2023 to 2034: Millimeter Wave Technology Market Growth and Projections

The Global Millimeter Wave Technology Market, valued at $4.4 billion in 2023, is expected to advance at a compound annual growth rate (CAGR) of 14.7% from 2024 to 2034, reaching $19.8 billion by the end of 2034. This remarkable growth is driven by the widespread adoption of 5G mmWave technology for industrial and broadcast applications, according to recent market analysis.

The surge in the launch of 5G mmWave for industrial use is a primary driver for the development of the millimeter wave technology market. mmWave technology, known for its ability to transmit large amounts of data in real time, is crucial for the advancement of 5G networks, which are essential for applications in autonomous vehicles and the industrial sector. The rise in adoption of 5G-enabled broadcast technology is further boosting the market's value, as it allows for the low-cost capture and distribution of mobile media globally.

Market Introduction:

Millimeter Waves (mmWaves) are electromagnetic waves with wavelengths between 10 mm and 1 mm and frequencies between 30 GHz and 300 GHz. Due to their small wavelengths, mmWave devices can facilitate large antenna arrays in compact physical dimensions. mmWave technology is a key component of the 5G system, offering higher speeds and lower latency over shorter distances compared to the decimeter wave band of 4G.

Market Drivers:

• Surge in Launch of 5G mmWave for Industrial Use:

5G mmWave frequencies starting at 24GHz and above provide unparalleled speed and capacity for connected cars, healthcare, interactive gaming, industrial automation, augmented reality, and virtual reality. For instance, Deutsche Telekom began using 5G mmWave frequencies at 26 GHz in June 2024 to provide services for industrial applications.

The deployment of Open RAN (O-RAN) networks is also propelling market growth. In February 2024, Mavenir announced an advanced commercial phase pilot deployment of an O-RAN network for Vodafone Idea (Vi), utilizing the N78 and N258 mmWave spectrum bands.

• Rise in Adoption of 5G-enabled Broadcast Technology:

5G broadcast TV and streaming technology is gaining popularity among traditional broadcasters. Major broadcasters are conducting trial deployments of 5G-enabled broadcasting. For example, in June 2024, Ericsson, in collaboration with 3 Denmark, TV 2, and Sony, successfully trialed a live television broadcast of a high-profile football match over a 5G standalone network, using mmWave technology.

Download Sample PDF from Here- https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=16568&utm_source=Openpr&utm_medium=Amit

Regional Outlook:

Asia Pacific dominated the millimeter wave technology market in 2023, driven by the transition from 3D to 4D mmWave radar technology, particularly in China. This technology is becoming increasingly affordable for automotive applications, enhancing safety systems and smart driving commercialization. In April 2024, Huawei launched Qiankun, a brand dedicated to intelligent driving, further boosting the market in the region.

Key Players:

Prominent companies in the millimeter wave technology market include AVIAT NETWORKS, BridgeWave Communications, CableFree (Wireless Excellence Limited), E-Band Communications, LLC, Eravant, Farran, Keysight Technologies, KYOCERA Corporation, Millitech (Smiths Interconnect), NEC Corporation, QuinStar Technology, Inc., RADWIN, Siklu (Ceragon), and Trex Enterprises Corporation. These companies are focusing on developing low-cost mmWave systems and expanding their product portfolios through mergers and acquisitions.

Key Developments:

• In June 2024, NEC Corporation developed a radio-over-fiber system with a 1-bit fiber transmission method, enabling affordable and stable mmWave communication networks for Beyond 5G/6G.
• In 2023, Digital Nasional Berhad (DNB), TM, and ZTE Corporation (ZTE) formed a strategic alliance to launch a 5G live trial, achieving speeds up to 28Gbps, expected to revolutionize Malaysia's digital landscape.

About Us Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

Contact Us:

Transparency Market Research Inc.

CORPORATE HEADQUARTER DOWNTOWN,

1000 N. West Street,

Suite 1200, Wilmington, Delaware 19801 USA

Tel: +1-518-618-1030

USA – Canada Toll Free: 866-552-3453