Millimeter Wave Technology Market by Product (Scanning System, Telecommunication Equipment, Radar and Satellite Communication System, Others), License Type, Component, Frequency Band, End Use and Region - Global Forecast to 2029

Millimeter Wave Technology Market by Product (Scanning System, Telecommunication Equipment, Radar and Satellite Communication System, Others), License Type, Component, Frequency Band, End Use and Region - Global Forecast to 2029

The millimeter wave technology market is projected to grow from USD 3.0 billion in 2024 to USD 7.6 billion by 2029, registering a CAGR of 20.1% during the forecast period. Some of the major factors driving the growth of the millimeter wave technology market include increase in broadband and mobile speeds, proliferation of wireless backhaul and growing adoption of 5G network, and high demand for millimeter wave technology in security and radar applications. However, challenges associated with physical properties of millimeter waves act as a challenge for the market in the future. The major growth opportunities for the market players are the emergence of autonomous vehicles and surging use of 5G and millimeter wave technologies.

""Market for fully licensed expected to have highest share during the forecast period.""

Over the course of the forecast period, the millimeter wave technology market segment with the largest share is anticipated to be fully licensed. The frequency ranges between 8 GHz and 23 GHz, 23 GHz and 38 GHz, and 38 GHz and 43 GHz make up the fully licensed millimeter wave section. Comparing this frequency band to unlicensed and lightly licensed frequency bands, the market sector it occupies is smaller. The frequency bands utilized in point-to-point wireless communications are fully licensed. One of the anticipated developments in the telecom industry is the frequency spectrum based on 5G technology, which is a portion of the fully licensed millimeter wave spectrum.

""Telecommunication equipment segment expected to register the highest CAGR during the forecast period.""

During the forecast period, the communications equipment segment of the millimeter wave technology market is anticipated to have the greatest compound annual growth rate. By product, the millimeter wave technology market is anticipated to be dominated by the telecommunication equipment segment. The increased utilization of millimeter wave components for 5G backhaul is the reason for this segment's supremacy. Additionally, a lot of small-cell and macrocell telecommunications equipment, both indoors and outdoors, uses millimeter wave components. Because they are widely used for people screening in airports, shopping centers, and other public areas, scanner systems are anticipated to hold a sizeable portion of the market. The market for satellite and radar communication systems is expected to expand rapidly as a result of its use in defense and military applications.

""Europe is expected to have second highest CAGR among other regions in forecast period.""

Europe is expected to have second second-highest CAGR for millimeter wave technology in 2023. When it comes to 5G experiments and projects, Europe has led the way. These are currently being adopted globally. 5G services, such as improved mobile broadband, large machine-type communications, and ultra-reliable and low-latency communications, are being offered by a variety of sectors around Europe. Such commercial 5G launches necessitate significant expenditures for new spectrum, new capabilities, and infrastructure, as well as tight cooperation between telecom operators, network enablers, and government agencies. The European Commission also banned using X-ray backscatter machines at airports due to health and safety concerns. All these factors fuel the demand for millimeter wave scanners based on millimeter wave technology in Europe.

In determining and verifying the market size for several segments and subsegments gathered through extensive secondary research, primary interviews have been conducted with key industry experts in the millimeter wave technology market.

The break-up of primary participants for the report has been shown below:

By company type: Tier 1 - 38%, Tier 2 - 28%, and Tier 3 - 34%

By designation: C-Level Executives - 40%, Managers - 30%, and Others - 30%

By region: North America - 35%, Europe - 20%, Asia Pacific - 35%, and RoW - 10%

The report profiles key players in the millimeter wave technologymarket with their respective market ranking analyses. Prominent players profiled in this report include Axxcss Wireless Solutions (US), NEC Corporation (Japan), Ceragon (Israel), L3Harris Technologies, Inc. (US), Aviat Networks (US), Smiths Group plc (UK), Eravant (US), Farran (Ireland), Keysight Technologies (US), Ducommun Incorporated (US), and Millimeter Wave Product, Inc, (US), among others.

Research Coverage

This research report categorizes the millimeter wave technology market based on technology, end-user industry, and region. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the millimeter wave technology market and forecasts the same till 2029. The report also consists of leadership mapping and analysis of companies in the millimeter wave technology ecosystem.

Reasons to buy this report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall millimeter wave technology market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

Analysis of key drivers (increase in broadband and mobile speeds, proliferation of Wireless Backhaul and growing adoption of 5G network, high demand for millimeter wave technology in security and radar applications, and growing need for faster data transmission), restraints (low penetration power and adverse impact on environment), opportunities (surging use of 5G and millimeter wave technologies, emergence of new applications in aerospace & defense industry, emergence of autonomous vehicles, and rising use of V-band millimeter waves for last-mile connectivity), and challenges (challenges associated with physical properties of millimeter waves) influencing the growth of the millimeter wave technology market

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the millimeter wave technologymarket

Market Development: Comprehensive information about lucrative markets – the report analyses the millimeter wave technology market across varied regions

Market Diversification: Exhaustive information about new products & technologies, untapped geographies, recent developments, and investments in the millimeter wave technology market

Competitive Assessment: In-depth assessment of market shares, growth strategies, and product/service offerings of leading players like Axxcss Wireless Solutions (US), NEC Corporation (Japan), Ceragon (Israel), L3Harris Technologies, Inc. (US), Aviat Networks (US), Smiths Group plc (UK), Eravant (US), Farran (Ireland), Keysight Technologies (US), Ducommun Incorporated (US), and Millimeter Wave Product, Inc, (US), among others in the millimeter wave technology market.