The global millimeter wave technology market size was valued at USD 426.5 million in 2015. The increasing research & development activities in the millimeter (MM) wave technology and the continuously rising demand for bandwidth-intensive applications are anticipated to propel the global market.
U.S. MMW Technology market by product, 2014 - 2025 (USD Million)
The continuously rising demand from bandwidth-intensive applications, arising particularly from consumer electronic products, such as smartphones and wearable electronics, is necessitating the need for high-bandwidth, 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 demand for adopting MM wave technology.
The MM wave technology is extensively used in applications across various sectors such as telecommunication, military & defense, security, automotive, and healthcare. The increasing demand arriving from all these industrial and commercial sectors is further expected to catapult the market at a considerable pace.
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, are additionally contributing to the market growth. The growing penetration of internet services, e-governance services, and cloud computing is further expected to drive demand over the projected time.
However, the range limitations of the technology and the propagation challenges arising on account of the environmental or climatic conditions are expected to hamper the market growth over the forecast period. Furthermore, the technology, being a type of line-of-sight communication, could face a few more obstructions while flourishing smoothly. Intensive R&D activities are being carried out across the globe to nullify the challenges and other obstructions hampering the market’s growth.
Based on the products, the market is segregated into telecommunication equipment, imaging & scanning systems, and radar & satellite communication systems. The usage of the MM wave technology across the telecommunication equipment has revolutionized the telecom sector. Millimeter waves are creating revolutions across the fifth-generation (5G) cellular communication, owing to their ability to transfer gigabits of data per second.
The telecommunication equipment segment holds a maximum share of over 60% in 2015, on account of the enlarged telecom sector. In addition, the application of MM wave 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 MM wave technology in scanners.
Radio and satellite communication systems form an integral part of a nation’s national security. With the application of MM wave technology in radar & satellite communication, the security systems have become more efficient and reliable, modernizing defense techniques. The radar & satellite communication systems market is expected to witness significant growth with the fastest growing CAGR of 43.1% over the forecast period.
The component segment is categorized into antennas & transceivers, amplifiers, oscillators, control devices, frequency converters, passive components, and other components. This segment includes a number of components that use millimeter waves.
Antennas and transceivers segment accounted for the largest share in 2015 and generated the largest revenue. The segment is expected to lead the components segment by maintaining its dominance over the forecast owing to the large adoption of antennas and transceivers.
The frequency converters segment is projected to experience considerable growth from 2017 to 2025 at a CAGR of 42.5%. The increasing demand for high-bandwidth applications and small-cell backhaul applications, where frequency plays a key role are the factors driving the growth of this segment.
The application segment of the global MM wave technology market is categorized into telecommunications, military & defense, automotive & transport, healthcare, electronics & semiconductor, and security applications. The telecommunications segment holds the highest market share in 2016, owing to the increased demand for high-speed data transfer and communication arising from the residential and the commercial sectors such as data centers and IT offices.
MMW Technology market by application, 2016
The millimeter wave (MMW) scanners are in great demand and 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 growth of the MM wave technology across the security application segment.
The segment is expected to exhibit rapid growth and generate a considerable amount of revenue over the forecast period. The military and defense segment is projected to witness the fastest growth rate on account of the increasing adoption of MM wave technology in various military and defense applications. It is projected to grow at the fastest CAGR of 43.3% from 2017 to 2025.
Based on the frequency band, the global MM wave technology market is segmented into V-band, E-band, and other millimeter wave frequency bands. The V-band frequencies range between 40 GHz to & 70 GHz and the millimeter waves of these bands are particularly used in military & defense applications. In addition, the V-band frequencies are extensively used in the radar & satellite communications.
The market for E-band frequency applications is forecast to experience a notable shift over the estimated duration. E-band frequencies hold remarkable applications across the telecommunication equipment segment.
The telecommunications sector is anticipated to keep on dominating its grip over the entire market at a fast pace. In turn, the E-band frequency segment is projected to grow at a high rate over the forecast period.
Based on the geographies, the market for MMW technology is segmented into North America, Europe, Asia Pacific, and South America & MEA regions. North America region accounted for the largest market size in 2015 owing to the larger acceptance of technology in the region. Countries such as the U.S. and Canada are one of the prominent and early adopters of the upcoming and emerging technologies. Thus, the factors are creating opportunities for the MM wave technology in different applications.
However, the millimeter wave technology market in the Asia Pacific and South America & MEA regions are anticipated to witness notable growth during the forecast period. The Asia Pacific region is poised to exhibit the highest rate with a CAGR of more than 47.4% over the forecast period.
This rapid growth of the technology in the Asia Pacific region can be attributed to the developments and upgrades being carried out in its telecom infrastructures. Further, the installation of new telecom equipment, based on the MM wave technology, is further expected to drive the overall market across the region, at a significant pace.
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. The major competitors in the MM wave technology market are Aviat Networks, Inc., Siklu Communication Ltd., E-band Communications LLC, Sage Millimeter, Inc., and Bridgewave Communications, Inc.
Market size value in 2020
USD 1.65 billion
Revenue forecast in 2025
USD 8.70 billion
CAGR of 39.8% from 2017 to 2025
Base year for estimation
2014 - 2015
2017 - 2025
Revenue in USD billion and CAGR from 2017 to 2025
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Type, voltage, end-use, and region.
North America; Europe; Asia Pacific; Latin America; Middle East & Africa.
U.S.; Canada; U.K.; Germany; China; India; Brazil; Mexico; and Japan.
Key companies profiled
Aviat Networks, Inc.; Siklu Communication Ltd.; E-band Communications LLC; Sage Millimeter, Inc.; and Bridgewave Communications, Inc.
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This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest trends and opportunities in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the millimeter wave technology market based on product, component, application, frequency band, and region:
Product Outlook (Revenue, USD Million; 2014 - 2025)
Imaging and Scanning Systems
Radar & Satellite Communication Systems
Component Outlook (Revenue, USD Million; 2014 - 2025)
Antennas & Transceivers
Others (Ferrite Devices, Radiometers, etc.)
Application Outlook (Revenue, USD Million; 2014 - 2025)
Military & Defense
Automotive & Transport
Electronics & Semiconductor
Frequency Band Outlook (Revenue, USD Million; 2014 - 2025)
Other Frequency Bands
Regional Outlook (Revenue, USD Million; 2014 - 2025)
South America and The Middle East & Africa
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