Global Millimeter Wave Technology Market to Grow at 18.5% During 2024-2032, Spurred by the Roll-Out of 5G Network

November 18, 2020 | Electronics and Semiconductors

According to the recent report by IMARC Group, titled “Millimeter Wave Technology Market Report by Component (Antennas and Transceivers, Amplifiers, Oscillators, Control Devices, Frequency Converters, Passive Components, and Others), Product (Telecommunication Equipment, Imaging and Scanning Systems, Radar and Satellite Communication Systems, Services), Frequency Band (30 GHz - 57 GHz, 57 GHz - 96 GHz, 96 GHz -300 GHz), License Type (Light Licensed Frequency Millimeter Wave, Unlicensed Frequency Millimeter Wave, Fully Licensed Frequency Millimeter Wave), Application (Telecommunication, Military and Defense, Automotive and Transport, Healthcare, Electronics and Semiconductor, and Others), and Region 2024-2032,” the global millimeter wave technology market reached a value of US$ 2.6 Billion in 2023. Millimeter wave (mmWave or MMW) refers to an electromagnetic (radio) wave within the spectrum from 30 to 300 gigahertz (GHz) and wavelength from 1 to 10 mm. It is also classified as the extremely high frequency (EHF) or very high frequency (VHF) by the International Telecommunication Union (ITU). Radio waves have high atmospheric attenuation due to which they are absorbed by the gases in the atmosphere, resulting in a short-range. They can transfer a bulk of data at high speed and help in increasing the bandwidth capacity, performance, and reliability. As a result, they are used in an array of services and products like point-to-point wireless local area networks (WLANs), radio astronomy, security screening, remote sensing, airport security scanners, and automotive radars.

Global Millimeter Wave Technology Market Trends:

The rising demand for wireless technologies and high-speed networks represents one of the major growth-inducing factors for the market. Moreover, the continuation of 5G projects by major telecom operators despite the outbreak of the coronavirus disease (COVID-19) has provided a thrust to the market growth. For instance, the Government of China supported the aggressive roll-out of high-speed mobile networks by 5G infrastructure telecommunication carriers in April 2020. Besides this, millimeter wave technology is utilized in the healthcare sector in therapies to treat diseases like diabetes, cardiovascular ailment, depression, and gastrointestinal disorders. Furthermore, several industry players are investing in research and development to tap into the potential of millimeter wave technology in sectors like defense and military, and automotive. With the evolution of new technologies, MMW is expected to become an integral part of the next-generation network. On account of these factors, the market is expected to grow at a CAGR of 18.5% during 2024-2032.

Market Summary:

  • Based on the component, the market has been divided into amplifiers, antennas and transceivers, oscillators, passive components, control devices, frequency converters, and others.
  • On the basis of the product, the market has been categorized into radar and satellite communication systems, telecommunication equipment, imaging and scanning systems, and others.
  • Based on the frequency band, the market has been segregated into 30 GHz - 57 GHz, 57 GHz - 96 GHz, and 96 GHz - 300 GHz.
  • On the basis of the license type, the market has been classified into unlicensed, light licensed, and fully licensed frequency millimeter wave.
  • Based on the application, the market has been segmented into military and defense, healthcare, telecommunication, automotive and transport, electronics and semiconductor, and others.
  • Region-wise, the market has been segmented into North America (Canada and the United States), Europe (Germany, the United Kingdom, France, Russia, Italy, Spain, and others), Latin America (Brazil, Mexico, and others), Asia Pacific (India, South Korea, Australia, Indonesia, Japan, China, and others), and the Middle East and Africa.
  • The competitive landscape of the market has been analyzed in the report, with some of the key players being Siklu Communication Ltd., Smiths Group Plc, Vubiq Networks Inc., Aviat Networks Inc., AXXCSS Wireless Solutions Inc., L3 Technologies Inc., Millimeter Wave Products Inc., Mistral Solutions Pvt. Ltd. (AXISCADES Engineering Technologies Ltd.), NEC Corporation, Farran Technology Ltd., Fastback Networks Inc., and Keysight Technologies Inc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Component, Product, Frequency Band, License Type, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Aviat Networks Inc., AXXCSS Wireless Solutions Inc., Farran Technology Ltd., Fastback Networks Inc., Keysight Technologies Inc., L3 Technologies Inc., Millimeter Wave Products Inc., Mistral Solutions Pvt. Ltd. (AXISCADES Engineering Technologies Ltd.), NEC Corporation, Siklu Communication Ltd., Smiths Group Plc and Vubiq Networks Inc.
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Global Millimeter Wave Technology Market to Grow at 18.5% During 2024-2032, Spurred by the Roll-Out of 5G Network
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