Millimeter Wave Technology Market

Growing need for broadband and 5G connection solutions will boost market growth

Market CAGR for millimeter wave technology is being driven by the growing need for broadband and 5G connection solutions. High broadband speed is critical for a variety of end-use applications. With the increasing demand for broadband speed enhancements, which has resulted in higher consumption of high-bandwidth content, millimeter wave technology is expected to be a major driving force for market expansion throughout the forecast period.

The global average broadband speed is predicted to increase from 62.5 Mbps to >130 Mbps during the next few years, owing to factors such as the deployment and adoption of fiber-to-the-home (FTTH), high-speed DSL and cable broadband adoption, and total broadband penetration. These factors have led to an increase in the usage of various millimeter wave technologies, which will drive market growth over the forecast period.

According to the Organization for Economic Cooperation and Development (OECD), the communication network and service environment will become more complicated by 2023, and the 5G technology industry will experience tremendous development as 5G network infrastructure advances. millimeter waves' special properties enable near-line-of-sight wireless networks and point-to-multipoint technologies, allowing a single transmitter to service numerous transceivers in different locations. This will likely fuel market expansion during the forecast period.

With the increased usage of smartphones and the acceptance of cloud-based services among various end-users, data traffic has become a major element that affects their working effectiveness via latency and data crash. The amount of data travelled between the internet and the hosting account on the web server is referred to as data traffic. With users shifting to more data-intensive content like as video streaming, augmented reality, and voice over data, 4K video, and an increasing number of internet users on mobile devices, data traffic is expected to increase in the future.

Growing data volume complicates capacity and causes network congestion.

For instance, according to Cisco Internet Annual Reports, by 2023, a 5G connection will generate nearly three times the traffic of a 4G connection, with IoT devices accounting for 50% of all networked devices. It is simple to transfer huge amounts of data using millimeter wave technology since frequency is directly proportional to bit rates. As a result, millimeter waves are appropriate for digital data transmission and cellular communications. This necessitates the requirement for effective wireless mobile backhaul. These features increase its demand across numerous end-use sectors that use cloud-based services, boosting market growth.

The Global Millimeter Wave Technology Market Industry is projected to experience substantial growth in the coming years. With an estimated market value of 1.68 USD Billion in 2024, the industry is expected to expand significantly, reaching 9.68 USD Billion by 2035. This growth trajectory suggests a compound annual growth rate (CAGR) of 17.27% from 2025 to 2035, indicating strong demand across various sectors. The increasing adoption of millimeter wave technology in telecommunications, automotive, and IoT applications is likely to drive this growth, reflecting the technology's critical role in shaping the future of communication.

The advent of 5G technology significantly propels the Global Millimeter Wave Technology Market Industry forward. Millimeter wave frequencies are essential for achieving the high data rates and low latency that 5G promises. As telecommunications companies invest heavily in infrastructure to support 5G rollout, the demand for millimeter wave solutions is likely to increase. The anticipated compound annual growth rate (CAGR) of 17.27% from 2025 to 2035 underscores the critical role of millimeter wave technology in enabling next-generation wireless networks. This growth is indicative of the broader shift towards more efficient and faster communication systems.

The emergence of the Internet of Things (IoT) significantly influences the Global Millimeter Wave Technology Market Industry. As IoT devices proliferate, the demand for high-speed, reliable communication networks intensifies. Millimeter wave technology offers the bandwidth necessary to support the vast number of connected devices and the data they generate. This trend is expected to drive market growth, as industries seek to leverage IoT for improved operational efficiency and data analytics. The integration of millimeter wave technology into IoT ecosystems could potentially reshape various sectors, including healthcare, manufacturing, and smart cities.

The Global Millimeter Wave Technology Market Industry experiences a surge in demand for high-speed connectivity, driven by the proliferation of data-intensive applications. As industries increasingly rely on real-time data processing, the need for faster communication networks becomes paramount. In 2024, the market is projected to reach 1.68 USD Billion, reflecting the growing adoption of millimeter wave technology in sectors such as telecommunications and automotive. This trend is expected to continue, with the market potentially expanding to 9.68 USD Billion by 2035, indicating a robust growth trajectory fueled by advancements in wireless communication.

The Global Millimeter Wave Technology Market Industry is witnessing a growing demand for satellite communication solutions. Millimeter wave frequencies are particularly advantageous for satellite communications due to their ability to support high data rates over long distances. As global connectivity becomes increasingly important, especially in remote areas, the adoption of millimeter wave technology in satellite systems is likely to expand. This trend is further supported by government initiatives aimed at enhancing communication infrastructure, which could lead to increased investments in millimeter wave technology for satellite applications.

The Global Millimeter Wave Technology Market Industry sees increased adoption of millimeter wave technology in automotive applications, particularly in advanced driver-assistance systems (ADAS). These systems utilize millimeter wave sensors for features such as adaptive cruise control and collision avoidance, enhancing vehicle safety and efficiency. As the automotive sector continues to innovate, the integration of millimeter wave technology is becoming more prevalent. This trend not only supports the development of autonomous vehicles but also aligns with global efforts to improve road safety and reduce accidents, thereby driving market growth.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Millimeter Wave Technology Market area will dominate this market, due to the significant demand for mmWave technology in the region as well as presence of important players in the industry.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: Millimeter Wave Technology Market SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Millimeter Wave Technology Market accounts for the second-largest market share due to the region's strong focus on research and development. Further, the German Millimeter Wave Technology Market held the largest market share, and the UK Millimeter Wave Technology Market was the fastest growing market in the European region

The Asia-Pacific Millimeter Wave Technology Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the rising utilization of millimeter wave technology in Mobile & Telecommunication sector. Moreover, China’s Millimeter Wave Technology Market held the largest market share, and the Indian Millimeter Wave Technology Market was the fastest growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Millimeter Wave Technology Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Millimeter Wave Technology industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Millimeter Wave Technology industry to benefit clients and increase the market sector. In recent years, the Millimeter Wave Technology industry has offered some of the most significant advantages to medicine. Major players in the Millimeter Wave Technology Market, including E-Band Communications, LLC (US), Farran Technology Ltd (Ireland), L3 Technologies, Inc. (US), Millimeter Wave Products, Inc. (US) and others, are attempting to increase market demand by investing in research and development operations.

HFCL Limited is a technology firm situated in Gurugram, India. It creates Telecommunications equipment, Fiber-optic cables, and other electrical components. The company is traded on the Bombay Stock Exchange (BSE) as well as the National Stock Exchange (NSE). The company provides services to a variety of industries, including telecommunications, security and railways, textiles, and cable fibre. In August 2022, HFCL Limited has signed a contract with Qualcomm Technologies, Inc. to design and produce 5G millimeter wave fixed wireless access (FPA) customer premise equipment (CPE) solutions.

As part of its 5G product strategy, HFCL is growing its 5G product range by developing 5G mmWave FWA CPE products for India and global markets.

FASTWEB S.p.A. is an Italian telecommunications firm that offers fixed and mobile phone services, broadband Internet, and IPTV. FASTWEB, a subsidiary of the Swiss telecommunications giant Swisscom AG, is also a leading provider of FTTH connections in Italy. Swisscom paid 3 billion euros for 82.4% of FASTWEB in May 2007. Following a voluntary tender offer in September 2010, Swisscom purchased the minority shareholders. As a result, FASTWEB has been delisted from the Borsa Italiana.

February 2022, Qualcomm Technologies, Inc. and Fastweb announced plans to sell 5G standalone (SA) millimeter wave on the Qualcomm 5G mobile broadband wireless access platform Gen 2 with Snapdragon X62 and X65 5G Modem-RF Devices for fixed wireless access (FWA). The combined efforts are intended to enable Fastweb to swiftly expand the scope of its FWA installations, so contributing in providing the full potential of 5G to around twelve million Italian households and businesses by the end of 2025.