According to a comprehensive report by MarketsandMarkets, the global millimeter wave technology market size is anticipated to grow from USD 2.8 billion in 2023 to USD 7.9 billion by 2028, at a CAGR of 22.8% during 2023 to 2028. The market's surge can be attributed to the expanding applications of millimeter wave technology in 5G communication, autonomous vehicles, healthcare, and security systems.

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Market Drivers:

5G Revolution:

The rollout of 5G networks has been a significant driver for the millimeter wave technology market. Millimeter waves are crucial for the high-frequency bands used in 5G communication, enabling faster data transfer rates and low latency. As the global demand for high-speed, low-latency connectivity grows, so does the need for millimeter wave technology.

Autonomous Vehicles:

The automotive industry is increasingly incorporating millimeter wave technology, particularly in the development of autonomous vehicles. Millimeter wave sensors, such as radar and LiDAR, play a pivotal role in providing precise and real-time data for navigation, obstacle detection, and collision avoidance, contributing to the advancement of autonomous driving technologies.

Healthcare Applications:

Millimeter wave technology finds diverse applications in healthcare, including imaging and diagnostics. It is utilized in imaging techniques like millimeter wave imaging and terahertz imaging, offering non-invasive and high-resolution solutions for medical diagnostics. The potential for early detection and improved imaging capabilities is propelling the adoption of millimeter wave technology in healthcare.

Security and Surveillance:

The security and surveillance sector is leveraging millimeter wave technology for advanced screening and imaging systems. Millimeter wave scanners provide enhanced security measures at airports and other public spaces by detecting concealed objects on individuals without compromising privacy. This application is gaining traction globally, contributing to the market's growth.

A significant end-use market for millimeter wave technology is mobile and telephony, which mostly depends on the communication infrastructure. In mobile backhaul solutions, the E-band and V-band segments are often used frequencies that are recommended. Over the past few years, millimeter wave components have also gained popularity because to the notable improvements in 5G technology. For example, 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. These elements contributed to the increase of the millimeter wave technology market share in the mobile and telecommunications segments.

Millimeter wave radars can enable cars to acquire the visual acuity essential for autonomous driving. Currently, autonomous cars can see thanks to LIDAR technology. A Japanese Tier I auto components company called Toyoda Gosei created a car brand symbol that is luminous and compatible with millimeter wave radar in April 2023. This item will be integrated into the forthcoming Lexus RZ battery electric car (BEV) from Toyota. The need for millimeter wave-based components in automotive applications may be driven by such radars.

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Major vendors in the millimeter wave technology companies include 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).