The millimeter wave technology industry 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. The market growth is increase in broadband and mobile speeds and emergence of autonomous vehicles. Furthermore, rising use of V-band millimeter waves for last-mile connectivity is expected to create lucrative opportunities for the market.

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The frequency sources & related components segment is expected to account for the largest share of the millimeter wave technology industry in 2024.

A prominent industry for millimeter wave technology is that of frequency sources and related components. Devices that produce signals between 30 GHz and 300 GHz are known as oscillator source devices, along with associated components. The types of frequencies used in component manufacture determine how effective the signals produced by millimeter wave systems are. High frequency direct oscillators are frequently insufficient to suit the needs of most systems. The high frequencies needed by millimeter wave devices are produced by multiplying the frequencies of low-frequency oscillators in order to overcome this problem.

The 57-95 GHz frequency band segment is expected to account for the largest share of the millimeter wave technology industry in 2024.

The 57-95 GHz segment accounted for the largest share of the millimeter wave technology market in 2024, and a similar trend is expected to be witnessed during the forecast period. Mobile carriers are using a Heterogeneous Network (HetNet) architecture of macro and small cells—which may rely on 3G, 4G, and 5G—in telecommunication applications. HetNet backhaul can benefit from millimeter bands like V-band (60 GHz) and E-band (70/80 GHz) since they enable traffic aggregation from several base stations into an access network. This traffic can then be routed to mobile switching centers and ultimately the core network. 5G is well suited to be supported by backhaul networks that use the V-band or the E-band because of their 10 Gbps to 25 Gbps data throughput capabilities. Due to its wide range of applications, including traffic monitoring, automated cruise control, security and perimeter protection, autonomous mining, and more, this industry is dominated. Telecommunications applications are the primary purpose for the E-band and V-band, which are located in the 57-95 GHz frequency range. It is anticipated that this element would further solidify this frequency band's supremacy.

The Asia Pacific market is expected to witness the highest CAGR in the millimeter wave technology industry during the forecast period.

Over the course of the projection period, Asia Pacific is expected to have the greatest CAGR. The main countries in Asia Pacific that are driving the growth of the millimeter wave technology industry are China, India, South Korea, and Japan. One of the major regions driving the millimeter wave technology market's expansion is Asia Pacific. From 2024 to 2029, this region's market is expected to develop at the fastest rate, owing to the increased adoption of millimeter wave technology in telecommunication equipment and mobile and telecom applications. In Asia Pacific, the key telecommunication equipment providers, including Huawei Technologies and ZE, have signed more than 100 5G commercial deals with leading global operators from January 2019 to April 2022. The increasing adoption of millimeter wave technology in industrial applications such as industrial automation is expected to accelerate the deployment of 5G networks in China. These networks are expected to act as a single wireless access channel for large industrial facilities instead of using different short-range wireless standards. This, in turn, is anticipated to minimize signal interferences.

Key players

Key players in the millimeter wave technology companies include Axxcss Wireless Solutions (US), NEC Corporation (Japan), Ceragon (Isarel), 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), and among others.

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