Millimeter Wave Technology Market Size, Share & Trends Analysis Report By Product, By Component, By Frequency Band, By Application, By Region, And Segment Forecasts, 2024 - 2030

Millimeter Wave Technology Market Size, Share & Trends Analysis Report By Product, By Component, By Frequency Band, By Application, By Region, And Segment Forecasts, 2024 - 2030

Millimeter Wave Technology Market Growth & Trends

The global millimeter wave technology market size is anticipated to reach USD 38.55 billion by 2030, growing at a CAGR of 39.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. Millimeter waves are radio frequencies operating in the electromagnetic spectrum of 30 GHz to 300GHz, also known as Extremely High-Frequency (EHF) range. As millimeter waves can transmit large amounts of data with greater efficiency, they hold a significant application across the telecommunication industry.

Fiber-optic cables are one of the best transmission mediums used extensively for data transmission. However, the fiber optics technology is extremely costly, and the network is highly tedious to install, posing the millimeter wave technology as an appealing alternative for the fiber optics medium. Millimeter wave technology is becoming more affordable in high-intensity data transfer applications, thus driving the market’s growth.

The market is highly consolidated regarding applications and components, where it is extensively used. The primary application areas of the technology include telecommunication, military & defense, medical, and security services. The advancements in the telecom industry are leading to the evolution of next-generation technologies such as 5G, which is creating significant growth opportunities for the market.

Owing to the demand for higher bandwidths in fifth-generation technology, millimeter waves are expected to play a prominent role in developing 5G technology. As the market is experiencing a shift toward adopting fifth-generation technology, the market is thus anticipated to grow significantly during the forecast period.

However, only a limited number of devices currently support MMW technology, which may limit its adoption and market potential in the short term. Additionally, deploying MMW technology requires regulatory approval and licensing, which can be a time-consuming and costly process in some regions. Moreover, the implementation cost of MMW technology is relatively high due to the need for specialized equipment and infrastructure, which makes it less accessible and affordable for some markets. However, the market is anticipated to overcome these short-term challenges and witness long-term growth over the forecast period.

Millimeter Wave Technology Market Report Highlights

• The imaging & scanning systems segment is anticipated to grow significantly over the forecast period. The segment's growth can be attributed to the increasing focus of governments and international security authorities on curbing down global threats and leveraging imaging & scanning systems to do so.
• The amplifiers segment is anticipated to witness significant growth over the forecast period. The need for increased bandwidth, higher data rates in wireless communication systems, and the growing demand for high-speed and low-latency connectivity in emerging applications such as 5G networks, autonomous vehicles, and the Internet of Things (IoT) are contributing to the segment's growth.
• The V band segment is anticipated to grow significantly over the forecast period. As the demand for high-bandwidth applications continues to grow, the V band is expected to play an increasingly critical role in enabling seamless connectivity for businesses and consumers, thus driving the segment's growth.
• The security segment is anticipated to witness significant growth over the forecast period. The increasing demand for MMW scanners for security purposes is expected to boost the MMW technology market. The emerging markets of the Asia Pacific and South America & MEA regions are expected to be the potential markets capable of offering substantial growth opportunities for the technology, owing to the increasing awareness of security measures.
• Asia Pacific is anticipated to register significant growth over the forecast period. The Asia Pacific region's large population and growing adoption of connected devices and applications create significant opportunities for MMW technology in areas such as IoT, autonomous vehicles, and healthcare. Overall, the Asia Pacific region's favorable market conditions are expected to drive significant growth in the MMW technology market over the forecast period.
• In June 2023, ZTE Corporation announced its partnership with Thailand’s mobile operator Advanced Infor Service (AIS) and Qualcomm Technologies, Inc. to complete the trial of mmWave 5G Standalone technology in Bangkok. Such initiatives are harnessing innovation in the market.

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