PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1503299
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1503299
According to Stratistics MRC, the Global Millimeter Wave Technology Market is accounted for $1.76 billion in 2024 and is expected to reach $11.77 billion by 2030 growing at a CAGR of 37.3% during the forecast period. Millimeter wave technology refers to a range of electromagnetic wavelengths between 30 and 300 gigahertz, occupying a segment of the electromagnetic spectrum higher than traditional radio frequencies but lower than infrared waves. This technology is characterized by its ability to transmit large amounts of data at very high speeds, making it crucial for future wireless communication systems like 5G networks. Moreover, millimeter wave signals have shorter wavelengths, enabling more precise directional transmission and allowing for more efficient use of available spectrum.
According to Ericsson, 5G subscriptions are expected to surge globally between 2019 and 2027, rising from over 12 million to over 4 billion. Subscriptions are predicted to be highest in South East Asia, North East Asia, India, Nepal, and Bhutan.
Rising demand for high bandwidth applications
Millimeter wave technology is gaining prominence due to the escalating demand for high-bandwidth applications across various sectors. These waves, which range from 30 to 300 gigahertz, offer significant advantages in data transmission, particularly for applications requiring rapid data transfer rates such as 5G networks, high-definition video streaming, and autonomous vehicles. Unlike traditional lower-frequency bands, millimeter waves can carry vast amounts of data over short distances, making them ideal for dense urban environments where network congestion is a concern.
High cost of equipment
Millimeter wave (mmWave) technology, which operates in the high-frequency range of the electromagnetic spectrum, requires specialized components and infrastructure that are inherently more expensive to develop, manufacture, and deploy compared to lower-frequency technologies. However, the initial investment in mmWave infrastructure for telecommunications, radar systems, and other applications is substantial, further limiting its deployment to areas or industries where the cost-benefit ratio justifies the expense.
Increasing mobile data traffic
As consumers demand faster and more reliable connectivity for streaming, gaming, and other data-intensive activities on their mobile devices, traditional wireless spectrum bands are becoming congested. MmWave technology offers a solution by utilizing higher frequencies that provide wider bandwidths, enabling significantly faster data transfer rates. Moreover, mmWave signals have shorter wavelengths, allowing for more precise beamforming techniques and higher spatial reuse, which enhances network capacity and efficiency.
Lack of standardization
The Millimeter Wave Technology Market faces significant challenges due to a lack of standardization, impeding its widespread adoption and development. This technology, which utilizes high-frequency radio waves for applications like telecommunications, radar, and imaging, suffers from fragmentation in terms of frequency bands, protocols, and equipment specifications across different regions and industries. This lack of uniformity complicates interoperability between various devices and networks, raising concerns about compatibility, performance consistency, and overall reliability.
Initially, disruptions in global supply chains led to delays in manufacturing and deployment of millimeter wave devices, impacting both vendors and end-users. Lockdown measures and social distancing norms further hampered field trials and installations, slowing down the adoption rate of this emerging technology. Reduced consumer spending and uncertainty in economic conditions prompted companies to reassess their investments in 5G infrastructure, which heavily relies on millimeter wave technology for high-speed data transmission. However, as the pandemic unfolded, there was also an increased recognition of the importance of robust telecommunications networks, driving continued interest and investment in 5G technologies.
The Oscillators segment is expected to be the largest during the forecast period
Oscillators segment is expected to be the largest during the forecast period by providing essential frequency control solutions for devices operating in the millimeter wave spectrum. Millimeter waves, ranging from 30 GHz to 300 GHz, require precise frequency generation and stability, which oscillators deliver. These components enable the generation of coherent signals necessary for various applications such as telecommunications, automotive radar, imaging systems, and aerospace. With the increasing demand for high-speed data transfer and low-latency communications, millimeter wave technology is becoming indispensable in 5G networks and beyond. Oscillators within this segment include voltage-controlled oscillators (VCOs), phase-locked loops (PLLs), and frequency synthesizers, each tailored to meet specific frequency and stability requirements of millimeter wave systems.
The V-Band segment is expected to have the highest CAGR during the forecast period
V-Band segment is expected to have the highest CAGR during the forecast period. Operating within the frequency range of 40 to 75 GHz, V-Band offers several advantages such as high data transfer rates, low latency, and abundant spectrum availability. These characteristics make it particularly suitable for applications requiring high-speed data transmission, such as 5G networks, backhaul for telecommunications, and point-to-point communication links for wireless infrastructure. The expanding deployment of small-cell networks and the increasing demand for high-bandwidth applications further underscore V-Band's relevance in shaping the future of wireless communication infrastructure.
North America region dominated the largest share of the market over the extrapolated period. North America's advanced telecommunications sector, coupled with substantial investments by major carriers in 5G infrastructure, positions the region at the forefront of millimeter wave technology adoption. The demand for faster data speeds, low latency, and increased network capacity is driving widespread deployment of millimeter wave technology across urban centers in the United States and Canada. This technological advancement not only supports enhanced mobile broadband services but also facilitates the development of new applications in areas such as autonomous vehicles, healthcare, and smart cities, further solidifying North America's leadership in the millimeter wave technology market.
Europe region is poised to hold profitable growth during the forecast period. Government regulations primarily focus on spectrum allocation and standards compliance, which are essential for the deployment and operation of millimeter wave technologies. By establishing clear guidelines and standards, governments across Europe ensure interoperability and reliability of millimeter wave systems, thereby fostering confidence among stakeholders including businesses, investors, and consumers. Moreover, regulatory bodies in Europe often incentivize research and development in millimeter wave technology through funding programs and grants.
Key players in the market
Some of the key players in Millimeter Wave Technology market include E-Band Communications, LLC, Fujitsu Ltd, Intel Corporation, L3Harris Technologies, LightPointe Communications, Inc, Mitsubishi Electric Corporation, NEC Corporation, Qualcomm Technologies, Samsung Electronics and Trex Enterprises Corporation.
In December 2023, T-Mobile made public its attainment of another milestone in 5G technology within the United States. This achievement involved a test that utilized 5G standalone millimeter wave (mmWave) on its operational network. Through a partnership with Qualcomm Technologies, Inc. and Telefonaktiebolaget LM Ericsson, the company combined eight channels of mmWave spectrum, resulting in download speeds exceeding 4.3 Gbps, all achieved without the need for other mid-band or low-band spectrum
In August 2023, Fujitsu Limited revealed the development of a 5G millimeter wave chip capable of multiplexing up to four beams through a singular millimeter-wave chip designed for the radio units (RU) of 5G base stations. This advancement was conducted as part of the Research & Development Project for the Enhanced Infrastructure for Post 5G.
In March 2023, Siklu has made a strategic agreement with WAV and MBSI WAV. These companies are full-service distributors of LTE, wireless broadband, fiber, networking, and Wi-Fi equipment. This development would provide pre-sales engineering, stocking, network design, and post-sales services for Siklu's solutions operating in the 60/70 and 80 GHz bands. This service caters to various applications such as residential connectivity and video security.
In February 2023, Qualcomm Technologies, Inc., and Telefonaktiebolaget LM Ericsson 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.
In June 2022, Researchers at Tokyo Tech and NEC Corporation have launched a phased-array beamformer for the 5G millimeter wave (mmWave) band. This product enables ultra-low latency in communication along with data rates of over 10 Gbps and a massive capacity to accommodate several users.