Millimeter Wave Technology Market: Current Analysis and Forecast (2024-2032)

The Millimeter Wave Technology Market is evolving at a very high pace due to the UL demands for high bandwidths, low latency, and the development of 5G networks around the world. Millimeter wave technology uses the extremely high frequency (EHF) band with a range of 24GHz to 300GHz and therefore facilitates multi-gigabit data rates for use in telecommunication, defense, and automotive among others. Some of the factors include the 5G network deployment worldwide, increasing radar and satellite communication applications, and the increasing usage of connected devices which demand higher bandwidth and speed.

The Millimeter Wave Technology Market is expected to grow at a robust CAGR of 17.4% during the forecast period, owing to the rapid expansion of 5G infrastructure, which demands high-speed data transfer and low-latency communication. There has been tremendous investment in this market and mergers and acquisitions in the last couple of years have been quite frequent. For instance, L3 Technologies Inc. joined with Harris Corporation in 2019 yielding L3Harris Technologies which solidified its status in defense and aerospace uses of millimeter wave technology. Similarly, Siklu Communication Ltd has also expanded its portfolio and regularly growing through product releases like MultiHaul TG for wireless access at high speed. Telecom service providers' investment in the infrastructure for 5G has been another factor, with North America and APAC at the forefront.

Future projections of the millimeter wave technology market include Asia-Pacific, and especially China and India, are, anticipated for the fastest growth due to the government's effort towards the advancement of 5G. China's aggressive plan to deploy 5G and India's focus on the development of digital infrastructure are among the factors boosting market growth. Government policies and legislations being implemented in the two countries that have a positive impact on the growth of advanced telecommunications infrastructure are China's 2060 carbon neutrality resolve and India's Digital India initiative will create a large market for millimeter wave technology. These developments are on course to cement the place of millimeter wave technology across the different sectors in the Global arena.

Based on Product Type, the Millimeter Wave Technology market is segmented into Imaging and Scanning Systems, Radar and Satellite Systems, and Telecommunication Equipment. The Telecommunication Equipment segment acquired a majority share in the Millimeter Wave Technology market and is expected to showcase a substantial growth rate during the forecast period. The major application of the Telecommunication Equipment segment is in the growing 5G network which uses millimeter wave technology for data transfer at a higher data rate and bandwidth.

Based on Application, the Millimeter Wave Technology market is divided into Telecom and Datacom, Military and Defense, Automotive, Healthcare, and Others. The Telecom and Datacom segment is expected to showcase a substantial growth rate during the forecast period. The Telecom and Datacom segment is the most prominent driver in the Millimeter Wave Technology Market due to the increasing demand for high-speed data transmission, high-capacity networks, and low-latency communication which is been promoted through the implementation of 5G networks across the world. Since the demand for bandwidth is increasing day by day with the use of high bandwidth consuming applications such as video streaming, IoT, Virtual Reality, and Cloud Solutions etc. telecom operators are forced to adapt this technology at a very fast pace. This technology provides the required high-frequency spectrum for the rapidly growing mobile data traffic while improving the network characteristics which make the technology essential in modern telecom and datacom networks.

Based on Frequency Band, the Millimeter Wave Technology market is divided into 24 GHz to 57 GHz, 58 GHz to 86 GHz, and 87 GHz to 300 GHz. The 24 GHz to 57 GHz frequency band is currently the largest segment in the Millimeter Wave Technology Market. This range is commonly used in telecommunication especially for the implementation of 5G since it offers both the coverage distance and data throughput. The band 24 GHz to 57 GHz is significant for urban and suburban actualization of 5G, and remains the busiest band for mobile communications, small cell arrangements, and other speedy information exchange uses.

For a better understanding of the market adoption of the Millimeter Wave Technology industry, the market is analyzed based on its worldwide presence in countries such as North America (U.S.A., Canada, and Rest of North America), Europe (Germany, United Kingdom, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), Rest of World. The Asia-Pacific (APAC) region is experiencing rapid growth in the Millimeter Wave Technology Market, driven primarily by the deployment of 5G infrastructure in key countries like China, Japan, and India. Authorities of these nations are equally or even more engaged in developing 5G networks for the increased need for high-speed low latency connections. China is ahead of this region in 5G adoption, firms here have ambitious 5G development strategies backed by strong state-funded spending. Also, the implementation of smart cities and more adoption of IoT devices along with the development of autonomous driving is also fueling the growth of millimeter Wave technology in the region. As long as APAC continues to invest and has the support of governments around it, it will be able to grow at a very fast rate concerning the use of millimeter wave technology in telecommunication and industrial uses.

Some of the major players operating in the market include L3Harris Technologies, Inc., Farran Technology, Axxcss Wireless Solutions, Mitsubishi Electric Corporation, REMEC Broadband Wireless Networks LLC, NEC Corporation, Siklu Communication Ltd., Keysight Technologies Inc., Fujitsu, Millimeter Wave Products Inc.