Millimeter Wave Technology Market Outlook:
Millimeter Wave Technology Market size was USD 3.9 billion in 2024 and is estimated to reach USD 18.5 billion by the end of 2037, expanding at a CAGR of 13.2% during the forecast period, i.e., 2025-2037. In 2025, the industry size of millimeter wave technology is evaluated at USD 4.4 billion.
The sales of millimeter wave (mmWave) technologies are driven by their increasing applications in telecommunications, defense, and automotive radar. A stable supply chain of raw materials and components is likely to push the global shipments of millimeter wave technologies. The U.S. International Trade Commission (USITC) estimates that the imports of mmWave components, including radio frequency semiconductors and antenna modules, are gaining wide demand. The same source also estimates that the U.S. imported more than USD 430.5 million worth of RF components in 2023 and observed 9.4% YoY growth. Furthermore, the U.S. Department of Commerce states that the export of finished wireless communication devices operating above 24 GHz increased by 7.2% during the same period, led by Europe and Southeast Asia.
Additionally, the final assembly of millimeter wave technologies is estimated to be concentrated in Malaysia and Taiwan due to their strong electronics manufacturing base. The U.S. Bureau of Labor Statistics (BLS) reveals that the producer price index for the semiconductor and electronic components rose by 5.8% between Q1 2023 and Q1 2024. This is mainly due to their rising demand in the 5G and defense sectors. Also, the consumer price index for communication-related devices increased by 3.6% during the same period.
Millimeter Wave Technology Market - Growth Drivers and Challenges
Growth Drivers
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Growing popularity of advanced automotive radar and ADAS systems: The increasing popularity of automotive radar systems is expected to fuel the sales of mmWave technologies. One such example is the 77 GHz mmWave technology used in advanced driver-assistance systems (ADAS) and autonomous driving systems. In addition, the European Union's 2022 regulation mandating Level 2 automation features for new vehicles by 2026 is projected to boost the adoption of mmWave sensors in the years ahead. To aid OEMs to meet their requirements, Bosch and Texas Instruments are offering 4D imaging radar solutions using mmWave. Several companies are focusing on advancing their product offerings through radar-on-chip and AI integration to earn lucrative gains.
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Increasing application in the military & defense sector: The military and defense sector is expected to drive the sales of millimeter wave technologies in the coming years. The secure satellite communications, drone detection, and active denial systems depend on mmWave technologies for enhanced productivity and effectiveness. The U.S. Department of Defense reveals that between 2021 and 2024, it invested more than USD 250.5 million in mmWave-based communication research under the Trusted & Assured Microelectronics program. Also, South Korea’s Agency for Defense Development (ADD) intends to invest in 94 GHz radar research for missile detection. The favorable government initiatives and funding strategies are set to drive innovations in the millimeter wave technologies.
Technological Innovations in the Millimeter Wave Technology Market
The technological advancements are set to double the revenues of millimeter wave technology manufacturers during the projected period. The swift integration of digital technologies in large enterprises is estimated to propel the demand for millimeter wave technologies in the coming years. The digital technologies are set to enhance the operational efficiency of the millimeter wave solutions. The table below reveals the current technological trends and their outcomes.
|
Industry |
Technology Adoption (%) |
Company Example |
Key Impact |
|
Telecom |
62.3% of 5G mmWave sites |
Verizon |
3.5x higher user throughput in stadiums |
|
Automotive |
85.4% of L2 ADAS vehicles |
Bosch, Denso |
Improved object detection and braking response |
|
Healthcare |
48.2% of hospitals use mmWave |
Nihon Kohden, Hitachi |
Faster diagnosis via mmWave scanning |
Sustainability Trends in the Millimeter Wave Technology Market
The strict regulatory mandates are set to boost the adoption of millimeter wave technologies. The sustainable initiatives, including renewable energy and circular economy, are also projected to fuel the demand for millimeter wave technologies. The green trend is further accelerating the sales of millimeter wave technologies. The table below reveals the current sustainability strategies and their business impacts.
|
Company |
Sustainability Initiatives |
Goals & Vision (2030) |
Impact on Business |
|
Analog Devices |
27.5% GHG reduction (2020–2023), solar installations |
Net-zero Scope 1 and 2 by 2030 |
Decreased operational costs, ESG ratings ↑ |
|
Intel |
100% renewable electricity in the U.S./EU (2023) |
Global net-zero by 2040 |
Positive investor outlook, brand value ↑ |
|
Infineon |
60.2% waste recycling at the Regensburg plant |
70.3% carbon reduction by 2030 |
Improved supply chain resilience |
Challenges
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Inadequate infrastructure: The poor infrastructure, mainly dense network deployment and advanced backhaul in some emerging countries, is expected to hamper the market growth to some extent. The Department of Telecommunications (DoT) states that only 19.3% of urban municipalities had mmWave-compatible infrastructure in 2022, which delayed private 5G rollouts in Tier 2 and Tier 3 cities. Thus, the unavailability of adequate infrastructure affects the profit margins of millimeter wave technology manufacturers.
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Pricing pressures: The high costs of millimeter wave technologies lower their sales in the price-sensitive markets. Regions with low budgets often demand ultra-low-cost mmWave solutions, challenging the profits of key players. This also challenges foreign OEMs to compete without major cost-cutting or local manufacturing. In 2023, Nokia localized its production through a partnership with Taiwan’s Foxconn to reduce mmWave hardware costs by 35.4% and remain competitive in Malaysia. This reflects that companies are adopting various strategies to minimize losses.
Millimeter Wave Technology Market Size and Forecast:
| Report Attribute | Details |
|---|---|
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
13.2% |
|
Base Year Market Size (2024) |
USD 3.9 billion |
|
Forecast Year Market Size (2037) |
USD 18.5 billion |
|
Regional Scope |
|
Millimeter Wave Technology Market Segmentation:
Application Segment Analysis
The telecommunication infrastructure segment is projected to capture 43.5% of the global market share by 2037. The rise in the deployment of 5G networks is set to propel the sales of millimeter wave technologies. The urban dense environments are set to fuel the adoption of millimeter wave technologies owing to their ability to enable ultra-high bandwidth and low-latency communication. The Federal Communications Commission’s (FCC) auctioning of high-frequency bands, including the 28 GHz and 39 GHz spectra, is enabling the commercial rollouts of mmWave-enabled infrastructure in the U.S. Also, in Japan, the Ministry of Internal Affairs and Communications similarly allocates mmWave bands for 5G improvements. The positive role of public entities is likely to fuel the application of mmWave technologies in the telecommunication infrastructure.
Frequency Band Segment Analysis
The 30-60 GHz is anticipated to account for 39.8% of the global market share throughout the forecast period. 30-60 GHz frequency bands are gaining traction owing to their ability to offer an optimal balance of coverage and capacity that is suitable for both mobile and fixed wireless access. 30-60 GHz frequency bands are also widely adopted in IoT devices and short-range applications, such as HD video transmission and backhaul. As per the study by the National Institute of Standards and Technology (NIST), the 30-60 GHz range is expected to lead the commercial applications owing to favorable propagation characteristics and compatibility with emerging vehicle-to-everything (V2X) standards. Such findings are expected to boost the sales of 30-60 GHz frequency bands during the foreseeable period.
Our in-depth analysis of the global market includes the following segments:
|
Segment |
Subsegment |
|
Component Type |
|
|
Frequency Band |
|
|
Application |
|
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Millimeter Wave Technology Market - Regional Analysis
North America Market Insights
The North America millimeter wave technology market is estimated to hold 35.5% of the global market share through 2037. The robust 5G deployment and high demand in automotive radar and defense communications are accelerating the trade of millimeter wave technologies. The investments in 5G and digital infrastructure expansion are anticipated to fuel the sales of millimeter wave technologies. In addition, the leading automakers are expected to drive the adoption of millimeter wave technologies.
Sales of millimeter wave technologies in the U.S. are expected to be fueled by their increasing applications in the automotive and defense sectors. The spectrum auctions and military radar innovations are expected to propel the adoption of millimeter wave technologies. The Federal Communications Commission’s (FCC) Auction 103 facilitated commercial access to high-frequency bands for 5G expansion. The advancements in wireless connectivity networks are projected to fuel the adoption of millimeter wave technologies in the years ahead.
The spectrum management reforms and broadband grants are expected to accelerate the trade of millimeter wave technologies in Canada. The rising government funding and smart mobility initiatives are also expected to open lucrative doors for millimeter wave technology producers. Innovation, Science and Economic Development (ISED) initiated the 2024 Spectrum Outlook Plan, allocating 26-40 GHz bands for mmWave communication. This highlights that millimeter wave technologies are widely being used in broadband expansion projects.
Europe Market Insights
The Europe millimeter wave technology market is poised to account for 22.8% of the global revenue share throughout the study period. The expanding demand for 5G networks is expected to accelerate the adoption of millimeter wave technologies. The smart infrastructure initiatives are also set to fuel the sales of millimeter wave technologies. The EU’s €1.7 billion Digital Europe Programme is actively funding R&D in mmWave-enabled technologies. Thus, the digital infrastructure expansion programs are expected to double the revenues of millimeter wave technology manufacturers in the years ahead.
The sales of millimeter wave technologies in Germany are estimated to increase at a high pace owing to aggressive spectrum policy and industry-focused 5G deployment. The early investments in GaN RF technologies are also expected to propel the sales of millimeter wave technologies. More than €3.4 billion in federal funding has been committed to smart mobility and autonomous systems utilizing mmWave sensors. The positive spending on ICT solutions in the automotive sector is likely to accelerate the production of millimeter wave technologies.
The government's focus on spectrum liberalization, smart mobility, and urban innovation is estimated to fuel the sales of millimeter wave technologies in the U.K. The Department for Science, Innovation & Technology (DSIT) reveals that the country invested nearly 5.7% of its ICT infrastructure budget in mmWave technologies in 2023. The public-private investments are opening high-earning opportunities for millimeter wave technology producers. Automation in the automotive sector is expected to fuel the sales of millimeter wave technologies in the years ahead.
Country Specific Data
|
Country |
2023 ICT Budget Allocation to mmWave |
2024 mmWave Investment |
Growth Trend (2021-2024) |
|
United Kingdom |
5.7% |
€1.3 billion |
+42.4% |
|
Germany |
6.8% |
€2.2 billion |
+53.4% |
|
France |
5.4% |
€1.5 billion |
+38.2% |
APAC Market Insights
The Asia Pacific millimeter wave technology market is foreseen to expand at a CAGR of 19.5% between 2025 and 2037. The industrial automation and government-backed ICT digitalization programs are likely to accelerate the production of millimeter wave technologies. The 5G expansion projects are also poised to fuel the adoption of millimeter wave technologies. The healthcare, telecom, smart cities, and defense sectors are boosting the demand for millimeter wave technologies. China, Japan, India, and South Korea are the most lucrative marketplaces for millimeter wave technology producers.
China is expected to lead the sales of millimeter wave technologies owing to massive ICT investments. The long-term digitalization strategies under the 14th Five-Year Plan for ICT Development, coordinated by the Ministry of Industry and Information Technology (MIIT), are supporting the millimeter wave technology trade in China. MIIT reported a 61% increase in government investment in mmWave infrastructure between 2018 and 2023. The favorable government polices and schemes are set to double the revenues of key players in the years ahead.
The India millimeter wave technology market is estimated to register a high growth rate during the forecast period. The high investments in wireless connectivity projects and digital transformation are accelerating the sales of millimeter wave technologies. As per the analysis by the Department of Telecommunications (DoT) and the Ministry of Electronics and Information Technology (MeitY), the spending on the mmWave technology registered 340.4% growth between 2015 and 2023. Thus, similar to China, supportive government policies are propelling the overall market growth.
Country Specific Trends
|
Country |
2037 Market Share |
Key Statistics |
|
Japan |
14.2% |
In 2024, METI allocated 5.2% of the ICT budget (~¥420.4 billion) to mmWave R&D. |
|
Malaysia |
2.5% |
MDEC data shows a 70.4% rise in mmWave startups from 2013 to 2023. |
|
South Korea |
2.9% |
MSIT deployed mmWave in more than 161 smart cities with a 49.3% CAGR in 5G mmWave devices. |
Key Millimeter Wave Technology Market Players:
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
The market is dominated by the presence of gigantic companies and the increasing emergence of start-ups. The leading companies are employing several organic and inorganic marketing strategies to earn high gains. They are investing in R&D to introduce advanced 5G mmWave chipsets. Key players are also partnering with telecom operators to boost their sales. Furthermore, they are also entering emerging economies to earn fruitful profits from untapped opportunities. Also, new companies are focused on the introduction of advanced millimeter wave technologies to stand out from the crowd.
Here is a list of key players operating in the global market:
|
Company Name |
Country of Origin |
Revenue Share 2024 |
|
Qualcomm Inc. |
USA |
11.7% |
|
Keysight Technologies |
USA |
9.6% |
|
Ericsson |
Sweden |
8.9% |
|
Samsung Electronics |
South Korea |
8.5% |
|
Rohde & Schwarz GmbH & Co KG |
Germany |
7.1% |
|
Nokia Corporation |
Finland |
xx% |
|
Siklu Communication Ltd. |
Israel |
xx% |
|
Aviat Networks |
USA |
xx% |
|
MACOM Technology Solutions Holdings |
USA |
xx% |
|
Intel Corporation |
USA |
xx% |
|
Huawei Technologies Co., Ltd. |
China |
xx% |
|
Sivers Semiconductors AB |
Sweden |
xx% |
|
RF Industries |
Australia |
xx% |
|
Sterlite Technologies Ltd. |
India |
xx% |
|
Silterra Malaysia Sdn. Bhd. |
Malaysia |
xx% |
Below are the areas covered for each company in the millimeter wave technology market:
Recent Developments
- In April 2024, Samsung Electronics revealed the launch of its fully virtualized 5G RAN with integrated mmWave radio units. This solution is estimated to enable a 40.4% reduction in power consumption and enhanced deployment speed by 25.2%.
- In February 2024, Qualcomm Technologies, Inc. announced the launch of its first mmWave-integrated system Snapdragon X80. This launch contributed to a 7.4% YoY revenue rise in Q1 2024.
Author Credits: Preeti Wani
- Report ID: 770
- Published Date: Jun 27, 2025
- Report Format: PDF, PPT
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