Millimeter Wave Technology Market to Reach $17.9 Billion, Globally, by 2032 at 20.4% CAGR: Allied Market Research

The increase in demand for high-speed data transfer and low-latency communication, and expansion of 5G infrastructure are the major factors that drive the millimeter wave technology market growth.

/EIN News/ -- Wilmington, Delaware, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Millimeter Wave Technology Market by Component (Antenna and transceiver components, Frequency sources and related components, Communication and networking components, Maging components, RF and radio components, Sensors and controls and Others), Product type (Scanner systems, Radar and satellite systems and Telecommunication equipment), License type (Light licensed frequency, Unlicensed frequency and Fully licensed frequency), Frequency band (24 GHz to 57 GHz, 58 GHz to 86 GHz and 87 GHz to 300 GHz), Application (Telecom and datacom, Military and defense, Automotive, Industrial, Consumer, Medical and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the millimeter wave technology market was valued at $3.4 billion in 2023, and is estimated to reach $17.9 billion by 2032, growing at a CAGR of 20.4% from 2024 to 2032. 

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• 193 – Tables 

• 74 – Charts 

• 250 – Pages 

Prime Determinants of Growth    

The increase in demand for high-speed data transfer and low-latency communication, and expansion of 5G infrastructure are the major factors that drive the millimeter wave technology market growth. However, high initial investment costs limit its adoption, which, in turn, hampers the growth of the market. On the contrary, the growth of the Internet of Things (IoT) ecosystem, and expansion of smart grids are anticipated to provide lucrative opportunities for the millimeter wave technology market during the forecast period.   

Report coverage & details:  

Report Coverage	Details
Forecast Period	2024–2032
Base Year	2023
Market Size in 2023	$3.4 billion
Market Size in 2032	$17.9 billion
CAGR	20.4%
No. of Pages in Report	250
Segments Covered	Component, Product, License Type, Frequency Band, Application and Region.
Drivers	Increase in demand for high-speed data transfer and low-latency communication   Expansion of 5G infrastructure
Opportunities	Developments in the Internet of Things (IoT) ecosystem   Expansion of smart grids
Restraint	High initial investment costs

Segment Highlights   

Based on product, the telecommunication equipment segment dominated the market in terms of revenue in 2023 and is expected to follow the same trend during the forecast period due to the rapid deployment of 5G networks and the increase in need for high-speed data transmission. The superior bandwidth capabilities of millimeter wave technology are crucial for supporting the high data rates required by modern telecommunication systems. In addition, surge in demand for enhanced mobile broadband experiences, coupled with rise in smart device usage, drives the adoption of millimeter wave technology in telecommunication equipment.    

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Based on component, the antenna & transceiver components segment held the highest market share in 2023, accounting for nearly half of the millimeter wave technology market share due to the critical role these components play in enabling high-frequency signal transmission and reception, which is essential for 5G networks and other advanced communication systems. Antennas and transceivers are fundamental in ensuring the efficient operation and performance of millimeter wave technology, particularly in telecommunication applications.   

Based on license type, the unlicensed frequency segment held the highest market share in 2023, accounting for nearly half of the millimeter wave technology market share due to the flexibility and cost advantages it offers compared to licensed frequencies. Unlicensed frequencies facilitate quicker deployment of millimeter wave technologies without the need for obtaining expensive and time-consuming licenses. This encourages innovation and widespread adoption, particularly in applications like wireless broadband and small cell deployments for 5G networks.   

Based on frequency, the 24 GHz to 57 GHz segment held the highest market share in 2023, accounting for nearly half of the millimeter wave technology market share owing to its widespread adoption in 5G networks and wireless communication applications. Frequencies in this range offer an optimal balance between range and data transfer rates, making them ideal for urban and suburban deployments. In addition, the availability of a broader spectrum and established infrastructure support the extensive use of this frequency range.   

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Based on application, the telecom & datacom segment held the highest market share in 2023, accounting for nearly half of the millimeter wave technology market share owing to the critical role millimeter wave technology plays in the deployment of 5G networks, which require high-frequency bands to deliver ultra-fast data speeds and low latency. The increase in demand for high-speed internet, enhanced mobile broadband services, and the exponential growth of data traffic are driving the adoption of millimeter wave technology in telecom and datacom applications.    

On the basis of region, the millimeter wave technology market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America held the highest market share in the millimeter wave technology market in 2023. This is driven by the early and extensive deployment of 5G networks across the U.S. and Canada. North America benefits from significant investments in advanced telecommunications infrastructure, strong support from government and regulatory bodies, and a high concentration of key market players and technology innovators.   

Key Players:  

• NEC Corporation  

• L3 Technologies, Inc.  

• Keysight Technologies  

• Millimeter Wave Products Inc.  

• BridgeWave Communications (REMEC Broadband Wireless Networks)   

• CableFree: Wireless Excellence  

• Farran Technology  

• E-Band Communications, LLC  

• SAGE Millimeter, Inc.  

• Siklu Communication  

• Denso Corporation,   

• Fujitsu  

• Mitsubishi Electric Corporation  

• MMW Biomedical  

• Hubei YJT Technology    

The report provides a detailed analysis of these key players in the global millimeter wave technology market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.    

Recent Development:   

• In August 2023, Siklu a global provider of millimeter wave (mmWave) solutions for Digital City and Gigabit Wireless Access (GWA), launched its new MultiHaul TG T261 terminal unit. The T261 mainly represents Siklu’s fourth addition to the MultiHaul TG family of point-to-multipoint 60 GHz products and is Terragraph (TG) certified.  

Key Benefits For Stakeholders: 

• On the basis of component, the antenna & transceiver components segment dominated the millimeter wave technology industry size in terms of revenue in 2023 and is anticipated to grow at the fastest CAGR during the forecast period.  

• On the basis of product, the telecommunication equipment segment dominated the millimeter wave technology industry size in terms of revenue in 2023 and is anticipated to grow at the fastest CAGR during the forecast period.  

• On the basis of license type, the unlicensed frequency segment dominated the millimeter wave technology industry size in terms of revenue in 2023 and is anticipated to grow at the fastest CAGR during the forecast period.  

• On the basis of frequency brand, the 24 GHz to 57 GHz segment dominated the millimeter wave technology market size in terms of revenue in 2023 and is anticipated to grow at the fastest CAGR during the forecast period.  

• On the basis of application, the telecom & datacom segment dominated the millimeter wave technology market size in terms of revenue in 2023.  

• Region-wise, North America generated the largest revenue in 2023. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period. 

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Millimeter Wave Technology Market Key Segments: 

By Component 

• Antenna and transceiver components 

• Frequency sources and related components 

• Communication and networking components 

• Maging components 

• RF and radio components 

• Sensors and controls 

• Others 

By Product Type 

• Scanner systems 

• Radar and satellite systems 

• Telecommunication equipment 

By License Type 

• Light licensed frequency 

• Unlicensed frequency 

• Fully licensed frequency 

By Frequency Band 

• 24 GHz to 57 GHz 

• 58 GHz to 86 GHz 

• 87 GHz to 300 GHz 

By Application 

• Telecom and datacom 

• Military and defense 

• Automotive 

• Industrial 

• Consumer 

• Medical 

• Others 

By Region: 

• North America (U.S., Canada, and Mexico) 

• Europe (UK, Germany, France, Russia, and Rest of Europe) 

• Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific) 

• Latin America (Brazil, Argentina, and Rest of Latin America) 

• Middle East and Africa (UAE, Saudi Arabia, and Rest of Middle East and Africa) 

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