The global millimeter wave technology market is expected to reach an estimated $23.7 billion by 2031 with a CAGR of 30.0% from 2025 to 2031. The major drivers for this market are the growing mobile data traffic and demand for bandwidth-intensive applications, increasing use of millimeter waves in small-cell backhaul networks, and increasing demand for innovative applications in radar and security applications.
The future of the global millimeter wave technology market looks promising with opportunities in the mobile and telecommunication, consumer and commercial, healthcare, industrial, automotive & transportation, military, and aerospace & defense markets.
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
The future of the global millimeter wave technology market looks promising with opportunities in the mobile and telecommunication, consumer and commercial, healthcare, industrial, automotive & transportation, military, and aerospace & defense markets.
- Within the technology type category, telecommunication equipment will remain the largest segment over the forecast period.
- Within the end use industry category, mobile and telecommunication will remain the highest growing segment over the forecast period because of development in 5G technology, as well as transferring high-definition image data onto a cloud network in real-time.
- In terms of regions, APAC will remain the highest growing region over the forecast period due to growing population, increasing demand for high-speed networks, and rising implementation of 5G networks in the region.
Emerging Trends in the Millimeter Wave Technology Market
Millimeter wave technology is currently facing important trends that are likely to influence its future expansion:- Rollout of 5G Networks: The foremost trend is the deployment of 5G networks, which is a key reason for the proliferation of millimeter wave technology. These bands are highly favorable due to high data rates and low latency in the new mobile communication system. As different nations increase their 5G rollouts, millimeter waves are becoming essential for faster and more intensive connectivity.
- Commercialization of Next-Generation Automotive Radar: Enhanced millimeter wave radar systems are increasingly being incorporated into the automotive industry for advanced driver-assistance systems and autonomous vehicles. These radars offer high-resolution and precise object tracking, improving vehicle safety and enabling adaptive control, collision avoidance, and data utilization.
- Adoption of Smart City Solutions: The technology is being integrated into smart city solutions, such as high-speed public Wi-Fi, intelligent traffic management, and smart surveillance systems. With the capacity to process vast amounts of data efficiently while providing high-speed connectivity, the installation of such smart city functionalities is becoming feasible.
- Advancements in Industrial Automation: Millimeter wave technology provides enhanced sensors and communication systems that are transforming industrial automation. High-frequency bands allow for accurate sensing and reliable data transmission, promoting efficacy and facilitating additional automation functions in complex industrial environments.
- Innovations in High-Speed Data Transmission: The improvements in millimeter wave technology stem from the increasing demand for high data transmission rates. At high-frequency bands, it is possible to implement high data rate links in data centers and telecommunication networks, where the need for bandwidth and speed with extremely low latency is growing.
- Emergence of New Use Cases: Millimeter wave technology is no longer restricted to basic applications. For example, it is now used in high-tech imaging systems in medicine, satellite systems for communication, and advanced radar systems for military applications. These new uses are broadening the scope of millimeter wave technology.
- Focus on Regulatory and Spectrum Allocation: The development of policies and spectrum management is influencing the use of millimeter wave technology. Governments and policy-making organizations are striving to assign relevant frequency bands for millimeter waves while balancing the needs of various stakeholders and efficiently managing available frequency resources.
Recent Developments in the Millimeter Wave Technology Market
Recent developments highlight significant advancements in millimeter wave technology across various sectors:- Expansion of 5G Networks: Telecom companies like MTN are expanding their networks to deliver 5G services and other data services using millimeter wave frequencies. Extensive testing and deployment of millimeter wave base stations are being conducted to improve network usability and coverage.
- Technological Progress in Automotive Radar Systems: The advancement of millimeter wave radar technology is enhancing safety features in automobiles. Such radar systems improve resolution and accuracy for advanced assistance, enabling hybrid and autonomous vehicle operations.
- Integration of Smart City Solutions: Millimeter wave technology is being integrated into smart city infrastructure, such as public Wi-Fi networks. Enhancements in connectivity for smart city infrastructures are facilitating increased urban efficiency.
- Enhancement of Industrial Automation: New technologies are adding value to industrial automation, with conventional millimeter wave sensors and communication systems being developed. High-frequency radio bands enable precise distance measurements and efficient data transmission, enhancing industrial processes.
- High-Speed Data Links: The demand for increased data transmission speed is driving innovations in millimeter wave technology for data centers and telecommunication networks. New systems are emerging with the capacity to transmit large volumes of data, making communication faster and more efficient.
- New Application Development: There is growing interest in diverse applications of millimeter wave technology, including medical imaging and high data rate communications in satellite communication. These trends are expanding the scope of millimeter wave technology and creating new business opportunities.
- Regulatory and Spectrum Management: Governmental and regulatory bodies are developing frameworks for managing millimeter wave frequencies. These measures help optimize spectrum efficiency and meet the needs of various stakeholders.
Strategic Growth Opportunities for Millimeter Wave Technology Market
The millimeter wave technology market presents several strategic growth opportunities across key applications:- Telecommunications: The rollout of 5G networks offers an excellent market for millimeter wave technology. High-frequency bands have been found to enable operations at higher speeds and with low latency, which are requirements for the future of mobile communication systems.
- Automotive Sector: Technologies related to radar systems are advancing alongside driver assistance systems and autonomous vehicles. There is a need for the construction and integration of systems that accommodate these radars to enhance vehicle safety and provide autonomous driving functions.
- Smart Cities: The development of smart cities expands the application of millimeter wave technology in public domains such as high-speed internet and intelligent traffic systems, thereby creating demand for millimeter wave technology. This demand facilitates high-speed connectivity through the utilization of millimeter wave frequencies.
- Industrial Automation: The emerging technologies of millimeter wave sensors and communication systems offer avenues for growth in industrial automation. Such technologies enhance accuracy, consistency, and productivity in industrial activities.
- Healthcare and Imaging: New applications in medicine, including medical imaging and diagnostics, are being identified for millimeter wave technology. Potential developments include the integration of millimeter wave imaging systems and other clinical tools for future medical diagnostics.
Millimeter Wave Technology Market Drivers and Challenges
The developments and issues affecting the market of millimeter wave technology are several:
The factors responsible for driving the millimeter wave technology market include:
- Technological Growth: The advancement of millimeter wave technology, such as enhanced radar systems and high-capacity data links, is expected to bolster market growth. These improvements enhance both new technologies and existing ones.
- Rising Adoption of 5G Technology: The deployment of 5G networks is a primary factor driving the development of millimeter wave technology. High-frequency bands are essential for supporting increased data rate speeds and low latency, which are central to the 5G rollout.
- Smart City Development: As cities evolve into smart cities, the application of millimeter wave technology in public Wi-Fi and traffic control is increasing, enhancing the penetration of these technologies. This fosters the development of well-connected smart cities.
- Technological Developments in Automotive Applications: The growing demand for millimeter wave radar systems has been influenced by the automotive industry's interest in new comfort features, including autonomous vehicles and advanced driver-assistance systems. These technologies enhance safety for vehicle occupants and provide additional functionalities.
- Data Traffic Growth: Increasing data traffic drives demand for solutions that facilitate high-speed data transfer. Millimeter wave technology is one of the solutions that can accommodate high data communication rates due to its bandwidth capacity.
Challenges in the millimeter wave technology market are:
- Legal and Spectrum Allocation: Adapting to legal requirements and managing the spectrum of millimeter wave frequencies poses significant challenges. Ensuring regulatory compliance while using the spectrum efficiently is a complex issue.
- High Technology Costs: Developing and deploying millimeter wave systems can be very expensive. These costs include necessary research, development, and infrastructure investments, which can impact the commercialization of such services.
- Technology Limitations: The application of millimeter wave technology is limited by factors such as signal range and signal attenuation. These challenges require ongoing research advancements to enhance performance and reliability.
List of Millimeter Wave Technology Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies millimeter wave technology companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base.Some of the millimeter wave technology companies profiled in this report include:
- Ridgewave Communications
- E-Band Communications
- LightPointe Communications
- Siklu Communication
- Vubiq Networks
- Loea Corporation
- Renaissance Electronics & Communications
- Millivision Technologies
- Fujitsu
- Amplus Communication
Millimeter Wave Technology by Segment
The study includes a forecast for the global millimeter wave technology market by technology type, frequency band, license type, end use industry, and region.Technology Type [Analysis by Value from 2019 to 2031]:
- Scanner Systems
- Radar and Satellite Communication Systems
- Telecommunication Equipment
- Others
Frequency Band [Analysis by Value from 2019 to 2031]:
- Band Between 30 Ghz and 57 Ghz
- Band Between 57 Ghz and 86 Ghz
- Band Between 86 Ghz and 300 Ghz
License Type [Analysis by Value from 2019 to 2031]:
- Light Licensed Frequency
- Unlicensed Frequency
- Fully Licensed Frequency
End Use Industry [Analysis by Value from 2019 to 2031]:
- Mobile & Telecommunications
- Consumer & Commercial
- Healthcare
- Industrial
- Automotive and Transportation
- Military, Defense, and Aerospace
- Imaging
Region [Analysis by Value from 2019 to 2031]:
- North America
- Europe
- Asia Pacific
- The Rest of the World
Country-Wise Outlook for the Millimeter Wave Technology Market
Millimeter wave technology is advancing rapidly, particularly due to developments in telecommunications, automotive, and defense industries. These advancements showcase the global effort to utilize higher frequency bands for improved data and connectivity.- United States: In the United States, millimeter wave technology is beginning to play a significant role in 5G network and automotive applications. Recent developments include efforts to cover the entire country with high-speed 5G networks and the integration of millimeter wave radar systems for self-driving cars.
- China: China is striving to build its 5G infrastructure through extensive deployment of millimeter wave technology. The country is also actively working on smart city systems and millimeter wave technologies for enhanced surveillance.
- Germany: Germany is at the forefront of developing microwave technology for industries such as telecommunications and industrial applications. Examples include the development of new sensor types that use microwaves for industrial automation and improvements in the performance of 5G networks.
- India: India is accelerating the rollout of 5G services by leveraging millimeter wave technology to provide broadband internet services. There is also interest in combining millimeter wave technologies with smart city applications and other communication systems.
- Japan: Japan is focused on developing millimeter wave technology for diverse applications, including communication and automotive sectors. Significant advancements have been made in the development of millimeter wave systems for 5G networks and radar technologies for autonomous vehicles.
Features of this Global Millimeter Wave Technology Market Report
- Market Size Estimates: Millimeter wave technology market size estimation in terms of value ($B).
- Trend and Forecast Analysis: Market trends (2019 to 2024) and forecast (2025 to 2031) by various segments and regions.
- Segmentation Analysis: Millimeter wave technology market size by technology type, frequency band, license type, end use industry, and region in terms of value ($B).
- Regional Analysis: Millimeter wave technology market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
- Growth Opportunities: Analysis of growth opportunities in different technology types, frequency bands, license types, end use industries, and regions for the millimeter wave technology market.
- Strategic Analysis: This includes M&A, new product development, and competitive landscape of the millimeter wave technology market.
- Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the millimeter wave technology market by technology type (scanner systems, radar and satellite communication systems, telecommunication equipment, and others), frequency band (band between 30 Ghz and 57 Ghz, band between 57 Ghz and 86 Ghz, and band between 86 Ghz and 300 Ghz), license type (light licensed frequency, unlicensed frequency, and fully licensed frequency), end use industry (mobile & telecommunication, consumer & commercial, healthcare, industrial, automotive and transportation, military, defense & aerospace, and imaging), and region (North America, Europe, Asia Pacific, and the Rest of the World)?Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
Table of Contents
1. Executive Summary
*Full List of Figures and Tables Available on Enquiry. 2. Global Millimeter Wave Technology Market: Market Dynamics
3. Market Trends and Forecast Analysis from 2019 to 2031
4. Market Trends and Forecast Analysis by Region from 2019 to 2031
5. Competitor Analysis
6. Growth Opportunities and Strategic Analysis
7. Company Profiles of Leading Players
Companies Mentioned
- Ridgewave Communications
- E-Band Communications
- LightPointe Communications
- Siklu Communication
- Vubiq Networks
- Loea Corporation
- Renaissance Electronics & Communications
- Millivision Technologies
- Fujitsu
- Amplus Communication
Methodology
The analyst has been in the business of market research and management consulting since 2000 and has published over 600 market intelligence reports in various markets/applications and served over 1,000 clients worldwide. Each study is a culmination of four months of full-time effort performed by the analyst team. The analysts used the following sources for the creation and completion of this valuable report:
- In-depth interviews of the major players in the market
- Detailed secondary research from competitors’ financial statements and published data
- Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
- A compilation of the experiences, judgments, and insights of professionals, who have analyzed and tracked the market over the years.
Extensive research and interviews are conducted in the supply chain of the market to estimate market share, market size, trends, drivers, challenges and forecasts.
Thus, the analyst compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. The analyst then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process.
LOADING...
