The global millimeter wave technology market size was estimated to be USD 2.75 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 39.5% from 2023 to 2030. The increasing research and development activities in the mmWave (MMW) technology and the continuously rising demand for mmWave technology in the telecommunications sector are anticipated to propel the global market’s growth. Additionally, intensive R&D activities and investments from the private and public sectors, coupled with government funding and initiatives, are paving the way for improved technologies, thus creating growth opportunities for the millimeter-wave technology market.
The continuously rising demand from bandwidth-intensive applications, arising mainly from consumer electronic products, such as smartphones and wearable electronics, increases the need for high-bandwidth and high-speed internet across the telecom sector. Data-intensive services, such as video streaming, video conferencing, media exchange over the internet, and high-speed online gaming, are expected to boost the demand for high bandwidth, fostering the need to adopt mmWave technology. Moreover, MMW technology is extensively used in Internet of Things (IoT), data centers, radar communication systems, screening, tracking, and remote patient monitoring among others, across various sectors such as telecommunication, military and defense, security, automotive, and healthcare, which is anticipated to harness the market’s growth.
The increasing infrastructural deployments for faster access to data, videos, voice, and services and the growing demand for the high-speed network for accessing smart systems on residential and commercial levels also contribute to the market growth. The increasing penetration of the internet, e-governance, and cloud computing are expected to drive demand for faster and more reliable internet connectivity over the projected time, contributing to increasing demand for mmWave technology. Additionally, the increasing use of mmWave in the telecom sector and small cell backhaul applications are projected to be the key driving factors for the overall industry growth.
The growing deployment of 5G applications creates significant growth opportunities for the millimeter wave technology market. With the advent of 5G technology, mmWave is becoming a critical component of wireless networks, enabling faster data transfer rates and reduced latency. Moreover, mmWave technology has the potential to transform the way we communicate, enabling new applications such as wireless virtual reality and augmented reality and supporting emerging technologies such as the Internet of Things (IoT). The growing demand for advanced communication systems is poised to grow the market.
However, the range limitations of the millimeter wave technology and the propagation challenges arising from environmental or climatic conditions are expected to hamper the market growth over the forecast period. The implementation cost of MMW technology is relatively high due to the need for specialized equipment and infrastructure, which makes it less accessible and affordable for some markets. Intensive R&D activities are being carried out globally to nullify the challenges and other obstacles hampering the market’s growth.
The COVID-19 pandemic had a negative impact on the millimeter wave technology market. Due to the severe lockdowns announced across the globe, and the subsequent supply chain disruptions, the mmWave technology market was adversely affected. This inadvertently impacted the installations and expansion activities of the market players. Moreover, the advent of the global pandemic delayed the implementation of several 5G projects. The delay in 5G was due to the halt of spectrum issuance and auctioning during the lockdown. The other application sectors, such as automotive and transport, and electronics technology, were severely affected by the pandemic; hence, the demand for mmWave technology from these sectors witnessed a decline. Due to its flexible digital core, the telecom industry was comparatively resilient in the crisis. The target market started to recover by the end of 2021 and considerably gained momentum at the beginning of 2021. As the global market recovers from the adversities of the pandemic, the global millimeter wave technology market is anticipated to witness significant growth.
The telecommunication equipment segment dominated the market in 2022 and accounted for a revenue share of more than 58.0%. Millimeter wave technology plays an essential role in increasing spectrum utilization and increasing spectrum bandwidth. The usage of millimeter wave technology across telecommunication equipment has revolutionized the telecom sector. Additionally, millimeter waves are creating revolutions across the fifth generation (5G) cellular communication, owing to their ability to transfer gigabits of data per second. The growing demand for MMW technology in 5G applications is anticipated to propel the growth of the telecommunication equipment segment over the forecast period.
The imaging and scanning segment is anticipated to register a significant growth rate over the forecast period. The growing application of MMW technology in imaging and scanning systems has enhanced the features of these systems by providing stability and reliability. Furthermore, the accuracy of the security systems is enhanced with the adoption of mmWave in scanners. Radio and satellite communication systems are integral to a nation’s national security. With the application of millimeter wave technology in radar and satellite communication, security systems have become more efficient and reliable, modernizing defense techniques. These applications are anticipated to further drive the growth of the imaging and scanning segment over the forecast period.
The antennas and transceivers segment dominated the market in 2022 and accounted for a revenue share of more than 41.0%. The segment is expected to maintain its dominance over the forecast owing to the massive adoption of mmWave technology across industries such as telecommunications and security. Both telecommunication and defense sectors are immensely flourishing across the globe. Hence, the demand from these industries is expected to grow significantly in the coming years, propelling the segment’s growth.
The frequency converters segment is anticipated to witness highest CAGR over the forecast period. Frequency converters convert the frequency of alternating current. Frequency converters can minimize electrical as well as mechanical stress. Frequency converter plays a vital role in extending the life of components and equipment. The efficiency of signals produced by MMW technology depends on the nature of frequencies, and hence it is an essential component. The increasing demand for high-bandwidth applications and small-cell backhaul applications, where frequency plays a vital role, are the factors driving the growth of this segment.
The E-band segment dominated the market in 2022 and accounted for a revenue share of more than 62.0%. The segment's growth can be attributed to the availability of unlicensed spectrum in the E band, which enables cost-effective deployment of wireless networks for high-speed data transfer. With the increasing demand for high-bandwidth applications such as video streaming, cloud computing, and IoT, the E band is becoming a critical component of 5G networks, offering faster data rates and reduced latency. Overall, the adoption of E band MMW technology is driven by its ability to offer high-speed data transfer, low latency, and cost-effective deployment, making it an attractive option for various applications, including 5G wireless networks, wireless backhaul, and indoor wireless networks.
The V-Band segment is anticipated to witness a significant growth rate over the forecast period. The segment's growth can be attributed to the use of the V band in point-to-point communication applications, such as wireless backhaul and fiber extension. The high-frequency range of the V band enables high-capacity, long-range communication with low interference, making it ideal for applications such as wireless backhaul for 5G networks and fiber extension for broadband connectivity in rural areas. Moreover, the V band is used for satellite communication, providing high-speed connectivity for remote locations and supporting emerging applications such as connected cars and drones.
The telecommunications segment dominated the market in 2022, and accounted for a revenue share of more than 48.0%. The segment's growth can be attributed to the increased demand for high-speed data transfer and communication arising from the residential and commercial sectors, such as data centers and IT offices. Additionally, 5G providers are looking for infrastructure technologies to help them achieve high bandwidth data transmission while keeping low costs and power consumption, increasing the demand for MMW technology from the telecommunication segment, thus propelling the segment's growth.
The military and defense segment is anticipated to register highest growth rate over the forecast period. The millimeter wave scanners are in high demand and are being adopted by international airport authorities worldwide. This increasing adoption of the MMW scanners, on account of the global terrorism issue, is expected to propel the use of millimeter wave technology in military & defense applications. In addition, the increasing adoption of MMW technology in various applications, such as point-to-point communications, inter-satellite links, and others, is anticipated to propel the segment's growth over the forecast period.
North America dominated the millimeter wave technology market in 2022 and accounted for a revenue share of more than 42.0%. The growth of the North American millimeter wave technology market can be attributed to the broader acceptance of technology in the region. North American countries such as the U.S. and Canada are prominent early adopters of upcoming and emerging technologies. Additionally, the region houses several key market players that are harnessing the region’s growth. Thus, these factors create opportunities for MMW technology in different applications in the region, propelling its growth over the forecast period.
Asia Pacific is anticipated to register fastest growth over the forecast period. This rapid growth of the Asia Pacific region can be attributed to the developments and upgrades in its telecom infrastructures. Additionally, the rapid deployment of 5G technology in major countries, such as South Korea and India, creates a greater demand for MMW technology. Further, installing new telecom equipment based on millimeter wave technology is also expected to drive the overall market across the region at a significant pace.
The millimeter wave technology market can be characterized by multiple players contributing to the market’s share. Post the commercialization of 5G, these players are engaging in strategic partnerships to offer enhanced mmWave technology offerings. The service providers in the telecom industry are intensely focusing on improvising the technology to meet the demands of the increasing bandwidth applications and high-speed internet requirements arising from the bandwidth-intensive applications.
Commercialization and deployment of 5G are driving the innovation and development of millimeter wave technology. For instance, in February 2023, Telefonaktiebolaget LM Ericsson and Qualcomm Technologies, Inc. announced the launch of the first mobile 5G mmWave network commercially available, at an event held in Barcelona, Spain, at MWC 2023. The network will allow compatible user device partners to access the Ericsson-powered 5G mmWave network at the event. The event showcased the range of 5G mmWave devices of Qualcomm Technologies powered by Snapdragon mobile platforms. Such initiatives are anticipated to drive industry advancements forward over the forecast period. Some of the prominent players in the millimeter wave technology market include:
Aviat Networks, Inc.
BridgeWave Communications
E-Band Communications, LLC
Farran Technology
Keysight Technologies
LightPointe Communications, Inc.
Millitech, Inc.
NEC Corporation
QuinStar Technology, Inc.
Eravant
Siklu Communication Ltd.
Trex Enterprises Corporation
Report Attribute |
Details |
Market size value in 2023 |
USD 3.75 billion |
Revenue forecast in 2030 |
USD 38.55 billion |
Growth rate |
CAGR of 39.5% from 2023 to 2030 |
Base year of estimation |
2022 |
Historical data |
2017 - 2021 |
Forecast period |
2023 - 2030 |
Report updated |
May 2023 |
Quantitative units |
Revenue in USD million/billion and CAGR from 2023 to 2030 |
Report coverage |
Revenue forecast, company market share, competitive landscape, growth factors, and trends |
Segments covered |
Product, Component, Frequency Band, Application, Region |
Regional scope |
North America; Europe; Asia Pacific; South America; MEA |
Country scope |
U.S.; Canada; Mexico; UK; Germany; France; China; Japan; India; South Korea; Australia; Brazil; Kingdom of Saudi Arabia (KSA); UAE; South Africa |
Key companies profiled |
Aviat Networks, Inc.; BridgeWave Communications; E-Band Communications, LLC; Farran Technology; Keysight Technologies; LightPointe Communications, Inc.; Millitech, Inc.; NEC Corporation; QuinStar Technology, Inc.; Eravant, Siklu Communication Ltd.; Trex Enterprises Corporation |
Customization scope |
Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global millimeter wave technology market report based on product, component, frequency band, application, and region:
Product Outlook (Revenue, USD Million, 2017 - 2030)
Telecommunication Equipment
Imaging & Scanning Systems
Radar & Satellite Communication Systems
Component Outlook (Revenue, USD Million, 2017 - 2030)
Antennas & Transceivers
Amplifiers
Oscillators
Control Devices
Frequency Converters
Passive Components
Others (Ferrite Devices, Radiometers, etc.)
Application Outlook (Revenue, USD Million, 2017 - 2030)
Telecommunications
Military & Defense
Automotive & Transport
Healthcare
Electronics & Semiconductor
Security
Frequency Band Outlook (Revenue, USD Million, 2017 - 2030)
V-Band
E-Band
Other Frequency Bands
Regional Outlook (Revenue, USD Million, 2017 - 2030)
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Asia Pacific
China
Japan
India
South Korea
Australia
South America
Brazil
Middle East & Africa
Kingdom of Saudi Arabia (KSA)
UAE
South Africa
b. The global millimeter wave technology market size was estimated at USD 2.75 billion in 2022 and is expected to reach USD 3.75 billion in 2023.
b. The global millimeter wave technology market is expected to grow at a compound annual growth rate of 39.5% from 2023 to 2030 to reach USD 38.55 billion by 2030.
b. North America dominated the millimeter wave technology market in 2022 owing to the broader acceptance of technology in the region. North American countries such as the U.S. and Canada are prominent early adopters of upcoming and emerging technologies. Additionally, the region houses several key market players that are harnessing the region’s growth.
b. Some key players operating in the millimeter wave technology market include Aviat Networks, Inc., BridgeWave Communications, E-Band Communications, LLC, Farran Technology, Keysight Technologies, LightPointe Communications, Inc., Millitech, Inc., NEC Corporation, QuinStar Technology, Inc., Eravant, Siklu Communication Ltd., and Trex Enterprises Corporation.
b. The increasing research & development activities in the mmWave (MMW) technology and the continuously rising demand for mmWave technology in the telecommunications sector are anticipated to propel the global market’s growth.
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In contrast to its related industries like consumer electronics and semiconductors, the data center and communications infrastructure industry is expected to be more buoyant with continued strategic investments made to support the increased network traffic and data usage for remote working during the lockdown phase. From school closures necessitating students to use virtual offerings (Google Classroom ) to the governments using business analytics services (Power BI) for communicating virus updates, the demand for communication services and related infrastructure has witnessed an unprecedented rise amidst the global pandemic. Digital services including telemedicine are expected to remain popular even after the pandemic is contained, thereby ensuring strong growth in the communication infrastructure industry. The report will account for Covid19 as a key market contributor.
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