The global millimeter wave technology market size is estimated to grow from USD 1.0 billion in 2020 to USD 3.4 billion by 2025, at a CAGR of 26.4%. An increase in broadband and mobile speeds with growing utility and demand is one of the factors driving the growth of the millimeter wave technology market.
Millimeter wave, also known as extremely high frequency (EHF) or very high frequency (VHF), is the band of spectrum between 30 GHz and 300 GHz. These waves are named so because their wavelengths range from 1 millimeter to 10 millimeters. Previously, millimeter waves were mainly used for military and satellite communication applications. However, this technology has been gaining traction in the mobile and telecom applications, mainly for the 5G applications, which is expected to drive the market significantly.
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In 2019, telecommunication equipment dominated the millimeter wave technology market. The high growth of the telecommunication equipment is due to the higher use of millimeter wave components for 5G backhaul. Also, millimeter wave components are widely used in indoor and outdoor telecommunication equipment, which includes small-cell and macro-cell equipment.
The millimeter wave technology market for unlicensed frequencies is projected to account for the largest share by 2025, as due to the high adoption of millimeter wave for devices in the unlicensed frequency band. The fully licensed band is set to grow at the highest rate due to its increasing adoption, mainly in the mobile & telecom sector.
Based on frequency range, the 57 GHz to 86 GHz frequency range was dominant. It has major applications in sectors such as automotive, healthcare, and telecommunications. It has been further segmented into V-band (57–66 GHz) and E-band (71–76 GHz and 81–86 GHz).
The market for frequency sources & related components accounted for the largest share in the millimeter wave technology market in 2019. The higher market share of frequency components is mainly due to the use of oscillators.
The mobile & telecoms application accounted for the largest size of the millimeter wave technology market in 2019. The growth in the mobile & telecom segment is mainly attributed to the large-scale adoption of millimeter wave technologies in 5G mobile phones and telecom infrastructure.
The millimeter wave technology market in North America accounted for the largest share in 2019. The growth in the market is mainly attributed to the higher adoption of millimeter wave technology in the mobile & telecom applications.
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