Millimeter Wave Technology Market Size, Share, Statistics and Industry Growth Analysis Report by Product (Scanning Systems, Telecommunication Equipment), License Type (Unlicensed, Fully Licensed), Application (Mobile & Telecommunication, Automotive), Component, Frequency Band and Region - Global Forecast to 2028
[302 Pages Report] The global millimeter wave technology market size 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 industry.
Millimeter Wave Technology Market Forecast to 2028
To know about the assumptions considered for the study, Request for Free Sample Report
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 share.
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 Statistics by Region
To know about the assumptions considered for the study, download the pdf brochure
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).
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
Request Sample Scope of the Report
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
Segment |
Subsegment |
Estimated Value |
USD 2.8 billion |
Expected Value |
USD 7.9 billion |
Growth Rate |
CAGR of 22.8% |
Market size available for years |
2019—2028 |
Base year |
2022 |
Forecast period |
2023—2028 |
Units |
Value (USD Million/USD Billion) |
Segments covered |
Component, product, frequency band, license type, and end use |
Geographic regions covered |
North America, Europe, Asia Pacific, and RoW |
Companies covered |
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) among others |
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.
Segment |
Subsegment |
By Component: |
|
By Product |
|
By Frequency Band |
|
By License Type |
|
By End Use |
|
By 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.
Frequently Asked Questions (FAQ):
Which are the major companies in millimeter wave technology market?
Some of the key players in the millimeter wave technology market 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), and Eravant (US). These companies are implementing both organic and inorganic strategies to strengthen their position in the market.
What are the opportunities for the millimeter wave technology market share?
Surging use of 5G technology, and adoption of autonomous vehicles are few of the opportunities in the market.
What are the various components covered in millimeter wave technology market?
The antennas & transceiver components, frequency sources & related components, communication & networking components, imaging components, RF & radio components, sensors & controls, interface components, power & battery components and others are the components covered in the report scope.
Which region is expected to adopt millimeter wave technology market at a fastest rate during the forecasted period?
Asia Pacific region followed by North America is expected to adopt millimeter wave technology at the fastest rate. Few of the developing countries such as South Korea, and India are expected to have a high potential for the future growth of the millimeter wave technology market.
What is the total CAGR expected to be recorded for the millimeter wave technology market during 2023 to 2028?
The CAGR is expected to record 22.8% from 2023-2028 for millimeter wave technology market.
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
The study involved four major activities in estimating the current size for millimeter wave technology market. Exhaustive secondary research was done to collect information on the market, related market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chains through primary research. Both top-down and bottom-up approach was employed to estimate the overall market size. Subsequently, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
Secondary research process referred for this study include various secondary sources were referred to for identifying and collecting information related to this study. This research study involved extensive use of secondary sources, directories, and databases—such as annual reports or presentations of companies, industry association publications, technical handbooks, the World Economic Outlook, trade websites, Bloomberg, Hoovers, BusinessWeek, Factiva, and OneSource—to identify and collect information useful for this technical, market-oriented, and commercial study of the millimeter wave technology market. Primary sources mainly included several industry experts from the core and related industries, suppliers, manufacturers, distributors, product and service providers, technology developers, alliances, standards, and certification organizations related to various parts of the value chain of the millimeter wave technology market. Key players in the millimeter wave technology market have been identified through secondary research, and their market ranking has been determined through primary and secondary research.
In-depth interviews have been conducted with various primary respondents, including key industry participants, subject matter experts (SMEs), C-level executives of key market players, and industry consultants, to obtain and verify critical qualitative and quantitative information on the millimeter wave technology market and assess its growth prospects. The following illustration shows the research methodology applied in making this report on the millimeter wave technology market.
Primary Research
Extensive primary research has been conducted after understanding and analyzing the current scenario of the millimeter wave technology market through secondary research. Several primary interviews have been conducted with key opinion leaders from the demand and supply sides across four main regions: North America, Europe, Asia Pacific, and RoW. Approximately 25% of the primary interviews have been conducted with demand-side respondents, while 75% have been conducted with supply-side respondents. The primary data has been collected mainly through telephonic interviews, which comprised 80% of the total primary interviews. Questionnaires and e-mails have also been used to collect data.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
In the complete market engineering process, top-down and bottom-up approaches and several data triangulation methods have been used to estimate and forecast the size of the overall market and its segments and subsegments listed in this report. The key players in the millimeter wave technology market have been identified through secondary research, and their market share in the respective regions has been determined through primary and secondary research. The entire procedure includes studying annual and financial reports of the top market players and extensive interviews with industry experts, such as chief executive officers (CEO), vice presidents, directors, and marketing executives, for key insights.
All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources. All the parameters affecting the markets covered in this research study have been accounted for, viewed in detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. This data has been consolidated and supplemented with detailed inputs and analysis from MarketsandMarkets, and presented in this report. The following figure represents this study's overall market size estimation process.
Millimeter Wave Technology Market: Bottom-Up Approach
Data Triangulation
After arriving at the overall market size from the estimation process explained above, the total market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from demand and supply sides. The market size was also validated using top-down and bottom-up approaches.
Market Definition
Millimeter wave, also known as extremely high frequency (EHF) or very high frequency (VHF), is the band of spectrum between 30 gigahertz (GHz) and 300 GHz. These waves are named so because their wavelengths range from 1 millimeter to 10 millimeters. Previously, millimeter waves were mainly used in military and satellite communication applications. However, this technology has been gaining traction in mobile and telecom applications, mainly for 5G. In the context of wireless communication, millimeter waves generally refer to bands of the spectrum of around 38 GHz, 60 GHz, and 94 GHz.
Key Stakeholders
- The intended audience for this report is as follows:
- Companies in the millimeter wave technology market
- Providers of millimeter wave components
- Technical standards organizations
- Research institutes and organizations
- Government and financial institutions
- Venture capitalists
- Private equity firms
Study Objectives
- To define, describe, and forecast the millimeter wave technology market, in terms of value and volume, based on product, frequency band, license type, end use, component, and region
- To forecast the market size in four main regions—North America, Europe, Asia Pacific, and the Rest of the World (RoW)
- To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To provide value chain analysis, ecosystem, Porter’s five forces analysis, trade data analysis, pricing analysis, patents analysis, tariffs, and regulatory landscape of the market
- To provide a detailed analysis of the impact of the recession on the millimeter wave technology market
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the total market
- To strategically profile the key players in the millimeter wave technology market and comprehensively analyze their market share and core competencies2
- To analyze the competitive developments such as product launches, collaborations, partnerships, and acquisitions in the market
- To provide detailed information on the competitive landscape of the market
Available Customizations
MarketsandMarkets offers customizations according to the company’s specific needs and with the given market data. The following customization options are available for the report:
- Additional country-level analysis of the millimeter wave technology market
- Profiling additional market players (upto 5)
Product Analysis
- Product matrix that gives a detailed comparison of the product portfolio of each company in millimeter wave technology market
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Millimeter Wave Technology Market