distributors of LTE, wireless broadband, fiber, networking, and Wi-Fi equipment. This development would provide pre-sales engineering, stocking, network design, and post-sales services for Siklu’s solutions operating in the 60/70 and 80 GHz bands. This service caters to various applications such as residential connectivity and video security.
• In June 2022, Researchers at Tokyo Tech and NEC Corporation have launched a phased-array beamformer for the 5G millimeter wave (mmWave) band. This product enables ultra-low latency in communication along with data rates of over 10 Gbps and a massive capacity to accommodate several users.
• December 2021, The company proclaimed that it is the first to deliver a complete CTIA-authorized 5G mmWave Over-The-Air (OTA) test system for authenticating device transceiver performance in a laboratory environment, speeding up the rollout of wireless connectivity broadband across the US.

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