Global Millimeter Wave Technology Market Size, Share, Growth Analysis, By Product (Telecommunication Equipment, Imaging & Scanning Systems), By Frequency Band(V-Band, E-Band and Other Frequency Band) - Industry Forecast 2023-2030

Global Millimeter Wave Technology Market size was valued at USD 2 billion in 2021 and is poised to grow from USD 2.80 billion in 2022 to USD 29.85 billion by 2030, at a CAGR of 40.20% during the forecast period (2023-2030).

Millimeter wave technology is gaining prominence in the healthcare and aerospace sectors due to the increasing demand for imaging devices, networks, displays, and heightened security requirements. The adoption of building automation and the industrial sector's need for millimeter wave solutions have enabled precise occupancy detection and person tracking at distances ranging from 14 to 50 meters. Global progress in material science, imaging technology, and industrial process control is propelling the millimeter wave industry forward. The expanding deployment of 5G applications is creating ample opportunities for the millimeter wave technology market to flourish, as it plays a crucial role in wireless networks by offering higher data transfer speeds and lower latency. Notably, Pharrowtech, a pioneer in mmWave hardware and software development, secured USD 18.40 million in a Series A funding round for its next-generation 60 GHz wireless RF transceivers and antenna technology. Furthermore, millimeter wave technology holds the potential to revolutionize communication, supporting the Internet of Things (IoT), wireless virtual reality, augmented reality, and other innovative applications, contributing to the industry's anticipated growth driven by the increasing demand for advanced communication systems.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Millimeter Wave Technology Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Millimeter Wave Technology Market Segmental Analysis

Global Millimeter Wave Technology Market is segmented on the basis of product, frequency band, component and region. By product, the market is segmented into telecommunication equipment, imaging & scanning systems, radar & satellite communication systems. By frequency band, market is segmented into v-band, e-band, and other frequency bands. By component, the market is segmented into antennas & transceivers, amplifiers, oscillators, control devices, frequency converters, passive components. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Millimeter Wave Technology Market

The United States, Japan, South Korea, and China boast cutting-edge, highly efficient infrastructure that relies on 5G networking for optimal functioning. This technology is crucial for processing massive amounts of data swiftly and with minimal latency. The 5G network utilizes millimeter wave technology, known for its high frequency and significant data-carrying capacity over short distances, ensuring flawless wireless communication performance. Notably, Huawei predicts that by 2025, China will contribute to one-third of all global 5G network users. The demand for millimeter wave technology is driven by advancements in wireless technologies, supporting 5G networks and facilitating high-speed communication, high bandwidth, and the seamless handling of substantial data. These technological strides also connect various devices and sensors, propelling advancements in smart technologies such as automobiles, cell phones, medical devices, and more. Consequently, the global demand for millimeter wave technology is on the rise, fueled by the increasing penetration of mobile devices in consumer electronics.

Restraints in the Global Millimeter Wave Technology Market

The swift deployment of a 5G network is essential for the effective utilization of millimeter-wave technology, enabling faster connectivity. Despite its advantages, this technology faces limitations such as a short range, susceptibility to obstruction by walls or buildings, and vulnerability to interference from air pollutants and electricity towers. These environmental factors pose risks to human health, animals, and vegetation. The widespread adoption of 5G in developed nations is expected to drive the demand for millimeter-wave technology, contributing to adverse effects on the well-being of individuals, pets, and the environment. These challenges constrain the market expansion of this technology.

Market Trends of the Global Millimeter Wave Technology Market

Millimeter wave technology finds extensive use in wireless backhaul applications, playing a crucial role in meeting the escalating demand for data transmission, particularly in densely populated urban areas. In these settings, millimeter wave links establish robust, high-capacity connections between base stations and the core network, addressing the imperative for dependable and high-bandwidth connections necessary to accommodate the surging volume of data traffic.