Millimeter Wave Technology Market Size & Overview:

The Millimeter Wave Technology Market was valued at USD 3.19 billion in 2023 and is expected to reach USD 29.76 billion by 2032, growing at a CAGR of 28.20% over the forecast period 2024-2032. The emerging Millimeter Wave (mmWave) Technology Market is on the rise, as the growing deployment and eventual rollout of 5G and future 6G networks continue to grow and evolve. It is being rapidly deployed in urban telecom infrastructure, smart cities, and high-speed wireless broadband. Advances in antenna Transceivers & Frequency Converter technology boost efficiency and lower signal latency.

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The mmWave has been incorporated into value-added high-resolution imaging, radar systems, and secure communication in industries such as telecommunications, defense, automotive, and healthcare. Consumer adoption of mmWave-enabled smartphones, IoT devices, and AR/VR applications continues to drive demand while service providers are investing in strong networks for enhanced connectivity and user experience.

Millimeter Wave Technology Market Dynamics

Key Drivers: 

• Accelerating Millimeter Wave Technology Growth Driven by 5G Expansion Automotive Advancements and Security Innovations

The rising requirement for FRM (firm range meter) development and operation of 5G networks and satellite communication crystals are boosting the Millimeter Wave (mmWave) Technology Market. The global expansion of 5G infrastructure has driven the adoption of mmWave technology which supports ultra-fast data transfer rates and low latency. Furthermore, the rising adoption of mmWave for automotive applications such as ADAS (advanced driver assistance systems) and autonomous vehicles is a significant factor supplementing the growth of the market. Moreover, the upsurge in the need for security and surveillance solutions and escalated adoption of high-resolution imaging and radar applications in the aerospace, defense, and healthcare sectors are further fueling market growth.

Restrain:

• Millimeter Wave Technology Faces Challenges with Signal Limitations High Costs Infrastructure Demands and Regulatory Hurdles

The biggest potential challenge is the limitation in signal propagation: mmWave frequencies have a shorter range and are sensitive to attenuation through vehicles, buildings, trees, and even humidity or rain. The need for dense small cells means increased infrastructure costs and larger-scale deployments are more complex. Moreover, the high cost of equipment including specialized antennas, transceivers, and frequency converters inhibits widespread adoption, especially in cost-sensitive markets. Red tape about spectrum allocation is another blocker with every region having its own rules and likelihood of bandwidths, delaying standardization and universal authorization.

Opportunity:

• Millimeter Wave Technology Unlocks Opportunities in 6G Smart Cities IoT Healthcare Satellite Broadband and Consumer Electronics

The mmWave technology market is brimming with opportunities, especially for emerging applications including 6G communication, smart cities, and high-frequency imaging systems. This drives fast connected device and Internet of Things (IoT) application penetration, creating a promising growth path, especially in the areas of industrial automation and healthcare. Moreover, rapid growth in satellite-based broadband services, along with the commercialization of some high-growth mmWave-based consumer electronics (e.g. AR/VR devices and wearables) as well as unprecedented interest in ESG, all represent a growing market opportunity. Continuing investments in research and development to improve mmWave technologies and expanding on advancements in signal propagation techniques will accelerate adoption in more verticals.

Challenges:

• Millimeter Wave Technology Faces Challenges in Heat Management Interoperability Security and Cost Requiring Innovation

Thermo and Power Device Management of mmWave components is another major issue, most mmWave devices generate higher frequencies, and heat, and require the initiative regarding advanced cooling solutions which causes device complexity to rise. In addition, the interoperability problem with current communication networks also makes integration with the legacy systems complicated. Widespread deployment is also hindered by security concerns, especially in military and defense applications, where it could be possible for an enemy to intercept global illumination signals. To solve these issues associated with technical challenges and costs, an ongoing investment in R&D, advanced materials, and better network infrastructure is needed to make mmWave more effective and cheaper.

Millimeter Wave Technology Market Segment Analysis

By Product

The telecommunication equipment segment led the global Millimeter Wave (mmWave) Technology market, contributing 55.3% of the global market share in 2023. Adoption of mmWave technology in telecommunication infrastructure the boom of 5G networks and need-based transmission of high-speed data. Representative applications consist of small cells, macro cells, and backhaul link solutions that provide higher-capacity and lower late.

The category of imaging & scanning systems is expected to grow at a rapidly growing CAGR from 2024 to 2032 due to developments in the medical imaging, security screening, and industrial inspection fields. The surge adoption of mmWave-based body scanners at airports coupled with the growing need for non-invasive medical diagnostics, and high-resolution radar in the automotive Industry & defense sectors is expected to drive this growing demand and create a healthy space in the market.

By Component

In 2023, antennas & transceivers led the millimeter wave (mmWave) technology market with a 40.4% share of the total market. These components are crucial to facilitate high-frequency signals being sent and received across different applications, including 5G telecommunications, automotive radar, and satellite communications. This segment share has been there since the growing deployment of mmWave-based 5G infrastructure and also the growing use of these advanced radar systems in defense applications and autonomous vehicles.

Frequency converters are expected to grow at a rapid CAGR during the forecast period (2024 - 2032) owing to their increasing use in various telecommunication applications including frequency translation and signal processing in telecommunications, aerospace, and industrial automation. The development of efficient frequency converters will enhance the performance and decrease the mutual interference, thus driving the adoption of mmWave technology in 6G, high-speed satellite communications, as well as imaging systems continue to open new doors for market growth.

By Frequency Band

In 2023, E-Band held the largest market share of 61.2% in the Millimeter Wave (mmWave) Technology Market. E-Band (71–76 GHz and 81–86 GHz) is a set of frequencies for very high-capacity backhaul solutions in 5G networks, military radars, satellites, etc. Due to its low latency capability, it has made a favorable choice for telecommunication infrastructure, as well as aerospace & defense applications,  which require extremely high, multi-gigabit data rates.

The V-Band garnered the highest revenue CAGR through 2024-2032, largely attributed to its growing use in wireless broadband, unlicensed 5G, and short-range communications. This is driving its growth through the rise of smart cities, fixed wireless access (FWA), and high-speed indoor connectivity. As regulators free up V-Band to commercial operators, this frequency will witness strong market growth due to its application as a low-cost, high-speed data transmission technology.

By Application

Telecommunications lead the MMwave Technology Market by commanding 46.7% of the market share in 2023. mmWave adoption in this segment includes growing demand for high-speed data transmission, rapid deployment of 5G networks, and increasing need for wireless broadband infrastructure. Telecom operators are using mmWave for small cells, backhaul, and fixed wireless access (FWA) to provide greater network capacity and coverage.

The Military & defense sector is projected to register the fastest CAGR during 2024 – 2032 due to advancements in radar, surveillance, and secure communication systems. As a result, mmWave technology is rapidly adopted for high-resolution imaging, electronic warfare, and missile guidance systems. The growth in this section can be attributed to the increasing demand for advanced defense technologies, combined with rising investments in battlefield connectivity and drone communication.

Millimeter Wave Technology Market Regional Outlook

North America held the highest mmWave Technology Market share of 40.1% in 2023 The 5G networks are being widely deployed while the strong growth in defense and aerospace applications and autonomous vehicles sectors also supports this dominance. The U.S. has embraced mmWave early on, as evidenced by U.S. telecom powerhouses Verizon, AT&T, and T-Mobile using mmWave bands for high-speed 5G. Furthermore, mmWave technology is being used for satellite communication, radar systems, and other military applications by NASA, and the U.S. Department of Defense (DoD) also exists, reinforcing North America's leadership in the market.

The Asia-Pacific region will grow at the fastest CAGR from 2024-2032, as a result of growing 5G infrastructure,  rising industrial automation, and higher defense spending. China, Japan, and South Korea are pouring resources into mmWave-based 5G networks for smart cities and industrial facilities. Examples include China Mobile and Huawei in developing mmWave keys to ultra-fast mobile broadband and Japan's NEC and South Korea's Samsung to mmWave-enabled automotive radar and security applications, all propelling very fast regional market growth.

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Key Players

Some of the major players in the Millimeter Wave Technology Market are:

• Logitech (Logitech Spot, Logitech View)

• Cambium Networks (cnWave fixed wireless solution, Terragraph mesh networking technology)

• Filtronic (E-Band transceivers, tower-mounted amplifiers)

• Vayyar (Walabot DIY wall scanner, Vayyar Care fall detection system)

• Rohde & Schwarz (Soveron software-defined radios, QPS body scanners)

• pSemi (formerly Peregrine Semiconductor) (UltraCMOS RF switches, RF CMOS integrated circuits)

• Keysight Technologies (N5290/91A millimeter-wave network analyzers, M980xA series vector network analyzers)

• Siklu (EtherHaul 8010FX E-Band radio, MultiHaul TG Terragraph-compliant system)

• E-Band Communications (E-Link 1000EXR wireless system, E-Link 2000Q millimeter-wave radio)

• NEC Corporation (iPASOLINK EX Advanced radio, 5G FWA millimeter-wave CPE)

• Sivers Semiconductors (TRX BF/01 5G beamforming ICs, BFM06009 60 GHz RF module)

• Quintech Electronics & Communications (NEXUS-3 mesh test platform, XTREME 256 matrix switch)

• Anokiwave (AWMF-0123 5G IC, AWMF-0135 SATCOM beamformer)

• Aviat Networks (WTM 4800 E-Band radio, CTR 8740 microwave router)

• Eravant (formerly SAGE Millimeter) (SEK series frequency extenders, SFP series power amplifiers)

Recent Trends

• In January 2025, Logitech introduced the Spot mmWave radar sensor with a 4-year battery life, designed for office occupancy tracking, but concerns arise over potential covert employee monitoring.

• In February 2025, Filtronic signed a USD 20.9 million contract with SpaceX to supply radio-frequency power amplifiers for the Starlink satellite network.

• In November 2024, Keysight Technologies partnered with Virginia Diodes Inc. to extend FieldFox analyzers up to 170 GHz, enabling compact and cost-effective mmWave signal analysis.