The millimeter wave technology market is projected to grow from USD 3.0 billion in 2024 to USD 7.6 billion by 2029, registering a CAGR of 20.1% during the forecast period. Growing need for faster data transmission, high demand for millimeter wave technology in radar and security applications, and surging use of 5G and millimeter wave technologies will drive the market for millimeter wave technology. The Emergence of new applications in aerospace & defense industry is also expected to boost market growth in the coming years.

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The use of millimeter wave technology in the security and radar segment has increased in recent years. Millimeter scanners are expected to replace conventional X-ray body scanners in many major airports worldwide because millimeter wave-based scanners and products are safer than conventional ones. Many countries have adopted millimeter wave technology for people and luggage screening. A millimeter wave-based scanner uses millimeter wave imaging technology. It works on the same principles as that of X-ray backscattered technology, except that it emits a special type of microwave different from X-ray. Inside the scanner, a passenger remains motionless while two revolving transmitters generate the waves. The energy travels through clothing, bouncing off the skin (and any possible threats) before returning to two receivers to transmit photos of the passenger's front and back to an operator station. Over the next five years, there will be significant congestion on wireless networks due to the availability of equipment that supports high bandwidth. This would accelerate the transition to 5G from the current and 4G technologies. It is anticipated that the 5G technology will enable aggregate data rates that are 1,000 times and 100 times quicker than those of the current 4G technology, respectively. According to the Ericsson Mobility Report, 2023, during the last quarter of 2023, there was a significant rise in the number of 5G subscribers, and more 5G devices were available. More than 50 service providers worldwide announced commercial 5G service launches. A significant upsurge in 5G subscriptions has been witnessed in South Korea, where all service providers launched commercial 5G services in April 2022.

The mobile & telecommunication millimeter wave technology segment is expected to hold the highest CAGR during the forecast period. Over the past few years, millimeter wave components have also gained popularity because to the notable improvements in 5G technology. For instance, a UK-based maker of laser systems has implemented 5G technology on its production floor to enable a digital design process that incorporates AR/VR and video. Using 5G, the smart factory was able to link cameras and instantly upload high-definition visual data to a cloud network. In terms of geographic share, the millimeter wave technology market is anticipated to be dominated by Asia Pacific in 2029. The market is expanding as a result of China, India, and South Korea deploying more and more 5G networks. Furthermore, the area has developed into a hub for significant investments and company growth prospects related to 5G infrastructure. Businesses like ZTE (China), Samsung (South Korea), and Huawei (China) are making significant investments in millimeter wave and the next generation of 5G technology. Along with a number of the top mobile service providers, including China Telecom (China), SK Telecom (South Korea), KT (South Korea), China Mobile (China), SoftBank (Japan), and China Unicom (China), they are starting field trials.

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Axxcss Wireless Solutions (US), NEC Corporation (Japan), Ceragon (Isarel), L3Harris Technologies, Inc. (US), Aviat Networks (US), Smiths Group plc (UK), Eravant (US), Farran (Ireland), Keysight Technologies (US), Ducommun Incorporated (US), and Millimeter Wave Product, Inc. (US) are a few of the major companies involved in the millimeter wave technology market. These businesses have dependable manufacturing facilities spread throughout important regions like Europe, North America, and Asia Pacific, as well as robust distribution networks. They have a well-established portfolio that includes reliable goods and services, a strong market presence, and effective business plans. These businesses also have a larger product footprint, a greater market share, and goods with a wider range of applications and geographic use cases.