Millimeter Wave Technology Market Size, Global Report, 2030
Millimeter Wave Technology Market Size, Share & Trends Analysis Report By Product (Telecom Equipment, Imaging & Scanning Systems), By Component, By Application, By Frequency Band, By Region, And Segment Forecasts, 2022 - 2030
The global millimeter wave technology market was estimated to be USD 2.03 billion in 2021 and is expected to reach USD 38.55 billion by 2030, expanding at a compound annual growth rate (CAGR) of 39.1% from 2022 to 2030. The increasing research & development activities in MMW technology and the continuously rising demand for the product in the telecommunications sector are anticipated to propel the global market. The continuously rising demand from bandwidth-intensive applications, arising mainly from consumer electronic products, such as smartphones and wearable electronics, is necessitating the need for high-bandwidth, high-speed internet across the telecom sector.
Data-intensive services, such as video streaming, video conferencing, media exchange over the internet, and high-speed online gaming are expected to boost the demand for high bandwidth, fostering the need for adopting the product. MMW technology is extensively used in applications across various sectors such as telecommunication, military & defense, security, automotive, and healthcare. The increasing demand arriving from all these industrial and commercial sectors is further expected to catapult the market at a considerable pace.
The increasing infrastructural deployments, for faster access to data, videos, voice, and services and the growing demand for the high-speed network for accessing smart systems, on residential and commercial levels, are additionally contributing to the market growth. The increasing penetration of internet services, e-governance services, and cloud computing are further expected to drive demand over the projected time. However, the range limitations of technology and the propagation challenges arising on account of environmental or climatic conditions are expected to hamper the market growth over the forecast period. Furthermore, the technology, being a type of line-of-sight communication, could face a few more obstructions while flourishing smoothly. Intensive R&D activities are being carried out across the globe to nullify the challenges and other obstacles hampering the market's growth.
The COVID-19 pandemic had a slightly decelerating impact on the millimeter wave technology market. Due to the severe lockdowns announced across the globe, the manufacturing of the components required in the technology was shut down. This inadvertently impacted the installations and expansion activities of the market players. The pandemic severely affected the company revenues and hence also impacted the capital expenditures and capital expenditure projections of many companies. Moreover, the advent of the global pandemic delayed the implementation of several 5G projects. The delay in 5G was owing to the halt of spectrum issuance and auctioning during the lockdown. The other application sectors such as automotive & transport and electronics were severely affected by the pandemic and hence the demand from these sectors witnessed a fall. The telecom industry was comparatively resilient in the crisis owing to its flexible digital core. The target market started to recover by the end of 2021 and considerably gained momentum in the beginning of 2021.
The usage of millimeter wave technology across telecommunication equipment has revolutionized the telecom sector. Millimeter waves are creating revolutions across the fifth generation (5G) cellular communication, owing to their ability to transfer gigabits of data per second. The telecommunication equipment segment held the highest market share of above 58.15% in 2021, on account of the enlarged telecom sector.
The growing application of MMW technology in imaging and scanning systems has enhanced the features of these systems by providing stability and reliability. Furthermore, the accuracy of the security systems is enhanced with the adoption of technology in scanners. Radio and satellite communication systems form an integral part of a nation's national security. With the application of millimeter wave technology in radar & satellite communication, the security systems have become more efficient and reliable, modernizing defense techniques.
Component Insights
The antennas and transceivers segment accounted for the largest share in 2021 and generated the largest revenue. This segment held a market share of about 41.59% in 2021. The segment is expected to maintain its dominance over the forecast owing to the massive adoption of the products across industries such as telecommunications and security. Both telecommunication and defense sectors are immensely flourishing across the globe and hence the demand from these industries is expected to grow significantly in the coming years.
The frequency converters segment is anticipated to grow at the highest CAGR of 41.1% from 2022 to 2030. The increasing demand for high-bandwidth applications and small-cell backhaul applications, where frequency plays a vital role are the factors driving the growth of this segment. Frequency converters convert the frequency of the alternating current. Frequency converters can minimize electrical as well as mechanical stress. A frequency converter plays a vital role, in extending the life of components and equipment. The efficiency of signals produced by MM wave technology depends on the nature of frequencies and hence it is an important component.
The application segment of the global market is categorized into telecommunications, military & defense, automotive & transport, healthcare, electronics & semiconductor, and security applications. The telecommunications segment holds the maximum market share of over 49.18% in 2021, owing to the increased demand for high-speed data transfer and communication arising from the residential and commercial sectors such as data centers and IT offices. Telecommunication application is expected to grow significantly during the forecast period owing to the launch of 5G technology. MMW technology is well suited for 5G network.
The millimeter-wave scanners are in high demand and are being adopted by international airport authorities, worldwide. This increasing adoption of the MMW scanners, on account of the global terrorism issue, is expected to propel the growth of the millimeter wave technology market across the security application segment. The military & defense segment is projected to witness the fastest growth rate of above 41.5% in the next six years on account of the increasing adoption of MMW technology in various applications such as point-to-point communications, inter-satellite links, and others.
Frequency Band Insights
Based on the frequency band, the global market is segmented into V-band, E-band, and other millimeter-wave frequency bands. The V-band frequencies range between 40 GHz to & 70 GHz and the millimeter waves of these bands are particularly used in military & defense applications. In addition, the V-band frequencies are extensively used in radar & satellite communications. The market for E-band frequency applications is forecasted to experience a notable shift over the estimated duration. E-band frequencies hold remarkable applications across the telecommunication equipment segment.
The telecommunications sector is anticipated to keep on dominating its grip over the entire market at a fast pace. In turn, the E-band frequency segment is projected to grow at a high rate over the forecast period. The E-band frequency segment held the largest market share of 62.07% in 2021. The E-band segment is also the fastest-growing segment, and it is expected to grow at a CAGR of 39.8% during the forecast period. The V-band segment held the second-largest market share and also is expected to grow significantly during the forecast period. A limited number of frequency bands are allocated for commercial usage of millimeter wave technology.
Based on the geographies, the market for MMW technology is segmented into North America, Europe, Asia Pacific, and Rest of World (RoW) regions. The North America region accounted for the largest market size in 2021 owing to the broader acceptance of technology in the region. The countries such as the U.S. and Canada are prominent and early adopters of upcoming and emerging technologies. Thus, the factors are creating opportunities for MMW technology in different applications.
The market in the Asia Pacific and Rest of World (RoW) regions is anticipated to witness notable growth during the forecast period. The Asia Pacific region is poised to exhibit the highest rate with a CAGR of more than 44.0% over the forecast period. This rapid growth of the technology in the Asia Pacific region can be attributed to the developments and upgrades being carried out in its telecom infrastructures. Further, the installation of new telecom equipment, based on the millimeter wave technology, is also expected to drive the overall market across the region, at a significant pace.
Market players are adopting various growth strategies such as expansion, collaboration, partnership, investments, and new installations among others. For instance, in October. 2019 Siklu and BATS Wireless, announced the testing of BATS' OnPoint 5G antenna stabilization system with Siklu's EtherHaul 8010FX. It is a high-throughput, millimeter-wave wireless radio, which has applications in 5G backhaul. The test was successful and showed how OnPoint 5G could help meet the stability requirements of a high-capacity millimeter wave link.
The service providers in the telecom industry are intensely focusing on improvising the technology to meet the demands of the increasing bandwidth applications and high-speed internet requirements arising from the bandwidth-intensive applications. Some of the key players in the global millimeter wave technology market include:
Aviat Networks, Inc.
Siklu Communication Ltd.
E-band Communications LLC
Sage Millimeter, Inc.
Bridgewave Communications, Inc.
Millimeter Wave Technology Market Report Scope
CAGR of 39.1% from 2022 to 2030
Market representation
Revenue in USD Million & CAGR from 2022 to 2030
North America, Europe, Asia Pacific, Rest of World (RoW)
Product, component, application, frequency band, region
U.S.; Canada; Mexico; U.K.; Germany; France; Japan; China; India.
Aviat Networks, Inc.; Siklu Communication Ltd.; E-band Communications LLC; Sage Millimeter, Inc.; Bridgewave Communications, Inc.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest trends and opportunities in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global millimeter wave technology market based on product, component, application, frequency band, and region:
Imaging & Scanning Systems
Radar & Satellite Communication Systems
Component Outlook (Revenue, USD Million, 2017 - 2030)
Antennas & Transceivers
Others (Ferrite Devices, Radiometers, etc.)
Frequency Band Outlook (Revenue, USD Million, 2017 - 2030)
V-Band
E-Band
Other Frequency Bands
Rest of World (RoW)
How big is the millimeter wave technology market?
b. The global millimeter wave technology market size was estimated at USD 2.03 billion in 2021 and is expected to reach USD 2.75 billion in 2022.
What is the millimeter wave technology market growth?
b. The global millimeter wave technology market is expected to grow at a compound annual growth rate of 39.1% from 2022 to 2030 to reach USD 38.55 billion by 2030.
Which segment accounted for the largest millimeter wave technology market share?
b. North America dominated the millimeter wave technology market with a share of 42.9% in 2021. This is attributable to the U.S. and Canada being one of prominent and early adopters of the technology.
Who are the key players in MMW technology market?
b. Some key players operating in the MMW technology market include Aviat Networks, Inc., Siklu Communication Ltd., E-band Communications LLC, Sage Millimeter, Inc., and Bridgewave Communications, Inc.
What are the factors driving the millimeter wave technology market?
b. Key factors that are driving the market growth include continuously rising demand from bandwidth-intensive applications across the telecom and IT sector.
In contrast to its related industries like consumer electronics and semiconductors, the data center and communications infrastructure industry is expected to be more buoyant with continued strategic investments made to support the increased network traffic and data usage for remote working during the lockdown phase. From school closures necessitating students to use virtual offerings (Google Classroom ) to the governments using business analytics services (Power BI) for communicating virus updates, the demand for communication services and related infrastructure has witnessed an unprecedented rise amidst the global pandemic. Digital services including telemedicine are expected to remain popular even after the pandemic is contained, thereby ensuring strong growth in the communication infrastructure industry. The report will account for Covid19 as a key market contributor.