How Has the Millimeter Wave Technology Market Evolved Historically and What is its Current Size?
The millimeter wave technology market has seen considerable growth due to a variety of factors.
•The market size for millimeter wave technology has seen tremendous expansion in the recent past. Projected growth indicates an increase from $2.94 billion in 2024 to $3.57 billion in 2025, implying a compound annual growth rate (CAGR) of 21.6%.
This progression during the historical phase can be traced back to the evolution of wireless communication, satellite communication, escalating demand for broadband services, applications in defense and aerospace sectors, and use in medical imaging applications.
What is the Forecasted Market Size and CAGR for the Millimeter Wave Technology Market?
The millimeter wave technology market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of millimeter wave technology is projected to witness a substantial rise in the upcoming years, surging to $8.68 billion in 2029 with a 24.9% compound annual growth rate (CAGR).
This expansion in the prediction period is due to factors such as escalating bandwidth demands, weather monitoring and environmental sensing, energy efficiency solutions, IoT connectivity, initiatives for smart cities, industrial automation, and swift urbanization. Noteworthy trends during the projection period comprise 5G technology advancements, AI integration, silicon photonics' technological development, and machine learning integration.
What Key Factors and Trends are Driving the Growth of the Millimeter Wave Technology Market?
As autonomous vehicles become more prevalent, the millimeter wave technology market is poised to expand correspondingly. Autonomous vehicles - which can operate and maneuver without human involvement - utilize an intricate blend of sophisticated sensors, cameras, radar, lidar, and AI algorithms to perceive their environment, make decisions, and manage their movement. Millimeter wave technology plays a crucial role in facilitating real-time communication, data transfer, and decision making in these vehicles. For instance, in 2023, it was reported by the International Energy Agency (IEA), a French-based autonomous intergovernmental organization, that electric car sales in 2022 exceeded 10 million, constituting 14% of all fresh car sales, a noticeable increase from around 9% in 2021. Owing to these factors, the rise in adoption of autonomous vehicles is significantly influencing the escalation of the millimeter wave technology market.
What are the Market Segments in the Millimeter Wave Technology Market?
The millimeter wave technology market covered in this report is segmented –
1) By Component: Antennas And Transceiver Components, Frequency Sources And Related Components, Communication And Networking Components, Imaging Components, RF And Radio Components, Sensors And Controls, Interface Components, Power And Battery Components, Other Components,
2) By Product: Scanning Systems, Radar And Satellite Communication Systems, Telecommunication Equipment, Other Products,
3) By License Type: Light Licensed Frequency Millimeter Wave, Unlicensed Frequency Millimeter Wave, Fully Licensed Frequency Millimeter Wave
4) By Frequency: 24 GHz To 57 GHz, 58 GHz To 86 GHz, 87 GHz To 300 GHz
5) By End-Use: Telecommunications, Military And Defense, Automotive And Transport, Healthcare, Electronics And Semiconductor, Security
Subsegments:
1) By Antennas And Transceiver Components: Antenna Arrays, Transmitter Modules, Receiver Modules, Integrated Circuits
2) By Frequency Sources And Related Components: Oscillators, Frequency Synthesizers, Signal Generators, Mixers
3) By Communication And Networking Components: Modulators, Demodulators, Routers, Switches
4) By Imaging Components: Millimeter Wave Cameras, Sensors, Imaging Software
5) By RF And Radio Components: Amplifiers, Filters, Waveguides
6) By Sensors And Controls: Proximity Sensors, Motion Sensors, Control Units
7) By Interface Components: Connectors, Adapters, Cables
8) By Power And Battery Components: Power Amplifiers, Battery Management Systems, Energy Harvesting Modules
9) By Other Components: Heat Sinks, Enclosures, Miscellaneous Accessories
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What Trends are Shaping the Millimeter Wave Technology Market?
Technological progressions are becoming increasingly recognized among trending influences within the millimeter wave technology sector. Leading corporations active in this realm are embracing novel technologies to retain their competitive positioning within the industry. Take for example, in January 2023, SMK Electronics Corporation, an electrical and electronics producer from the US, launched Milweb Millimeter Wave Sensor Technology and solution. This ground-breaking sensor technology employs exclusive algorithmic solutions to detect objects, surfaces, and landscapes, and it can even evaluate a person's heart rate and breath-rate from close proximity. This adaptable sensor tech has a wide variety of applications in numerous sectors, including home automation, car manufacturing, healthcare, and safety product development. It propels the automation and amalgamation of smart technologies, enabling manufacturers to augment their product lines with sophisticated safety features and functions. Considering its broad applicability, encompassing health tracking, security networks, room occupancy recognition, and vehicle warning systems, Milweb Millimeter Wave Sensor Technology paves the way for greater functionality and reinforced safety across a range of environments.
Who Are the Key Players in the Millimeter Wave Technology Market?
Major companies operating in the millimeter wave technology market include:
• Huawei Technologies Co. Ltd.
• Lockheed Martin Corporation
• Denso Corporation
• QUALCOMM Inc.
• Mitsubishi Electric Corporation
• Fujitsu Limited
• Ericsson
• NEC Corporation
• L3Harris Technologies Inc.
• Toyoda Gosei Co. Ltd.
• Keysight Technologies Inc.
• Smiths Interconnect
• Aviat Networks Inc.
• Mistral Solutions Pvt. Ltd.
• Vayyar Imaging Ltd.
• Siklu Communications Ltd.
• REMEC Broadband Wireless Networks LLC
• Radio Gigabit Inc.
• Eravant
• Sivers Semiconductors AB
• Farran Technology Ltd.
• LightPointe Communications Inc.
• Millimeter Wave Products Inc.
• Blu Wireless Technology Limited
• Vubiq Networks Inc.
• E-Band Communications LLC
• Hubei YJT Technology Co Ltd.
• BridgeComm Inc.
• Movandi Corporation
• Wireless Excellence Limited
What are the Regional Insights into the Millimeter Wave Technology Market?
North America was the largest region in the millimeter wave technology market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the millimeter wave technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
