The millimeter wave technology market is anticipated to grow from USD 2.8 billion in 2023 to USD 7.9 billion by 2028, at a CAGR of 22.8%. Some key factors accrediting to the growth of millimeter wave technology market include increase in broadband and mobile speeds, rising use of millimeter wave in small-cell backhaul networks, and suging use for millimeter wave technology in security and radar applications in various industries.

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Antennas & Transceivers segment is expected to grow at highest CAGR during 2023 to 2028.

The functioning of any millimeter wave-based equipment is highly affected by antenna technologies and factors related to antenna design. The type of transmission and reception antennas selected influences the characteristics of a millimeter wave transmitted to a receiver. The selection criteria for antennas mainly depend on the application area. The types of antenna used for millimeter wave technology are circular and rectangular gain horn antennas. Millimeter wave antenna arrays are emerging as a promising component for 5G systems. In addition, the high data rate of millimeter wave technology is making it attractive for use in the Internet of Things. Advanced technologies make singular or arrays of antenna systems possible in millimeter waves. Advancements in precision manufacturing and miniaturization are advancing the current technology toward a future of high-speed systems. In August 2022, Gapwave and Bosch entered into a cooperative agreement to provide high-resolution radar antennas, which will be beneficial for the automotive industry in the coming years.

57–95 GHz frequency is projected to grow at highest CAGR during 2023 to 2028.

The 57–95 GHz frequency range has major applications in the automotive, healthcare, and telecommunications sectors. This section has been divided into V-band (57–66 GHz) and E-band (71–76 GHz and 81–95 GHz). In telecommunication applications, mobile carriers are deploying a Heterogeneous Network (HetNet) architecture of macro and small cells that may rely on 3G, 4G, and 5G. Millimeter bands such as V-band (60 GHz) and E-band (70/80 GHz) are suitable for HetNet backhaul as they allow for access network aggregation of traffic from several base stations, which can then be transferred to the mobile switching centers and finally, the core network. Backhaul links using the V-band or the E-band are well suited to support 5G due to their 10 Gbps to 25 Gbps data throughput capabilities.

Radar & satellite communication systems is projected to grow at second highest CAGR of the millimeter wave technology market during forecasted period.

Radar-based communication systems are important products based on millimeter wave technology. These include anti-collision systems used in automobiles, perimeter security systems, etc. All radar and satellite communication products based on millimeter wave technology have been clubbed together and included in this section. Millimeter communication satellites can be employed as repeaters. Repeater are used to receive signals in one frequency band such as uplink frequency 36 GHz or 96 GHz or 62 GHz and re-transmit the signals in another frequency band such as downlink frequency of 34 GHz or 94 GHz or 60 GHz, similar to a conventional transponder. In May 2021, C-COM Satellite Systems, a leading provider of mobile satellite antenna systems, launched a millimeter wave-based phased array antenna system for next-generation communications. This research has been funded by Canada’s Natural Sciences and Engineering Research Council (NSERC).

Consumer & commercial end use is projected to grow at second highest CAGR during forecasted period.

Millimeter wave-based scanner systems are also used in commercial buildings such as shopping malls, hotels, offices, sports facilities, and warehouses. Such buildings are expected to replace traditional body scanners with millimeter wave-based scanners due to the latter’s added advantage in terms of security and privacy. There has been considerable growth in the adoption of various video surveillance systems, including CCTV, to enhance city security. A CCTV system is required to carry video feeds from multiple deployed cameras distributed over one or more sites to the control room for viewing, recording, and analysis. Because of network congestion and interference issues, improving transmission technologies’ capabilities is critical. Millimeter wave technology can provide a cost-effective way to transmit the video feed at a faster rate.

North America is projected to grow at second highest CAGR during 2023 to 2028.

North America to grow at the second highest CAGR of the millimeter wave technology market. This growth attributed to the increased use of technology in mobile and telecommunication applications such as 5G or 6G. The US is expected to lead the North American millimeter wave technology market from 2023 to 2028. The market growth in the country can be attributed to the increased use of millimeter wave technology in telecommunication owing to 5G rollouts in the US and the presence of the key providers of this technology. The mobile and telecommunication segment is expected to govern the market in North America owing to the adoption of millimeter wave-based components in mobile phones and the launch of 5G-based mobile phones in the US and Canada.

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Major players operating in the millimeter wave technology market are Axxcss Wireless Solutions, Inc. (US), NEC Corporation (Japan), Siklu Communication (US), L3HARRIS Technologies, Inc. (US), Smiths Group PLC (UK), Millimeter Wave Products Inc. (US), Farran Technology (Ireland), Eravant (US), Keysight Technologies, Inc. (US), Avait Networks, Inc. (US), Vubiq Networks, Inc. (US), ELVA-1 (Latvia), Verana Networks (US), FastBack Networks (US), and Anokiwave (US).