Millimeter Wave Technology Market Size (2024 - 2029)

Millimeter Wave Technology Market Analysis

The Millimeter Wave Technology Market size is estimated at USD 3.63 billion in 2024, and is expected to reach USD 13.61 billion by 2030, growing at a CAGR of 24.60% during the forecast period (2024-2030).

• The technology accommodates the massive increase in data demands from connected homes, AR/VR devices, cloud gaming systems, and other cloud-connected devices. Furthermore, mmWave bands above 50 GHz can provide over 20 GHz additional bandwidth in large, heavy chunks, allowing higher data rates. Some traditional wireless bands, notably 26 GHz and 28 GHz, have an uncertain future for backhaul since they are now targeted for 5G radio access. ETSI's mWT ISG already expressed concern regarding the need, while allocating mmWave bands for 5G, to consider operators' ability to continue operating the backhaul for their 3G and 4G networks.​
• The rising use of millimeter-wave bands, owing to the advantages such as frequency re-usability and large channel bandwidths, make millimeter-wave and sub-millimeter, suitable for the high capacities required by 5G enhanced Mobile Broadband. Thus, the use of millimeter-wave bands for the access networks to increase the throughput of the User Equipment and backhaul of the base stations is adding demand for Millimeter Wave Technology.
• The market is expected to grow moderately during the forecasted period. The government initiatives toward the deployment of 5G and advancement in new technologies like IoT and smart cities are pushing the market players to develop new services/solutions to capture the market share.
• Migration from 4G to 5G has increased the demand for mmWave bands with wider bandwidths and high-speed data rates, increasing manufacturing costs. These higher costs for components and operations in high-volume manufacturing parts have forced manufacturers to rethink the economics of automated component testing. 
• Demands for compatible millimeter wave components are adding substantial expense to manufacturers. mmWave 5G devices are substantially expensive to produce and sell. The challenge of deploying enough of the mmWave small cells to cover entire cities is anticipated to slow down market adoption in recent years.

Millimeter Wave Technology Industry Segmentation

The millimeter wave technology market is defined based on the revenues generated from the various mmWave technology components used in various end-user applications. The analysis is based on the market insights captured through secondary research and the primaries. The market also covers the major factors impacting the growth of the market in terms of drivers and restraints. The scope of the study is based on the type of the component (antennas and transceivers, communications and networking, interface, frequency, and related components, imaging, and other components) and the Licensing Model (fully/partially licensed and unlicensed).

The millimeter wave technology market is segmented by type of component (antennas & transceiver, communications & networking components, interface, frequency & related components, imaging, and other components), licensing model (fully/partly licensed and unlicensed), and geography (North America [United States, Canada], Europe [United Kingdom, Germany, France, Rest of Europe], Asia-Pacific [China, Japan, India, South Korea, Rest of Asia-Pacific], Middle East and Africa, Latin America). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.