The global millimeter wave (mmWave) technology market size was estimated at USD 3.75 billion in 2023 and is expected to reach USD 38.55 billion by 2030, expanding at a CAGR of 39.7% from 2024 to 2030. Millimeter wave refers to the frequency spectrum ranging from 30 GHz to 300 GHz.

The technology has gained traction due to its capability to deliver high data rates, ultra-low latency, and support for a large number of devices simultaneously. The growing demand for bandwidth-intensive applications, the increasing adoption of mmWave in 5G networks, and the need for high-speed Internet for IoT devices are driving this market's expansion.

According to the International Telecommunication Union (ITU), international bandwidth usage surged from 292 Tbit/s in 2017 to 1,230 Tbit/s in 2022. This sharp increase underscores the rising global need for faster data transmission, which mmWave technology is uniquely positioned to address. Its ability to offer superior data rates and manage high traffic volumes makes it a critical component in meeting escalating digital demands.

The rollout of 5G technology significantly accelerates the demand for mmWave, enabling faster, more reliable connectivity. The proliferation of internet-connected devices, smart cities, autonomous vehicles, and industrial automation further fuels this demand. As 5G adoption continues to grow, mmWave technology becomes increasingly essential for delivering the high-speed, high-capacity connectivity required in a digitally driven world.

In a strategic development, Fibocom Wireless Inc. introduced its latest 5G Sub-6GHz and mmWave modules, the Fx190(W)/Fx180(W), at MWC Barcelona 2023. These modules aim to enhance cellular performance for bandwidth-heavy applications such as mobile broadband, enterprise 5G, and Industrial IoT. Product launches like these play a pivotal role in expanding the application scope and accelerating the adoption of mmWave technology across multiple industries.

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Key Market Trends & Insights

• North America held the largest market share of 41.8% in 2023.

• Asia Pacific is projected to experience the fastest growth in the mmWave market.

• Telecommunication equipment was the leading product segment, accounting for 57.8% of global revenue in 2023.

• Antennas and transceivers were the largest component segment with a 42.08% market share in 2023.

• E-band frequencies held the largest revenue share of 62.64% in 2023.

Market Size & Forecast

• 2023 Market Size: USD 3.75 Billion

• 2030 Projected Market Size: USD 38.55 Billion

• CAGR (2024–2030): 39.7%

• Largest Market (2023): North America

• Fastest Growing Market: Asia Pacific

Key Companies & Market Share Insights

Major players in the market include NEC Corporation, Keysight Technologies, Bridgewave Communications, and Aviat Networks, Inc.

• NEC Corporation leads with innovative mmWave solutions for 5G, IoT, and radar systems.

• Keysight Technologies provides critical test and measurement solutions that support high-frequency network development.

• Emerging companies such as Millitech, Inc., E-Band Communications, LLC, Trex Enterprises Corporation, and Siklu Communication Ltd. are also contributing significantly to market advancement through their specialized focus areas including radar, satellite, and high-capacity wireless communications.

Key Millimeter Wave Technology Companies

• Aviat Networks, Inc.
• BridgeWave Communications
• E-Band Communications, LLC
• Farran Technology
• Keysight Technologies
• LightPointe Communications, Inc.
• Millitech, Inc.
• NEC Corporation
• QuinStar Technology, Inc.
• Eravant
• Siklu Communication Ltd.
• Trex Enterprises Corporation

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Conclusion

The millimeter wave technology market is poised for remarkable growth, driven by its essential role in enabling high-speed, low-latency communications across various sectors. With escalating global demand for faster data transmission, increasing 5G deployments, and growing IoT penetration, mmWave technology stands as a cornerstone for the future of wireless connectivity. While challenges remain, continuous innovation and strategic advancements by industry players are paving the way for robust, scalable, and widespread adoption of mmWave technology in the years ahead.