The global millimeter wave (mmWave) technology market size was valued at USD 3.75 billion in 2023 and is projected to reach USD 38.55 billion by 2030, growing at a CAGR of 39.7% from 2024 to 2030. Millimeter wave refers to the spectrum band with wavelengths ranging between 30 GHz and 300 GHz.

The adoption of mmWave technology is being fueled by its ability to deliver high data rates, low latency, and support for a massive number of devices simultaneously. Rising demand for bandwidth-intensive applications, the use of mmWave in 5G communications, and the increasing need for high-speed IoT connectivity are driving growth.

According to the International Telecommunication Union (ITU), international bandwidth usage rose from 292 Tbit/s in 2017 to 1,230 Tbit/s in 2022. This sharp increase highlights the growing reliance on high-speed data transfer, positioning mmWave technology as a critical enabler of enhanced wireless connectivity.

The widespread rollout of 5G networks further amplifies demand. 5G mmWave technology enhances internet responsiveness and reliability, supporting smart cities, connected vehicles, industrial automation, and IoT growth. Companies like Fibocom Wireless Inc. are contributing to this momentum by launching advanced 5G Sub-6GHz and mmWave modules to cater to industries requiring high-performance connectivity.

Despite its advantages, mmWave technology faces challenges such as limited transmission range, line-of-sight dependency, and susceptibility to interference from environmental factors. Nevertheless, ongoing R&D by leading players is focused on overcoming these barriers to improve performance and adoption.

Key Market Trends & Insights

• Regional Insights: North America dominated the market with a 41.8% share in 2023, while Asia Pacific is expected to experience the fastest growth in the coming years.

• By Product: The telecommunication equipment segment led the market, accounting for 57.8% of global revenue in 2023.

• By Component: Antennas and transceivers represented the largest share at 42.08% in 2023.

• By Frequency Band: The E-band segment held the highest revenue share of 62.64% in 2023.

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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

Prominent players in the mmWave technology market include NEC Corporation, Keysight Technologies, BridgeWave Communications, and Aviat Networks, Inc. Emerging participants such as Millitech, Inc., E-Band Communications, LLC, and Siklu Communication Ltd. are also contributing to innovation and growth.

• NEC Corporation focuses on mmWave technology applications across 5G, IoT, and radar systems.

• Keysight Technologies provides testing and measurement solutions for high-frequency applications, crucial for validating mmWave devices and networks.

• Millitech, Inc. specializes in radar, satellite, and defense systems, while E-Band Communications, LLC offers high-capacity wireless systems for 5G backhaul.

Key Market Participants

• 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 witnessing exponential growth, driven by the global shift toward 5G networks, increasing IoT adoption, and the need for faster, more reliable wireless connectivity. While challenges such as range limitations and environmental interference persist, ongoing innovations and product launches by key players are paving the way for wider adoption across industries. With its unmatched potential to support next-generation connectivity, mmWave technology is set to play a pivotal role in shaping the future of communication, smart infrastructure, and digital transformation worldwide.

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