Summary

Overview
Global Millimeter Wave Technology Market reached US$ 2.8 Billion in 2023 and is expected to reach US$ 13.7 Billion by 2031, growing with a CAGR of 22.2% during the forecast period 2024-2031.
The demand for higher-capacity wireless networks has been driven by the exponential development in data traffic from cloud services, video streaming and advances like augmented reality (AR) and virtual reality (VR). Businesses offer improved user experiences and the bandwidth required to manage the growing volume of data traffic by utilizing millimeter wave technology. The need for dependable, fast wireless connectivity is being driven by the spread of Internet of Things (IoT) devices and smart technologies in several industries, including industrial automation, smart homes and cities, healthcare and transportation.
Globally, growing product launches by the major key players help to boost market growth over the forecast period. For instance, on September 05, 2023, ZTE launched a new-generation ultra-large-bandwidth millimeter wave AAU. The documented peak rates of single-sector MUs were 4.32 Gbps in the uplink and 22.01 Gbps in the downlink, significantly above the industry norm. At a maximum bandwidth of 1.6 GHz, this millimeter wave AAU is the first in the world to enable bandwidths up to 1.2 GHz.
Asia-Pacific is the dominating region in the market due to the growing innovations of technology in the region helping to boost regional market growth over the forecast period. For instance, on February 21, 2024, Ericsson and Airtel demonstrate 5G FWA functionality on mmWave. During the evaluations, peak rates of 4.7Gbps were reached, demonstrating that mmWave is suitable for situations where significant network capacity is required. Targeting heavily populated metropolitan areas with a high density of mobile devices, homes and businesses requires the use of the 5G high-band or millimeter wave (mmWave) spectrum, which is a significant resource.
Dynamics
Technological Advancements
The Millimeter wave spectrum is now utilized more efficiently because of technological advancements, expanding the bandwidth accessible for data transfer. Spectral efficiency-enhancing methods including beamforming, frequency reuse and spectrum aggregation provide higher data rates along with greater network capacity. Precise beamforming and targeted communication in Millimeter-wave systems are made possible by advancements in radio technology, such as phased array antennas and beam-steering capabilities. The increases signal coverage, lowers interference and boosts wireless link reliability, especially in high-density and urban areas.
Smaller form factors, lower power consumption and more affordable solutions are the result of semiconductor improvements, RF circuit integration and the miniaturization of Millimeter wave components. Millimeter wave modules that are integrated and compact allow deployment in locations with limited space and on mobile devices, promoting market acceptance in a variety of applications. Higher frequency bandwidths in the Millimeter wave spectrum, such as the E-band (60-90 GHz) and V-band (50-75 GHz), are accessible because to technological improvements. The frequency ranges accommodate the requirements of 5G networks and high-speed wireless communication systems by providing wider bandwidths, less congestion and higher data throughput.
Growing 5G Network Deployment
5G networks use Millimeter wave energy in contrast to earlier wireless technology generations to achieve higher bandwidths as well as faster transmission rates. The provides extremely fast rates with minimal latency to meet the increasing need for high-speed data transfer in applications such as online gaming, cloud services, video streaming and real-time communication. To handle the increasing number of devices that are connected, Internet of Things apps and data-intensive services, 5G networks increase their capacity with the use of Millimeter wave technology. The scalability of 5G networks is supported by the huge bandwidths found in Millimeter wave bands, which enable greater speed and more simultaneous connections.
According to the data given by 5G Americas Omdia study, global 5G connections are expected to reach 1.8 billion by 2023 and are forecasted to boom 7.9 billion by 2028. Currently, there are around 296 commercial 5G networks globally and this number is expected to grow to 438 by 2025 which helps to reflect significant investment in 5G infrastructure globally, according to the study.
High Cost of the Infrastructure
Significant capital expenditures are required for the construction and deployment of Millimeter wave infrastructure, which includes base stations, antennas, backhaul wires and supporting devices. Adopting Millimeter wave technology can be hampered by the high upfront costs for telecommunications operators, service providers and enterprises, particularly when doing so on a large scale or in settings with limited resources. It is too expensive to extend Millimeter wave networks to cover larger geographic areas or highly populated metropolitan areas. The slows down the trajectory of network growth thereby rendering high-speed Millimeter wave services less accessible to a larger user base, especially in underserved or remote areas.
As compared to lower-frequency options, Millimeter wave equipment which includes transceivers, antennas, RF components and specialized hardware usually has a higher price. The cost difference might affect deployment plans and investment choices, especially for companies and operators with limited funds. The whole cost of Millimeter wave infrastructure includes continuous maintenance, upgrades and operating costs in addition to the original deployment. Continuous expenditures are necessary to ensure network stability, performance optimization and regulatory compliance, which raises the total cost burden.
Segment Analysis
The global millimeter wave technology market is segmented based on product, frequency band, license type, components, application and region.
Growing Adoption of Radar and Satellite Communications Systems Globally
Based on the product, the millimeter wave technology market is segmented into scanner systems and radar and satellite communications systems. Millimeter wave radar systems provide high-resolution imagery, particularly in bad weather situations where other frequencies are not able to function as intended. As a result, use in fields including weather forecasting, aviation, marine surveillance and defense has increased. Autonomous vehicles depend on millimeter wave radar frameworks for adaptive cruise control, crash evasion and constant item recognizable proof. The interest in millimeter wave radar frameworks is rising decisively as the vehicle area moves towards independent driving innovation.
The growing major key player's merger and partnership strategies help to boost segment growth over the forecast period. For instance, on January 10, 2024, TMYTEK advanced into the automotive market with millimeter-wave radar, partnering with HCMF Group to launch an In-Car Child Presence Detection (CPD) Sensing System at CES 2024. It intentionally chose TMYTEK's millimeter-wave radar module for this partnership to improve intelligent sensing and monitoring in both the interior and outside of the vehicle at the same time, bringing safety up to version 2.0 in response to the expanding trend of vehicle intelligence.
Geographical Penetration
Asia-Pacific is Dominating the Millimeter Wave Technology Market
A significant portion of the world's population, particularly in heavily populated areas, lives in the Asia-Pacific. The demand for modern telecommunications infrastructure, such as millimeter wave technology, is driven by this demographic trend and is necessary to enable 5G networks, IoT connection and high-speed data transfer. Particularly, the countries of China, South Korea, Japan and India have established the standard for the installation of 5G networks and the development of telecom technology. The Asia-Pacific is one of the main markets for 5G adoption and millimeter wave technology is vital to improving network capacity, data rates and connectivity for these types of services.
Notably, more than 20,000 mmWave gNodeBs have already been installed by the nation's four major carriers, NTT Docomo, KDDI, Softbank and Rakuten, with further pledges to the Japan Ministry of Internal Affairs and Communications planned for deployment by early 2024. Japanese customers now choose from a wide range of mmWave devices, including high-end smartphones from Samsung, Sony, Sharp, Fujitsu and Google, in addition to the strong carrier momentum for mmWave.
Competitive Landscape.
The major global players in the market include Keysight Technologies, Anritsu Corporation, Rohde & Schwarz GmbH & Co KG, NEC Corporation, L3Harris Technologies, Inc., Smiths Interconnect, Siklu Communication Ltd., E-Band Communications, LLC, Farran Technology Ltd. and SAGE Millimeter, Inc.
COVID-19 Impact Analysis
The pandemic impacted the manufacturing and distribution of millimeter wave technology devices and components by upsetting globally supply chains. Movement restrictions, industrial closures and lockdowns in numerous regions of the world caused production delays, difficulties obtaining components and shortages of critical parts. The pandemic triggered changes in market demand for millimeter wave technology products. Some industries, including aerospace and automotive, had decreased demand as a result of industrial activity delays and economic slowdowns, while businesses like telecommunications and healthcare continued to require high-speed connection and advanced imaging machinery.
The demand for reliable communication solutions and high-speed internet access was fueled by the pandemic's growing use of isolated work and virtual communication. Due to its low latency and high bandwidth delivery capabilities, millimeter wave technology has become essential for cloud-based applications, video conferencing and remote collaboration. Millimeter wave technology was essential to the healthcare industry to enable sophisticated imaging modalities and MRI scanners, among other medical imaging devices. The technologies were important for both non-invasive medical operations and the identification and monitoring of COVID-19 patients.
Russia-Ukraine War Impact Analysis
Supply chains have been affected by COVID-19, especially in the semiconductor and electronics sectors. It is difficult for many businesses that produce millimeter wave technology components, such as antennas, RFICs (Radio Frequency Integrated Circuits) and devices, to get supplies, components and production equipment. Geopolitical uncertainty combined with supply chain interruptions cause millimeter-wave technology product price volatility. The volatility affects the profit margins and pricing practices of businesses operating in the market.
Several industries, including telecommunications, automotive, healthcare and aerospace/defense, have an impact on the demand for millimeter wave technologies. The economic effects of the conflict on these industries in the impacted areas cause variations in the market for items relating to millimeter-wave technologies. The war also leads to geopolitical tensions that affect market dynamics. Businesses that operate in areas where the war is immediately felt or that are subject to restrictions or embargoes find it difficult to conduct business, have access to markets or collaborate with foreign partners.
By Product
• Scanner Systems
• Radar and Satellite Communications Systems
By Frequency Band
• 24 GHz to 57 GHz
• 57 GHz to 86 GHz
• 86 GHz to 300 GHz
• Others
By License Type
• Light Licensed Frequency Millimeter Wave
• Unlicensed Frequency Millimeter Wave
• Fully Licensed Frequency Millimeter Wave
By Components
• Antennas and Transceiver Components
• Frequency Sources and Related Components
• Communication and Networking Components
• Imaging Components
• Sensors and Controls
• Others
By Application
• Mobile and Telecom
• Consumer and Commercial
• Healthcare
• Industrial
• Defense
• Others
By Region
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o UK
o France
o Italy
o Spain
o Rest of Europe
• South America
o Brazil
o Argentina
o Rest of South America
• Asia-Pacific
o China
o India
o Japan
o Australia
o Rest of Asia-Pacific
• Middle East and Africa
Key Developments
• On September 05, 2023, ZTE launched a new-generation ultra-high-bandwidth mmWave AAU the world's first to support 1.2 GHz bandwidth and above, with a maximum bandwidth of 1.6 GHz. In the live on-site demonstration, we employed the NR-DC mode in conjunction with AIS's 1.2 GHz bandwidth millimeter-wave spectrum.
• On August 28, 2023, Fujitsu developed pioneering millimeter-wave chip technology for 5G radio units. Japan's New Energy and Industrial Technology Development Organisation (NEDO) commissioned the development as part of the "Research and Development Project of the Enhanced Infrastructures for Post-5G Information and Communication Systems."
• On August 08, 2023, Marki Microwave acquired precision millimeter wave business. Through the acquisition, Marki Microwave will have a greater presence in the developing sub-THz and millimeter wave (mmWave) industries. It will allow the business to develop unique and unique solutions by fusing traditional board-level connection techniques with waveguide technology.
Why Purchase the Report?
• To visualize the global millimeter wave technology market segmentation based on product, frequency band, license type, components, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of millimeter wave technology market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.
The global millimeter wave technology market report would provide approximately 78 tables, 78 figures and 270 Pages.
Target Audience 2024
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies

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Table of Contents

Table of Contents
1. Methodology and Scope
1.1. Research Methodology
1.2. Research Objective and Scope of the Report
2. Definition and Overview
3. Executive Summary
3.1. Snippet by Product
3.2. Snippet by Frequency Band
3.3. Snippet by License Type
3.4. Snippet by Components
3.5. Snippet by Application
3.6. Snippet by Region
4. Dynamics
4.1. Impacting Factors
4.1.1. Drivers
4.1.1.1. Technological Advancements
4.1.1.2. Growing 5G Network Deployment
4.1.2. Restraints
4.1.2.1. High Cost of the Infrastructure Cost
4.1.3. Opportunity
4.1.4. Impact Analysis
5. Industry Analysis
5.1. Porter's Five Force Analysis
5.2. Supply Chain Analysis
5.3. Pricing Analysis
5.4. Regulatory Analysis
5.5. Russia-Ukraine War Impact Analysis
5.6. DMI Opinion
6. COVID-19 Analysis
6.1. Analysis of COVID-19
6.1.1. Scenario Before COVID
6.1.2. Scenario During COVID
6.1.3. Scenario Post COVID
6.2. Pricing Dynamics Amid COVID-19
6.3. Demand-Supply Spectrum
6.4. Government Initiatives Related to the Market During Pandemic
6.5. Manufacturers Strategic Initiatives
6.6. Conclusion
7. By Product
7.1. Introduction
7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product
7.1.2. Market Attractiveness Index, By Product
7.2. Scanner Systems*
7.2.1. Introduction
7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
7.3. Radar and Satellite Communications Systems
8. By Frequency Band
8.1. Introduction
8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Frequency Band
8.1.2. Market Attractiveness Index, By Frequency Band
8.2. 24 GHz to 57 GHz*
8.2.1. Introduction
8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
8.3. 57 GHz to 86 GHz
8.4. 86 GHz to 300 GHz
8.5. Others
9. By License Type
9.1. Introduction
9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By License Type
9.1.2. Market Attractiveness Index, By License Type
9.2. Light Licensed Frequency Millimeter Wave*
9.2.1. Introduction
9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
9.3. Unlicensed Frequency Millimeter Wave
9.4. Fully Licensed Frequency Millimeter Wave
10. By Components
10.1. Introduction
10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Components
10.1.2. Market Attractiveness Index, By Components
10.2. Antennas and Transceiver Components*
10.2.1. Introduction
10.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
10.3. Frequency Sources and Related Components
10.4. Communication and Networking Components
10.5. Imaging Components
10.6. Sensors and Controls
10.7. Others
11. By Application
11.1. Introduction
11.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
11.1.2. Market Attractiveness Index, By Application
11.2. Mobile and Telecom*
11.2.1. Introduction
11.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
11.3. Consumer and Commercial
11.4. Healthcare
11.5. Industrial
11.6. Defense
11.7. Others
12. By Region
12.1. Introduction
12.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
12.1.2. Market Attractiveness Index, By Region
12.2. North America
12.2.1. Introduction
12.2.2. Key Region-Specific Dynamics
12.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product
12.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Frequency Band
12.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By License Type
12.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Components
12.2.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
12.2.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
12.2.8.1. U.S.
12.2.8.2. Canada
12.2.8.3. Mexico
12.3. Europe
12.3.1. Introduction
12.3.2. Key Region-Specific Dynamics
12.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product
12.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Frequency Band
12.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By License Type
12.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Components
12.3.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
12.3.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
12.3.8.1. Germany
12.3.8.2. UK
12.3.8.3. France
12.3.8.4. Italy
12.3.8.5. Spain
12.3.8.6. Rest of Europe
12.4. South America
12.4.1. Introduction
12.4.2. Key Region-Specific Dynamics
12.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product
12.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Frequency Band
12.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By License Type
12.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Components
12.4.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
12.4.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
12.4.8.1. Brazil
12.4.8.2. Argentina
12.4.8.3. Rest of South America
12.5. Asia-Pacific
12.5.1. Introduction
12.5.2. Key Region-Specific Dynamics
12.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product
12.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Frequency Band
12.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By License Type
12.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Components
12.5.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
12.5.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
12.5.8.1. China
12.5.8.2. India
12.5.8.3. Japan
12.5.8.4. Australia
12.5.8.5. Rest of Asia-Pacific
12.6. Middle East and Africa
12.6.1. Introduction
12.6.2. Key Region-Specific Dynamics
12.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product
12.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Frequency Band
12.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By License Type
12.6.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Components
12.6.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
13. Competitive Landscape
13.1. Competitive Scenario
13.2. Market Positioning/Share Analysis
13.3. Mergers and Acquisitions Analysis
14. Company Profiles
14.1. Keysight Technologies*
14.1.1. Company Overview
14.1.2. Product Portfolio and Description
14.1.3. Financial Overview
14.1.4. Key Developments
14.2. Anritsu Corporation
14.3. Rohde & Schwarz GmbH & Co KG
14.4. NEC Corporation
14.5. L3Harris Technologies, Inc.
14.6. Smiths Interconnect
14.7. Siklu Communication Ltd.
14.8. E-Band Communications, LLC
14.9. Farran Technology Ltd.
14.10. SAGE Millimeter, Inc.
LIST NOT EXHAUSTIVE
15. Appendix
15.1. About Us and Services
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