Millimeter Wave Technology Market
The market for Millimeter Wave Technology was estimated at $3.8 billion in 2023; it is anticipated to increase to $12.3 billion by 2030, with projections indicating growth to around $28.4 billion by 2035.
Report Summary
Market Data
Methodology
Table of Contents
Global Millimeter Wave Technology Market Outlook
Revenue, 2023
$3.8B
Forecast, 2033
$20.3B
CAGR, 2024 - 2033
18.3%
The Millimeter Wave Technology industry revenue is expected to be around $5.3 billion in 2024 and expected to showcase growth with 18.3% CAGR between 2024 and 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 $717 million 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 also driving down the costs of MMW components - Widening their availability across diverse industries.
Growth Opportunities in North America and Asia-Pacific
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.
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
01
Driver: Demand for High-Speed Data and Connectivity, and Healthcare Imaging Innovations
Millimeter wave technology fulfills the need for data transmission and connectivity required for 5th generation networks and applications in the Internet of Things (IoT). Millimeter wave technology enables non invasive imaging that improves the accuracy of diagnoses in healthcare fields, like oncology and dermatology.
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.
02
Restraint: High Equipment Costs, and Technical Complexity in Integration
The price of MMW technology is quite high which hinders its use, in applications.
Some industries may face challenges in adopting MMW components due, to the expertise and equipment needed for integration.
03
Opportunity: Emerging Markets Adoption and Integration with AI for Enhanced Imaging
Developing nations are quickly embracing millimeter wave technology, for communication purposes. This trend presents a growth opportunity as the 5th generation network infrastructure continues to grow.
When AI is combined with MMW imaging technology, it enhances abilities significantly. This leads to imaging accuracy, in medical and security fields.
04
Challenge: Regulatory and Frequency Allocation Challenges
The distribution of frequencies in millimeter wave (MMW) bands may differ depending on the region. This can make it challenging to achieve high usage globally and especially, in the field of telecommunications.
Supply Chain Landscape
1
Material Supplier
Sumitomo ElectricCree[Provides essential materials such as gallium arsenide and silicon germanium]
2
Component Manufacturer
Analog DevicesQorvo
3
System Integrator
NokiaQualcomm
4
End-User
TelecommunicationsAutomotiveHealthcare[Verizon, Toyota, GE Healthcare]
1
Material Supplier
Sumitomo ElectricCree[Provides essential materials such as gallium arsenide and silicon germanium]
2
Component Manufacturer
Analog DevicesQorvo
3
System Integrator
NokiaQualcomm
4
End-User
TelecommunicationsAutomotiveHealthcare[Verizon, Toyota, GE Healthcare]
Use Cases of Millimeter Wave Technology in Telecommunication & Healthcare
Telecommunication : 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.
Automotive : 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.
Healthcare : 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.
Security : 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
Advancements in millimeter wave (MMW) technology are geared towards improving telecommunications and applications in the healthcare industry. Qualcomms latest MMW chipset enables high speed data transmission for generation wireless technology (5G) whereas Infineons radar solutions contribute to enhancing safety features in vehicles. Additionally Smith Detections screening system underscores the capabilities of MMW technology, in boosting security measures.
October 2024 : Qualcomm unveiled a MMW chipset aimed at improving data transmission in 5G networks.
July 2024 : Infineon broadened its range of radar products by integrating sophisticated millimeter wave (MMW) features to enhance collision prevention measures.
May 2024 : Smith Detection introduced a security screening system that uses MMW technology for airport use. The system aimed to enhance detection accuracy in security screenings.
Impact of Industry Transitions on the Millimeter Wave Technology Market
As a core segment of the Telecommunication & Cellular Devices industry,
the Millimeter Wave Technology market develops in line with broader industry shifts.
Over recent years, transitions such as Shift Towards E-Band for Telecom Applications and Increased Use of MMW in Automotive Radar have redefined priorities
across the Telecommunication & Cellular Devices sector,
influencing how the Millimeter Wave Technology market evolves in terms of demand, applications and competitive dynamics.
These transitions highlight the structural changes shaping long-term growth opportunities.
01
Shift Towards E-Band for Telecom Applications
The usage of E-Band frequencies is rising in the field of telecommunications to enhance high capacity backhaul services that cater to 5G networks and support dense urban connectivity.
02
Increased Use of MMW in Automotive Radar
Technology known as mmWave is becoming increasingly popular in the realm of radar applications. It offers capabilities for detecting objects and measuring distances, in the context of ADAS (Advanced Driver Assistance Systems) and autonomous driving.