Vancouver, Nov. 13, 2023 (GLOBE NEWSWIRE) -- The global Millimeter Wave (MMW) technology market size was USD 2.63 Billion in 2022 and is expected to register a rapid revenue CAGR of 22.3 % during the forecast period. A new market research report projects a rapid revenue compound annual growth rate (CAGR) of 22.3% during the forecast period. The surge in demand for MMW technology, driven by its pivotal role in enabling 5G networks and a wide range of applications, is at the core of this growth.
Millimeter Wave (MMW) technology, which uses high-frequency radio waves in the range of 30-300 GHz, is celebrated for its ability to transmit data at high speeds and deliver high-resolution imaging and sensing capabilities. This versatile technology has found applications in various industries, including telecommunications, military, defense, aerospace, automotive, sensors, radios, and more.
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The rise of 5G technology is a key driver for MMW technology, as it offers faster internet speeds and ultra-low latency. The demand for 5G is expected to continue to grow over the next decade, with high-spectrum data transfer rates expected to increase significantly. Notably, leading companies like ZTE Corporation, AIS, and Qualcomm Technologies are actively contributing to the commercialization of MMW technology for 5G applications.
However, the report also highlights some challenges in the MMW technology market, including environmental concerns related to wave strength reduction and the need for an extensive infrastructure with numerous wireless transmission base stations. These challenges require substantial investments and space to maintain high-frequency bands.
Key Market Insights:
Components: The antennas and transceiver segment dominated the market in 2022 due to the rising demand for 5G technology, offering increased bandwidth and advanced antennas for efficient data transmission.
Product: Telecommunication equipment is expected to hold a significant market share due to the need for high-bandwidth applications in consumer electronics, mobile devices, and high-definition video streaming.
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License: Fully licensed frequency is projected to experience steady revenue growth, as it is essential for telecommunications operators to deploy 5G networks and ensure quality of service.
Frequency: The 24 GHz to 57 GHz segment is set to witness the fastest revenue growth, driven by increasing adoption of 5G connectivity, IoT devices, and high-capacity uses like video streaming and cloud services.
End-Use: The military, defense, and aerospace segment is expected to lead the market, with rising demand for MMW radar systems and electronic warfare applications.
Regional Insights:
North America: The region secured the largest market share in 2022, benefiting from established market players and significant investments in 5G technology.
Asia Pacific: This region is poised for the fastest revenue growth, driven by increasing data consumption and infrastructure investments to establish 5G networks.
Europe: The market in Europe is experiencing substantial growth due to the adoption of 5G infrastructure and the integration of MMW technology in areas such as electric vehicles and advanced driver assistance systems.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 2.63 Billion |
| CAGR (2023-2032) | 22.3% |
| Revenue Forecast To 2032 | USD 19.19 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Components, product, license, frequency end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Nokia, Qualcomm Technologies Inc., Huawei Technologies Co., Ltd., Fujitsu, Samsung, Intel Corporation, NEC Corporation, L3Hariss Technologies, Keysight Technologies, Siklu Communication Ltd., LM Erricson, ZTE Corporation, Anokiwave Inc., Mitsubishi Electric, MACOM, Cisco Systems Inc., NXP Semiconductors, Broadcomm, Vubiq Network Ltd., and Microsoft |
| Customization Scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global MMW technology market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective Millimeter Wave (MMW) technology. Some of the major companies included in the global MMW technology market report are:
- Nokia
- Qualcomm Technologies Inc.
- Huawei Technologies Co., Ltd.
- Fujitsu Limited
- Samsung
- Intel Corporation
- NEC Corporation
- L3Hariss Technologies
- Keysight Technologies
- Siklu Communication Ltd.
- LM Erricson
- ZTE Corporation
- Anokiwave Inc.
- Mitsubishi Electric
- MACOM
- Cisco Systems Inc.
- NXP Semiconductors
- Broadcomm
- Vubiq Network Ltd.
- Microsoft
Strategic Development
- On 28 August 2023, Fujitsu Limited announced the development of a new millimeter wave chip for 5G that supports multi-beam multiplexing (excluding polarization multiplexing, allowing up to four beams to be multiplexed with a single chip. Millimeter Wave (MMW) for 5G Base Station Radio Units (RUs). The development was carried out under the Advanced Infrastructure Research and Development Project for Post-5G Information and Communications Systems by the Japan New Energy Development Organization and Industrial Technology (NEDO) authorized. It enables high-speed, high-capacity communications over 10Gbps and reduces power consumption by 30%
- On 26 June 2023, Nokia announced that it has achieved sustained average downlink speeds of over 2 Gigabits per second (Gbps) using MMW spectrum and Fixed Wireless Access (FWA) 5G, over a distance of 10.86 km. These historic download speeds, the fastest recorded in the world to date, were achieved using Nokia's 5G extended range Millimeter Wave (MMW) solution at the OuluZone test facility in Oulu, Finland.
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Segments Covered in Report
For the purpose of this report, Emergen Research has segmented the global Millimeter Wave (MMW) technology market on the basis of components, product, license, frequency end-use, and region:
- Components Outlook (Revenue, USD Billion; 2019-2032)
- Antennas & Transceiver
- Communications and Networking
- Frequency and Related Components
- Imaging Components
- RF & Radio Components
- Sensors and Controls
- Others
- Product Outlook (Revenue, USD Billion; 2019-2032)
- Scanner Systems
- Radar and Satellite Communications Systems
- Telecommunication Equipment
- License Outlook (Revenue, USD Billion; 2019-2032)
- Light Licensed
- Unlicensed Frequency
- Fully Licensed Frequency
- Frequency Outlook (Revenue, USD Billion; 2019-2032)
- 24 GHz to 57GHz
- 58 GHz to 86 GHz
- 87 GHz to 300 GHz
- End-Use Outlook (Revenue, USD Billion; 2019-2032)
- Telecom and Datacom
- Military, Defense, and Aerospace
- Automotive
- Industrial
- Consumer
- Medical
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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