Global Millimeter Wave Technology Market Overview:
Millimeter Wave Technology Market Size was valued at USD 1.2 Billion in 2022. The Millimeter Wave Technology Market industry is projected to grow from USD 1.4 Billion in 2023 to USD 6.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 19.80% during the forecast period (2023 - 2032). Increased demand for millimeter wave technology in radar and security applications, as well as the proliferation of millimeter wave technology in consumer electronics is the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Millimeter Wave Technology Market Trends
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Growing need for broadband and 5G connection solutions will boost market growth
Market CAGR for millimeter wave technology is being driven by the growing need for broadband and 5G connection solutions. High broadband speed is critical for a variety of end-use applications. With the increasing demand for broadband speed enhancements, which has resulted in higher consumption of high-bandwidth content, millimeter wave technology is expected to be a major driving force for market expansion throughout the forecast period. The global average broadband speed is predicted to increase from 62.5 Mbps to >130 Mbps during the next few years, owing to factors such as the deployment and adoption of fiber-to-the-home (FTTH), high-speed DSL and cable broadband adoption, and total broadband penetration. These factors have led to an increase in the usage of various millimeter wave technologies, which will drive market growth over the forecast period.
According to the Organization for Economic Cooperation and Development (OECD), the communication network and service environment will become more complicated by 2023, and the 5G technology industry will experience tremendous development as 5G network infrastructure advances. millimeter waves' special properties enable near-line-of-sight wireless networks and point-to-multipoint technologies, allowing a single transmitter to service numerous transceivers in different locations. This will likely fuel market expansion during the forecast period.
With the increased usage of smartphones and the acceptance of cloud-based services among various end-users, data traffic has become a major element that affects their working effectiveness via latency and data crash. The amount of data travelled between the internet and the hosting account on the web server is referred to as data traffic. With users shifting to more data-intensive content like as video streaming, augmented reality, and voice over data, 4K video, and an increasing number of internet users on mobile devices, data traffic is expected to increase in the future. Growing data volume complicates capacity and causes network congestion.
For instance, according to Cisco Internet Annual Reports, by 2023, a 5G connection will generate nearly three times the traffic of a 4G connection, with IoT devices accounting for 50% of all networked devices. It is simple to transfer huge amounts of data using millimeter wave technology since frequency is directly proportional to bit rates. As a result, millimeter waves are appropriate for digital data transmission and cellular communications. This necessitates the requirement for effective wireless mobile backhaul. These features increase its demand across numerous end-use sectors that use cloud-based services, boosting market growth.
Millimeter Wave Technology Market Segment Insights:
Millimeter Wave Technology Component Insights
The Millimeter Wave Technology Market segmentation, based on Component includes Antennas & transceiver components, Frequency sources & related components, Communication & networking components, Imaging components, RF & radio components. Antennas and transceiver components are expected to have the biggest market share in 2022, owing to its rising popularity in automotive sector. millimeter wave technology has had a tremendous impact on the evolution of radar sensors, providing considerable capabilities and efficiency benefits. This discovery is intended to benefit the automotive sector. One such signal is the expanding AEB (automatic emergency braking) applications in the 77 GHz radar system, which tends to present significant prospects for market growth during the projection period.
Millimeter Wave Technology Product Insights
The Millimeter Wave Technology Market segmentation, based on Product, includes Scanning systems, Radar and satellite communication systems, Telecommunication equipment. In 2022, the telecommunications equipment segment contributed the most to the market. millimeter wave technology is quickly becoming popular among users ranging from enterprise-level data centres to consumers using high-bandwidth smartphones. The high adjoining bandwidth above 24 GHz is required to meet the data throughput requirements of 5G services.
Millimeter Wave Technology Frequency Band Insights
The global millimeter Wave Technology Market is divided into three frequency bands: 24-57 GHz, 57-95 GHz, and 95-300 GHz. During the projection period, the 24 GHz to 57 GHz category contributed the most to the market. The frequency spectrum bands from 24 GHz to 57 GHz are widely used for mobile radio services. With the increased use of Internet of Things (loT) devices around the world, as well as the rise in demand for broadband services for commercial and residential business verticals, as well as 5G connection,
Figure1: Millimeter Wave Technology Market, by Frequency Band, 2022&2032(USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Millimeter Wave Technology License Type Insights
The global millimeter Wave Technology Market is divided into three categories depending on license type: light licensed frequency millimeter wave, unlicensed frequency millimeter wave, and fully licensed frequency millimeter wave. During the forecast period, the fully licensed frequency segment contributed the most to the market. A licensed frequency band operates within a region of the radio spectrum that has been designated for usage by organizations that have been granted a license to do so.
Millimeter Wave Technology Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Millimeter Wave Technology Market area will dominate this market, due to the significant demand for mmWave technology in the region as well as presence of important players in the industry.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: Millimeter Wave Technology Market SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Millimeter Wave Technology Market accounts for the second-largest market share due to the region's strong focus on research and development. Further, the German Millimeter Wave Technology Market held the largest market share, and the UK Millimeter Wave Technology Market was the fastest growing market in the European region
The Asia-Pacific Millimeter Wave Technology Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the rising utilization of millimeter wave technology in Mobile & Telecommunication sector. Moreover, China’s Millimeter Wave Technology Market held the largest market share, and the Indian Millimeter Wave Technology Market was the fastest growing market in the Asia-Pacific region.
Millimeter Wave Technology Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Millimeter Wave Technology Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Millimeter Wave Technology industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Millimeter Wave Technology industry to benefit clients and increase the market sector. In recent years, the Millimeter Wave Technology industry has offered some of the most significant advantages to medicine. Major players in the Millimeter Wave Technology Market, including E-Band Communications, LLC (US), Farran Technology Ltd (Ireland), L3 Technologies, Inc. (US), Millimeter Wave Products, Inc. (US) and others, are attempting to increase market demand by investing in research and development operations.
HFCL Limited is a technology firm situated in Gurugram, India. It creates Telecommunications equipment, Fiber-optic cables, and other electrical components. The company is traded on the Bombay Stock Exchange (BSE) as well as the National Stock Exchange (NSE). The company provides services to a variety of industries, including telecommunications, security and railways, textiles, and cable fibre. In August 2022, HFCL Limited has signed a contract with Qualcomm Technologies, Inc. to design and produce 5G millimeter wave fixed wireless access (FPA) customer premise equipment (CPE) solutions. As part of its 5G product strategy, HFCL is growing its 5G product range by developing 5G mmWave FWA CPE products for India and global markets.
FASTWEB S.p.A. is an Italian telecommunications firm that offers fixed and mobile phone services, broadband Internet, and IPTV. FASTWEB, a subsidiary of the Swiss telecommunications giant Swisscom AG, is also a leading provider of FTTH connections in Italy. Swisscom paid 3 billion euros for 82.4% of FASTWEB in May 2007. Following a voluntary tender offer in September 2010, Swisscom purchased the minority shareholders. As a result, FASTWEB has been delisted from the Borsa Italiana. February 2022, Qualcomm Technologies, Inc. and Fastweb announced plans to sell 5G standalone (SA) millimeter wave on the Qualcomm 5G mobile broadband wireless access platform Gen 2 with Snapdragon X62 and X65 5G Modem-RF Devices for fixed wireless access (FWA). The combined efforts are intended to enable Fastweb to swiftly expand the scope of its FWA installations, so contributing in providing the full potential of 5G to around twelve million Italian households and businesses by the end of 2025.
Key Companies in the Millimeter Wave Technology market include
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Millivision Technologies (US)
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Vubiq Networks Inc. (US)
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Smiths Group PLCÂ (UK)
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Fastback Networks (US)
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NEC Corporation. (Japan)
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Mistral Solutions Pvt. Ltd (India)
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E-Band Communications LLC (US)
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Farran Technology Ltd (Ireland)
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L3 Technologies Inc. (US)
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Millimeter Wave Products Inc. (US)
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BridgeWave Communications Inc. (US)
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SAGE Millimeter Inc. (US)
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Keysight Technologies Inc. (US)
Millimeter Wave Technology Industry Developments
January 2023, MilwebTM millimeter wave sensor technology and solution were introduced by SMK Electronics Corporation. The Milweb Wave Sensor can distinguish objects, surfaces, upcoming terrain, and even, at close range, an individual's pulse rate and respiration using the company's proprietary algorithms. This adaptable new sensor technology can be used in home automation, automobile manufacturing, healthcare, and safety items.
October 2022, Movandi, a pioneer in new 5G RF and millimeter-wave software and technologies, has collaborated with Rakuten mobile to boost 5G outdoor and indoor millimeter-wave network availability and bandwidth in Japan using Movandi's intelligent repeater and BeamXR Open-RAN technology.
Millimeter Wave Technology Market Segmentation:
Millimeter Wave Technology Component Outlook
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Antennas & transceiver components
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Frequency sources & related components
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Communication & networking components
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Imaging components
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RF & radio components
Millimeter Wave Technology Product Outlook
Millimeter Wave Technology Frequency Band Outlook
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24–57 GHz
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57–95 GHz
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95–300 GHz
Millimeter Wave Technology License Type Outlook
Millimeter Wave Technology Regional Outlook
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North America
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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Report Attribute/Metric
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Details
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Market Size 2022
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USD 1.2 Billion
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Market Size 2023
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USD 1.4 Billion
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Market Size 2032
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USD 6.0 Billion
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Compound Annual Growth Rate (CAGR)
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19.80% (2023-2032)
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Base Year
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2022
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Market Forecast Period
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2023-2032
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Historical Data
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2018- 2022
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Market Forecast Units
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Value (USD Billion)
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Report Coverage
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Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
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Segments Covered
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Component, Product, Frequency Band, License Type and Region
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Geographies Covered
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North America, Europe, Asia Pacific, and the Rest of the World
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Countries Covered
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The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
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Key Companies Profiled
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Millivision Technologies (US), Vubiq Networks, Inc. (US), Smiths Group PLC (UK), Fastback Networks (US), NEC Corporation. (Japan), Mistral Solutions Pvt. Ltd (India), E-Band Communications, LLC (US), Farran Technology Ltd (Ireland), L3 Technologies, Inc. (US), Millimeter Wave Products, Inc. (US),
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Key Market Opportunities
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The advancement of 5G technology in mobile broadband services and IoT applications.
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Key Market Dynamics
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Millimetre wave technology's growth in consumer electronics
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Frequently Asked Questions (FAQ) :
The Millimeter Wave Technology Market size was valued at USD 1.2Billion in 2022.
The global market is projected to grow at a CAGR of 19.80% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are E-Band Communications, LLC (US), Farran Technology Ltd (Ireland), L3 Technologies, Inc. (US), Millimeter Wave Products, Inc. (US).
The telecommunications equipment category dominated the market in 2022.
The Antennas and transceiver components had the largest share in the global market.
