Millimeter Wave Technology Market by System (Radar & Satellite Communication Systems, Scanner Systems, Telecommunication Equipment), Product (Antennas & Transceiver, Communication & Networking, Frequency Sources & Related), Frequency Band, License Type, C

Millimeter Wave Technology Market by System (Radar & Satellite Communication Systems, Scanner Systems, Telecommunication Equipment), Product (Antennas & Transceiver, Communication & Networking, Frequency Sources & Related), Frequency Band, License Type, Component, Application - Global Forecast 2024-2030

The Millimeter Wave Technology Market size was estimated at USD 3.82 billion in 2023 and expected to reach USD 4.49 billion in 2024, at a CAGR 18.67% to reach USD 12.67 billion by 2030.

Millimeter wave technology (mmWave) represents a class of wireless communication that operates in the extremely high-frequency range of the electromagnetic spectrum, specifically between 30 and 300 gigahertz (GHz). Millimeter wave technology is gaining significant traction for its potential to revolutionize various industries, including telecommunications, imaging, healthcare, automotive, and defense. The global push towards 5G deployment acts as a significant driver for this market's expansion. Rising demand for ADAS features in automobiles propels the adoption of millimeter wave radar systems. Government emphasis on enhancing security measures also contributes to increased demand for millimeter wave based security solutions. However, high attenuation rates due to adverse weather conditions and short-range capabilities of millimeter waves limit their widespread adoption. Market players are working on advancements in antenna design and materials science to improve signal propagation characteristics while minimizing energy loss. They are also developing new modulation schemes and channel coding techniques that can help optimize data transmission efficiency.

Regional Insights

In the Americas, the United States and Canada observe a rising trend in mmWave technology development with a strong focus on 5G networks. Major companies are investing heavily in mmWave research to facilitate faster internet connectivity. They are working in collaboration with local operators and government bodies to develop tailored solutions catering to regional requirements. Europe has been proactive in promoting mmWave technology adoption through research & development activities backed by private and public investment. The European Telecommunications Standards Institute (ETSI) has been instrumental in establishing standards for mmWave applications, while individual EU nations have been conducting auctions to assign mmWave spectrum to operators. The Middle East's investments into smart cities and Industry 4.0 are driving demand for mmWave solutions to enable high-speed connectivity and support IoT devices in these environments. In Asia, countries such as China, Japan, and South Korea are actively exploring mmWave technology for advanced communication systems. These countries are investing in mmWave research as it prepares to launch its 5G networks and has formed partnerships with global players to advance its capabilities in this area.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Millimeter Wave Technology Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Rising adoption in security screening and telecommunication technology
    • Extensive use of radar technology in military and aerospace industry
    • Market Restraints
      • Complex architecture of millimeter wave requiring advanced technology infrastructure
      • Market Opportunities
        • Growing innovations in the development of mmWave technologies
        • Accelerating traction of mmWave technology for automotive and healthcare applications
        • Market Challenges
          • Concern associated with distortion from atmosphere
          • Market Segmentation Analysis
            • System: Research & development in advancing telecommunication systems for 5G networks
            • Component: Advancements in antennas and sensor technologies based on mmWave for improved communication and networking
            • Frequency Band: Increasing use of less than 57 GHz frequency band due to their large bandwidths and relatively lower path loss
            • Product: Significant application of antennas and transceivers in millimeter wave technology, enabling communication and data transfer
            • License Type: Growing adoption of fully licensed frequency millimeter wave (FLF-MMW) for highly secure and stable connections with minimal risk of interference
            • Application: Vital utility of mmWave technology in military applications for missile guidance systems & drone surveillance
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Millimeter Wave Technology Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Millimeter Wave Technology Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • NTT Corporation and The University of Tokyo Collaborated to Develop Millimeter-wave RFID tag to Improve Drone Navigation Accuracy
              
              NTT Corporation and The University of Tokyo have collaborated to develop a power-free millimeter-wave RFID tag for drone navigation. This innovative technology enables drones to operate autonomously in low visibility conditions and can be utilized in locations where power installation is not feasible.
              
              MHI-MS Receives an Order for Millimeter-Wave Suppression Equipment from the Japan Automobile Research Institute
              
              Mitsubishi Heavy Industries Machinery Systems, Ltd. (MHI-MS) has entrusted the Japan Automobile Research Institute (JARI) to construct millimeter-wave suppression equipment for installation in the Specific Environment Area of Jtown by December 2023. The project is part of the Green Innovation Fund Project/Development of In-vehicle Computing and Simulation Technology for Energy Saving in Electric Vehicles initiated by the New Energy and Industrial Technology Development Organization (NEDO).
              
              Fujitsu Develops Pioneering Millimeter Wave Chip Technology for 5G Radio Units
              
              Fujitsu Limited has developed a new millimeter-wave chip for 5G that supports multibeam multiplexing. This innovative technology enables multiplexing up to four beams using a single millimeter-wave chip for base stations. The result is faster and higher capacity communications, with speeds of 10Gbps or more.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Millimeter Wave Technology Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Millimeter Wave Technology Market, highlighting leading vendors and their innovative profiles. These include Analog Devices, Inc., Asahi Kasei Microdevices Corporation, Axxcss Wireless Solutions, Inc., bq microwave, Broadcom Inc., CableFree: Wireless Excellence, Cisco Systems, Inc., Dalian Iflabel Technology Co., Ltd., Denso Corporation, Deutsche Telekom AG, ELVA-1 Microwave Handelsbolag, Eravant, Farran Technology Ltd., Fujikura Ltd., Fujitsu Limited, HFCL Limited, Huawei Technologies Co., Ltd., Keysight Technologies, Inc., Kyocera Corporation, L3Harris Technologies, Inc., Marki Microwave, Inc., MaxLinear, Inc., Millimeter Wave Products, Millimeter Wave Systems, LLC, Mistral Solutions Pvt. Ltd., Mitsubishi Electric Corporation, Movandi Corporation, NEC Corporation, Nokia Corporation, Novelic LLC, NTT DATA Corporation, Nuctech Company Limited, NXP Semiconductors N.V., Qorvo, Inc., QUALCOMM Incorporated, Quantic MWD, QuinStar Technology, Inc., Samsung Electronics Co., Ltd., Siklu Communications, Ltd., SIKORA AG, Smiths Group PLC, Sumitomo Electric Industries, Ltd., Tamagawa Holdings Co., Ltd., Telefonaktiebolaget LM Ericsson, Terasense Group Inc., Texas Instruments Incorporated, Toray Industries, Inc., Vubiq Networks, Inc., and ZTE Corporation.
            
            Market Segmentation & Coverage
            
            This research report categorizes the Millimeter Wave Technology Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • System
              • Radar & Satellite Communication Systems
              • Scanner Systems
              • Telecommunication Equipment
              • Product
                • Antennas & Transceiver
                • Communication & Networking
                • Frequency Sources & Related
                • Imaging Components
                • Interface
                • Power & Battery
                • RF & Radio
                • Sensors & Controls
                • Frequency Band
                  • 57–95 GHz
                  • 95–300 GHz
                  • Below 57 GHz
                  • License Type
                    • Fully Licensed Frequency Millimeter Wave
                    • Unlicensed Frequency Millimeter Wave
                    • Component
                      • Amplifiers
                      • Attenuators
                      • Circulators
                      • Couplers
                      • Filters
                      • Isolators
                      • Mixers
                      • Shifters
                      • Application
                        • Automotive
                        • Consumer
                        • Industrial
                        • Medical
                        • Military, Defense & Aerospace
                        • Telecom/Datacom
                        • Region
                          • Americas
                            • Argentina
                            • Brazil
                            • Canada
                            • Mexico
                            • United States
                              • California
                              • Florida
                              • Illinois
                              • New York
                              • Ohio
                              • Pennsylvania
                              • Texas
                              • Asia-Pacific
                                • Australia
                                • China
                                • India
                                • Indonesia
                                • Japan
                                • Malaysia
                                • Philippines
                                • Singapore
                                • South Korea
                                • Taiwan
                                • Thailand
                                • Vietnam
                                • Europe, Middle East & Africa
                                  • Denmark
                                  • Egypt
                                  • Finland
                                  • France
                                  • Germany
                                  • Israel
                                  • Italy
                                  • Netherlands
                                  • Nigeria
                                  • Norway
                                  • Poland
                                  • Qatar
                                  • Russia
                                  • Saudi Arabia
                                  • South Africa
                                  • Spain
                                  • Sweden
                                  • Switzerland
                                  • Turkey
                                  • United Arab Emirates
                                  • United Kingdom
                                  
                                  
                                  Please Note: PDF & Excel + Online Access - 1 Year