Millimeter Wave Technology Market To Generate Revenue worth $11,912.1 Million by 2030

The global millimeter wave technology market revenue is expected to reach USD 11,912.1 million by 2030, exhibiting a CAGR of 23.4% during 2023–2030.

This is due to the fact that millimeter waves are coming up as an advance and promising approach for telecommunications, with mobile network providers already using exceptionally high frequencies in a variety of ways. While millimeter waves have previously been used in radar systems and satellite communications, their enhanced capabilities and exceptional safety have given way to new opportunities in different industries.

The operation of mmWaves goes beyond telecommunications. They are widely used in remote sensing and radio astronomy, where frequencies near 60 GHz are used for satellite-based remote sensing to find out the temperature of the upper atmosphere via the measurement of the radiation discharged from oxygen molecules created by pressure and temperature. Additionally, this technology is used in operational satellite sensors, such as the advanced microwave-sounding units on the NASA’s Aqua satellite. The defense sector relies on satellites operating in this frequency range.

Moreover, this technology has the potential to transform the telecommunications industry due to its safety, security, and easy integration for 5G networks. While the under-way studies are measuring the effects of mmWaves and 5G on human beings, there is presently no reason for concern relating to the changes noted in cell towers within societies.

Frequency Sources and Related Components Category To Witness Significant Growth

The frequency sources and related components category is expected to witness a significant CAGR during the projected period.

This is because oscillator source devices produce signals ranging from 30 GHz to 300 GHz. The performance of the signals generated by millimeter wave systems depends on the behavior of the frequencies taking part in the manufacturing processes. Manufacturers take care of this challenge by using frequency multiplication techniques and employing low-frequency oscillators to generate the demanded high frequencies.

Moreover, frequency sources are generally the most-expensive components in millimeter wave devices, whereas transistor-based frequency multipliers provide a cost-effective solution.

Fully Licensed Bands Hold Largest Share

The fully licensed category led the industry in 2022, with a revenue share of 60%, and it is also set to maintain its dominance during the prediction period.

This is because fully licensed frequency bands work within a specific portion of the radio spectrum, allowing organizations to utilize the spectrum to its maximum potential. Prominent mobile and telecom companies pay licensing fees for frequency bands used across particular geographic areas. Moreover, fully licensed frequency bands provide exceptional performance, lower data traffic noise, and excellent reliability and permit faster signal transmission for technologies such as cellular IoT, LTE, 3G, and narrowband IoT.

North American Market Witnessing Significant Growth

Geographically, the North American millimeter wave technology market is witnessing significant growth. This is due to the technological advancements, well-established IT infrastructure, a large consumer base accepting broadband connections for a convenient and smooth lifestyle, the existence of prominent industry players, and a great demand for 5G networks in the region.

Moreover, Germany brings the highest revenue to the European market. This is owing to the fact that Germany has registered itself as a well-known market for turbocharged millimeter waves, which are widely used in the 5G spectrum, following Italy and Finland, and the rampant installation of 5G towers in the country.

Key players in the market are NEC Corporation, Siklu Communications Ltd., L3Harris Technologies Inc., Smiths Group plc, Millimeter Wave Products Inc., Eravant, Aviat Networks Inc., Vubiq Networks Inc., and Verana Networks.