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%.

The millimeter wave technology market is experiencing significant growth, driven by several key factors. One major contributor is the increasing demand for higher broadband and mobile speeds. As the need for faster and more reliable connectivity continues to rise, millimeter wave technology, with its capability to transmit large amounts of data at high speeds, becomes a crucial enabler.

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Moreover, the rising utilization of millimeter wave technology in small-cell backhaul networks is playing a pivotal role in market expansion. Small-cell backhaul networks are essential for enhancing the capacity and coverage of wireless networks, and millimeter wave technology proves to be well-suited for this purpose. Its ability to support high-frequency, short-distance communication is particularly advantageous in small-cell deployments.

In the realm of millimeter wave technology, antenna arrays are gaining prominence, particularly in the context of 5G systems. These arrays exhibit promising capabilities, contributing to the advancement of high-speed communication networks. Moreover, the high data rates associated with millimeter wave technology are increasingly positioning it as an attractive option for applications in the Internet of Things (IoT).
The evolving landscape of millimeter wave technology is facilitated by advancements that enable the deployment of singular or arrays of antenna systems. Technologies driving precision manufacturing and miniaturization are pivotal in pushing the boundaries of current capabilities, paving the way for high-speed systems in the future.

Radar-based communication systems are integral products within the realm of millimeter wave technology, serving various essential purposes. These systems find applications in anti-collision mechanisms for automobiles, perimeter security setups, and other critical functionalities. The category encompasses all radar and satellite communication products driven by millimeter wave technology, presenting a versatile range of applications.

One significant application lies in millimeter wave communication satellites, where they can function as repeaters. Repeaters play a vital role in the transmission process, receiving signals within a specific frequency band, such as the uplink frequencies of 36 GHz, 96 GHz, or 62 GHz, and subsequently re-transmitting these signals in another frequency band, like the downlink frequencies of 34 GHz, 94 GHz, or 60 GHz. This functionality is analogous to conventional transponders but leverages the distinctive attributes of millimeter wave technology.

North America is poised to exhibit the second-highest Compound Annual Growth Rate (CAGR) in the millimeter wave technology market, driven by the escalating adoption of technology in mobile and telecommunication applications, particularly with the advent of 5G and the anticipation of 6G. The United States is anticipated to lead the North American market from 2023 to 2028, attributed to several key factors.
The surge in the use of millimeter wave technology in telecommunications, propelled by the ongoing 5G rollouts in the US, is a major driver for market growth in the region. The presence of key technology providers further amplifies this growth, establishing the US as a hub for millimeter wave technology advancements.
The dominance of the mobile and telecommunication segment is expected to be a key factor governing the millimeter wave technology market in North America. This ascendancy is underpinned by the widespread adoption of millimeter wave-based components in mobile phones. Additionally, the launch of 5G-based mobile phones in both the US and Canada is contributing significantly to the market's trajectory.

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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).