Global Millimeter Wave Technology Market Outlook
Revenue, 2023
Forecast, 2033
CAGR, 2023 - 2033
Millimeter Wave (MMW) Technology works at high frequencies ranging from 30 GHz to 300 GHz enabling rapid data transfer and detailed imaging crucial for advanced communication and sensing uses. In 2023 the millimeter wave technology market was estimated at around USD 3.8 billion and is expected to reach USD 12.3 billion by 2030 and possibly USD 28 billion by 2035, showing a compounded annual growth rate of approximately 18.3%. This expansion is fueled by the need for data connections in telecoms networks and also, in automotive radar and medical imaging systems.
MMW technology is commonly employed in the field of telecommunications for 5th generation networks which facilitate data transmission with minimal delays. Moreover it plays a role in enabling high quality imaging in the healthcare sector and advanced radar systems, for automotive purposes thereby improving detection abilities greatly.
Market Key Insights
- The Millimeter Wave Technology market is projected to grow from $3.8 billion in 2023 to $20.3 billion in 2033. This represents a CAGR of 18.3%, reflecting rising demand across Telecommunication, Healthcare and Automotive.
- Qualcomm, Nokia, Infineon are among the leading players in this market, shaping its competitive landscape.
- U.S. and China are the top markets within the Millimeter Wave Technology market and are expected to observe the growth CAGR of 17.6% to 25.6% between 2023 and 2030.
- Emerging markets including India, Brazil and UK are expected to observe highest growth with CAGR ranging between 13.7% to 19.0%.
- Transition like Shift Towards E-Band for Telecom Applications is expected to add $2.3 billion to the Millimeter Wave Technology market growth by 2030
- The Millimeter Wave Technology market is set to add $16.5 billion between 2023 and 2033, with service providers targeting Transceiver & RF Amplifier Component projected to gain a larger market share.
- With Demand for high-speed data and connectivity, and Advancements in automotive safety systems, Millimeter Wave Technology market to expand 437% between 2023 and 2033.
Opportunities in the Millimeter Wave Technology
Breakthroughs, in materials and production processes are driving down the costs of MMW components - Widening their availability across diverse industries.
Growth Opportunities in North America and Asia-Pacific
North America Outlook
In the field of millimeter wave (MMW) technology research and implementation in North America takes the lead due to demand in sectors such, as telecommunications and automotive industry. Notable companies operating in this region include Qualcomm and Keysight Technologies.
Asia-Pacific Outlook
In the Asia Pacific region, there is a growing use of MMW technology in sectors such as telecommunications, automotive industry and healthcare along with substantial funding going towards developing 5G infrastructure. Leading the way in this area are corporations, like NEC Corporation and Samsung.
Market Dynamics and Supply Chain
Driver: Demand for High-Speed Data and Connectivity, and Healthcare Imaging Innovations
The industry's emphasis, on advanced driver assistance systems (ADAS) is also pushing for the integration of millimeter wave (MMW) technology to enhance radar sensing accuracy.
Restraint: High Equipment Costs, and High Equipment Costs
The price of MMW technology is quite high which hinders its use, in applications.
Opportunity: Emerging Markets Adoption and Integration with AI for Enhanced Imaging
When AI is combined with MMW imaging technology, it enhances abilities significantly. This leads to imaging accuracy, in medical and security fields.
Challenge: Technical Complexity in Integration
Supply Chain Landscape
Sumitomo Electric
Cree
[Provides essential materials such as gallium arsenide and silicon germanium]
Analog Devices
Qorvo
Nokia
Qualcomm
Telecommunications
Automotive
Healthcare
[Verizon, Toyota, GE Healthcare]
Sumitomo Electric
Cree
[Provides essential materials such as gallium arsenide and silicon germanium]
Analog Devices
Qorvo
Nokia
Qualcomm
Telecommunications
Automotive
Healthcare
[Verizon, Toyota, GE Healthcare]
Applications of Millimeter Wave Technology in Telecommunication, Healthcare & Automotive
Millimeter wave technology is utilized in 5th generation networks to facilitate fast data transmission rates and enhance network capacity while also minimizing latency issues. Companies such as Qualcomm and Nokia are actively developing millimeter wave solutions, for the telecommunications sector.
In the automotive industry applications, millimeter waves elevate the performance of radar driven safety features like adaptive cruise control and collision prevention by facilitating accurate object detection capabilities. Entities such as Infineon and Bosch have developed expertise in manufacturing MMW radar systems, for automobiles.
mmWave technology is applied in imaging and diagnostics to deliver detailed images for areas like cancer treatment and skin analysis. Leading companies, like GE Healthcare and Philips are actively incorporating mmWave technology into healthcare imaging solutions.
Milimeter wave (mmWave) technology is commonly employed in security fields for screening and imaging purposes to detect objects without physical contact at airports and high security locations. Smith Detection and L3Harris are, at the forefront of providing mmWave based security solutions.
Recent Developments
Qualcomm unveiled a MMW chipset aimed at improving data transmission in 5G networks.
Infineon broadened its range of radar products by integrating sophisticated millimeter wave (MMW) features to enhance collision prevention measures.
Smith Detection introduced a security screening system that uses MMW technology for airport use. The system aimed to enhance detection accuracy in security screenings.