Global Millimeter Wave Equipment Market to Reach US$7.6 Billion by 2030

The global market for Millimeter Wave Equipment estimated at US$2.3 Billion in the year 2023, is expected to reach US$7.6 Billion by 2030, growing at a CAGR of 18.3% over the analysis period 2023-2030. Telecommunication Equipment, one of the segments analyzed in the report, is expected to record a 18.1% CAGR and reach US$5.3 Billion by the end of the analysis period. Growth in the Radar & Satellite Communication Systems segment is estimated at 21.1% CAGR over the analysis period.

The U.S. Market is Estimated at US$628.2 Million While China is Forecast to Grow at 17.4% CAGR

The Millimeter Wave Equipment market in the U.S. is estimated at US$628.2 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.2 Billion by the year 2030 trailing a CAGR of 17.4% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 16.3% and 15.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 12.2% CAGR.

Global Millimeter Wave Equipment Market - Key Trends and Drivers Summarized

Millimeter wave (mmWave) technology is setting the stage for future advancements in telecommunications, characterized by its high-speed, high-capacity, and low-latency capabilities. As we progress from 5G and look towards 6G technologies, the importance of mmWave frequencies becomes increasingly pronounced, especially as we approach the potential utilization of the sub-terahertz (THz) bands in the 2030s. The need for such robust communication systems is underscored by the exponential growth in mobile communication traffic driven by smartphones, the Internet of Things (IoT), and multimedia services. This technology meets the demands for handling massive data volumes with minimal latency, making it ideal for next-generation applications across various sectors including healthcare, industrial automation, and high-definition content streaming like 4K and 8K videos.

The strategic deployment of mmWave technology not only enhances network capabilities but also offers substantial economic and energy efficiencies. High-density environments such as stadiums and shopping malls, which experience significant data traffic, can benefit from mmWave`s ability to provide necessary bandwidth efficiently and cost-effectively. The technology`s use extends to innovative applications facilitated by its high linearity and broad bandwidth capabilities. For instance, mmWave can support advanced sensing and precise positioning applications that are critical in developing smart city infrastructures and autonomous systems. The continuous evolution of mmWave technology promises not only to improve current telecommunication services but also to spearhead innovations that integrate deeper into our social and industrial fabric, enhancing the efficiency of services and the overall quality of life.

The growth of the mmWave technology market is fueled by various drivers that align with broader technological and infrastructural developments. The integration of mmWave technology into modernizing infrastructures allows for enhanced communication system performance without complete overhauls, making it an attractive option for stakeholders looking for cost-effective technological upgrades. Improvements in semiconductor manufacturing have reduced the costs of mmWave components, increasing the accessibility of the technology. The global rollout of 5G networks boosts demand for mmWave equipment, essential for supporting ultra-high frequency operations. Additionally, regulatory changes facilitating spectrum allocation for mmWave frequencies expand the technology`s applications. Consumer expectations for immediate and reliable connectivity in densely populated areas further accelerate the adoption of mmWave technologies, which provide significantly faster connections than traditional technologies. The versatility of mmWave is also demonstrated in its increasing use in sectors such as automotive for autonomous vehicles and in manufacturing for industrial IoT applications. The proliferation of devices compatible with mmWave frequencies and the development of supporting ecosystems are crucial for its widespread adoption, ensuring mmWave technology remains integral to the future landscape of global telecommunications.