Millimeter Wave Technology Market Size - By Component, By Frequency Band, By End Use, Growth Forecast, 2026-2035

Millimeter Wave Technology Market Size

The global millimeter wave technology market size was valued at USD 6.1 billion in 2025. The market is expected to grow from USD 7.9 billion in 2026 to USD 34.7 billion in 2035, at a CAGR of 17.9% during the forecast period according to the latest report published by Global Market Insights Inc.

Several factors contribute to the augmentation of the market, including the growing demand for 5G networks, increasing demand for high-bandwidth applications, rising investments in telecommunication infrastructure, increasing applications in healthcare imaging, and increasing deployment in security systems.
 

Millimeter wave technology is experiencing tremendous growth due to the demand for 5G Networks. The increase in 5G usage creates an extensive need for millimeter wave types of technologies that provide high bandwidth, high speed, and low latency. As per the GMI analysis, it indicated 5G connections exceed 1.6 billion globally in 2023 and are projected to grow exponentially to over 5.5 billion by 2030. Therefore, as more people utilize, subscribe to, and create mobile devices that use millimeter-wave technologies, the demand is likely to grow substantially through the integration of these technologies.
 

Increased investments in telecommunication infrastructure are driving increased growth of millimeter wave technologies; therefore, increasing investment in telecommunication infrastructure through both the public and private/employer sectors supports the growth of this technology through improving coverage and connectivity. Owing to the willingness to create better infrastructures, many infrastructure projects are now underway where millimeter-wave solutions act as a key component in creating high-density, high-capacity networks, such as those associated with 5G.
 

According to the National Telecommunications and Information Administration (NTIA), USD 1.7 billion increase in the level of federal broadband appropriations during 2020-2022, which further establishes the importance of bridging digital divides through the expansion of the Internet and connectivity increases, thereby driving the market growth for millimeter wave technology.
 

Between 2022 and 2024, the market witnessed considerable growth, increasing from USD 3.2 billion in 2022 to USD 4.3 billion in 2024. Demand for ultra swift ultra quick responsiveness is set to accelerate the adoption of mmWaves up through several different industry sectors. Emerging applications such as 5G smart cities and healthcare imaging require mmWave technologies.
 

For instance, in August 2023, Siklu released MultiHaul TG T261 terminal, the latest addition to their 60 GHz point to multipoint family of products. This product is certified to Terragraph (TG), highlighting the increasing number of services made available from mmWave solutions for fixed 5G Wireless Access, Wi-Fi hotspot backhauls, Smart City networks, and mission-critical security networks.
 

Millimeter Wave Technology Market Trends

• The growing popularity of augmented (AR) and virtual (VR) reality applications throughout the millimeter-wave technology space has been fueled by the adoption of immersive experiences in areas such as video gaming, education, remote working, and travel.
   
• Although this trend has become popular because of Americans' increasing preference for high-bandwidth, low-latency communications since its initial adoption in 2018-2019, a survey conducted by Security.org has shown that approximately 1 in 3 American adults own a VR headset and that about 8% of the population intends to purchase a VR headset over the next six months—representing a potential increase in the number of VR users in the United States of approximately 21% over the next six months. As the adoption of VR continues to expand, the need for high-bandwidth, low-latency VR applications continue to support the development of new types of technologies.
   
• The trend of advancements in beamforming throughout the millimeter-wave technology industry began around 2019-2020, largely because of the widespread implementation of artificial intelligence (AI)–enabled beamforming technologies and new types of multi-input, multi-output (MIMO) technology. These advancements have dramatically improved the reliability of the mmWave signal at, or below, line-of-sight and have significantly improved the efficiency of the signal spectrum by providing improved performance around interference cancellation.
   
• According to the National Institute of Standards and Technology (NIST), phased array antennas, with tens to hundreds of active elements, achieve gains of 20 to 40 dBi and provide virtually lossless steerable pencil beams that enable the establishment of very robust mmWave links. Owing to this, phased array antennas contribute to the development of vastly improved urban connectivity and increase the implementation of this type of technology in the telecommunications and industrial sectors as the trend is likely to peak by 2026.
   
• The growth of the healthcare industry through the usage of millimeter waves in medical imaging drives the future expansion of the market for millimeter wave technology. For instance, in August 2023, CitiusTech Healthcare Technology Pvt Ltd announced a partnership with Radical Imaging LLC to provide full-service solutions for development initiatives supported by the open health imaging foundation (OHIF), which provides an open-source web-based imaging platform for healthcare.
   

Millimeter Wave Technology Market Analysis

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The millimeter wave technology market was valued at USD 3.2 billion and USD 3.5 billion in 2022 and 2023, respectively. The market size reached USD 6.1 billion in 2025, growing from USD 4.3 billion in 2024.
 

Based on the frequency band, the market is divided into 24 - 57 GHz, 57 - 86 GHz, & 86 - 300 GHz. The 24 - 57 GHz segment accounted for 39.7% of the market in 2025.
 

• The 24-57 GHz frequency band has been created to support high-capacity, low-latency networks for use in 5G communications, advanced radar applications and wireless backhaul systems, which allow for a much faster transfer of data and improved overall connectivity.
   
• Companies developing products for 5G, Internet of Things (IoT) or radar applications in the 24-57 GHz band should also be working on developing high-performance, low-latency solutions, increasing spectrum efficiency through more efficient transmission methods.
   
• The 57 - 86 GHz segment was valued at USD 2.3 billion in 2025 and is anticipated to grow at a CAGR of 19.3% over the forecast years. To meet the increasing demand for high-speed wireless communications, advanced radar and other automotive sensor technologies and build out 5G networks, 57–86 GHz is creating a lot of interest in the wireless community due to its unique capabilities in terms of providing increased data rates, lower latency, and increased capacity of the network.
   
• To take advantage of this increasing opportunity, companies developing 5G mmWave infrastructure, advanced radar and other automotive sensors and developing their signal processing capabilities should continue to develop technologies to meet the growing demand for high-speed, low-latency solutions.
   

Based on components, the millimeter wave technology market is segmented into switches, antennas, transceivers, communications and networking, interface, RF & radio, imaging, sensor & controls, power & battery, and others. The transceivers segment dominated the market with a revenue of USD 1.1 billion in 2025.
 

• Transceivers consist of many components designed to enable the efficient transmission of high-speed data between devices, low-latency operation of communication systems (including 5G networks, internet of things, & Wi-Fi) and seamless integration of these devices within the larger communication infrastructure.
   
• To support these requirements for high-performance transceivers capable of providing the required data rates, low-power operation, low-latency operation, and compatibility with 5G, Internet of Things, and next-generation wireless communication systems, companies should focus on developing advanced signal processing technology for more efficient use of the transmission medium.
   
• Communications and networking are anticipated to witness growth at a CAGR of 21.3% over the analysis period, reaching USD 5.9 billion by 2035.
   
• The rise of 5G and IoT has created an increased demand for communication and networking components that provide lower latency solutions, more ways to connect, and faster data transmission.
   
• Companies need to innovate network infrastructures, optimize data transmission and latency, improve scalability/securing connections and build the needed network infrastructure for 5G, IoT and next generation wireless communications.
   

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Based on the end-use, millimeter wave technology market is classified into telecommunication, healthcare, industrial, automotive, transportation, and others. The telecommunication segment dominated the market in 2025 with a market share of 24.4%.
 

• Telecom applications, as defined by their purpose, for the millimeter wave technology industry see an increase in demand due to the increased need for high-speed network capability found in 5G, high bandwidth networks, low-latency networks and improved mobile connectivity with 5G.
   
• Telecom companies must innovate 5G network infrastructure, optimize millimeter wave technologies for higher bandwidths, lower latency and provide reliable and scalable connectivity solutions to support increased globalities connectivity demand.
   
• The healthcare segment is expected to witness growth at a CAGR of 19.1% during the forecast period. Healthcare market experience rapid growth, due to increased demand for healthcare delivery innovations in remote patient monitoring and diagnostic imaging with millimeter-wave technologies.
   
• Healthcare firms must invest in R&D focused on the development of new imaging systems, remote patient monitoring devices and advanced diagnostic tools that integrate millimeter wave technology and drive down costs and increase profitability within their organizations.
   

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North America dominated the millimeter wave technology market with a share of 35% in 2025.
 

• The expansion of the North American market for millimeter wave technology is largely driven by the extension of the 5G network; government funding of broadband initiatives; and increasing investment in high tech infrastructures, which lead to the expansion of faster and wider access to high speed.
   
• The continuing urbanization and smart city projects; the increasing deployment of IoT devices; the continued demand for driverless vehicles; and the rapid expansion of cloud-based services are all major factors contributing to the growth and adoption of millimeter wave technologies in this region.
   

The U.S. millimeter wave technology market was valued at USD 980.8 million and USD 1 billion in 2022 and 2023, respectively. The market size reached USD 1.8 billion in 2025, growing from USD 1.3 billion in 2024.
 

• The U.S. market is driven by the demand to expand rural broadband networks, develop autonomous vehicle safety systems (ADAS) and find new uses of secure communications for military and defense.
   
• Companies interested in capitalizing on U.S. millimeter wave market growth opportunities should continue to pursue developing rural broadband solutions, improve ADAS technology, and develop secure communications systems for military and defense applications.
   

Europe millimeter wave technology market accounted for USD 1.6 billion in 2025 and is anticipated to show lucrative growth over the forecast period.
 

• The European market is supported by the 5G deployment strategy put in place by the EU, investments in digital infrastructure, and the continued rapid growth of the European internet of things (IoT) ecosystem.
   
• The European market also has growth opportunities driven by governmental support of green technologies, increasing adoption of autonomous vehicles and expanding use of industrial automation solutions.
   

Germany dominates the Europe millimeter wave technology market, showcasing strong growth potential.
 

• In Germany, the market is supported by investment in renewable energy solutions, greater use of AR/VR technologies and the development of high-speed rail systems.
   
• Companies that invest in the development of renewable energy solutions benefit from the growth of the German market and provide greater focus to developing AR/VR solutions and contributing to the development of high-speed rail systems in the country.
   

The Asia Pacific millimeter wave technology market is anticipated to grow at the highest CAGR of 19.4% during the analysis timeframe.
 

• The Asia-Pacific market has many factors driving the technology and growth of the market including the expansion of autonomous vehicle technology, investment in the expansion of high-speed rail and the demand for advanced mobile networks and networks with advanced mobility capabilities.
   
• Further, technological advancements in consumer electronics and increasing use of drones and UAVs are also driving the growth of the Asia-Pacific market.
   

China millimeter wave technology market is estimated to grow with a significant CAGR, in the Asia Pacific market.
 

• In China, the market is experiencing rapid expansion due to government investments in digital infrastructure to support 5G adoption, the expansion of IoT applications and the development of smart city projects.
   
• As the market for 5G grows in China, companies could take advantage of growth and increase their profits through increased investment in digital technology and moving on smart city initiatives.
   

Brazil leads the Latin American millimeter wave technology market, exhibiting remarkable growth during the analysis period.
 

• The demand for urban connectivity, the advancement of healthcare-related telecommunications, and the increase in investment in autonomous vehicle technology drive the demand for millimeter wave technology in Brazil.
   
• Companies maximize their value within the Brazil market by making improvements in urban connectivity, advancing the development of healthcare-related telecommunication technologies, and investing in autonomous vehicle technologies.
   

South Africa millimeter wave technology market to experience substantial growth in the Middle East and Africa market in 2025.
 

• In the Middle East & Africa Region, government-sponsored broadband expansion efforts, increased mobile data usage, and the recent development of "smart city" technology to improve connectivity and infrastructure continue to drive the interest of companies in the South African market.
   
• Companies operating in South Africa able to enhance their position in South Africa's growing market by expanding broadband access, improving the quality of mobile data services, and supporting smart city development.
   

Millimeter Wave Technology Market Share

Major companies like Qualcomm, Huawei, Ericsson, Analog Devices, Inc., & Keysight Technologies Inc. Dominate the competition within the millimeter-wave technologies marketplace. As the competitors currently account for approximately 33.6% of the total marketplace share of millimeter-wave technology through 2025, these companies continue to invest heavily into R&D activities to create next-generation technologies.
 

The addition of small niche players in the market fosters innovation, specialized solutions, and unique technologies.
 

Millimeter Wave Technology Market Companies

Prominent players operating in the millimeter wave technology industry are as mentioned below:
 

• Analog Devices, Inc.
• Aviat Networks
• Bridgewave Communications Inc.
• Broadcom
• Cambium Networks
• Ducommun Incorporated
• E-band Communications LLC
• Eravant (SAGE Millimeter Inc.)
• Ericsson
• Farran Technology Ltd.
• Huawei
• Infineon
• Keysight Technologies Inc.
• Kyocera Corporation
• L3Harris Technologies Inc.
• Millimeter Wave Products Inc.
• NEC Corporation
• Siklu Communication Ltd.
• Smiths Interconnect Group Limited
• Qualcomm
  
   
• Qualcomm is the leading provider of 5G millimetre wave technology, creating innovative chipsets for mobile and IoT devices that provide ultra-fast connectivity with low latency through strong partner relationships with key players in the mobile 5G network deployment space.
   
• Huawei has advanced millimetre wave technology and focuses heavily on the development of 5G Network infrastructure with extensive R&D devoted to creating high capacity and low latency millimetres wave systems to be deployed on a global scale through large-scale partnerships.
   
• Ericsson’s primary focus is on providing services and solutions for the telecom industry by leveraging their expertise in developing network equipment and completing extensive testing and trials of millimetre wave technology for their global customer base using 5G.
   

Analog Devices, Inc.

Analog Devices develops high-level communications and radar-related products based on their specific knowledge and expertise with signal processing, RF components and other advanced semiconductor technologies. Because of this expertise, Analog Devices can provide highly accurate products and create unique applications for precision measurements.
 

Keysight Technologies Inc.

Keysight Technologies designs and manufactures creative designs for creating millimeter wave test and measurement equipment to provide customers with required testing and measurement tools for prototype testing, simulations and performance validations in support of networks such as 4G/5G and the automotive, aerospace and transportation industries.
 

Millimeter Wave Technology Industry News

• In December 2023, Eravant (Formerly SAGE Millimeter Inc.) was awarded a patent for a new series of electrical connectors that can be used in the growing field of millimeter-wave electronics. The patented devices have been developed to work with existing coaxial connectors and allow a wider range of component manufacturers to use a greater number of package designs to produce a greater number of waveguide sizes and/or orientations using fewer package designs with the introduction of Uni-Guide waveguide connectors.
   
• In June 2022, Tokyo Technical University and NEC Corporation produced a phased array beamformer designed for the G band of millimeter waves (mmWaves). This device allows for ultra-low latency in communications, extremely high data rates (more than 10 Gbps), and a large enough capacity to serve multiple users.
   
• In 2025, KDDI Corporation and Kyocera Corporation developed compact 28 GHz millimeter-wave repeaters in the Tokyo Shinjuku area that significantly increased the 5G street level coverage from 33% to 99%. This innovation improves urban infrastructure and connectivity by providing high-speed data transmission and will support wireless applications beyond 5G.
   

The millimeter wave technology market research report includes in-depth coverage of the industry with estimates and forecast in terms of revenue in USD Million from 2022 - 2035 for the following segments:

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Market, By Component       

• Switches
  • PIN diode switches
  • FET switches
  • MEMS switches
  • Coaxial switches
  • Waveguide switches
• Antennas
  • Phased array antennas
    • Linear arrays
    • Planar arrays
    • Conformal arrays
  • Non-Phased array antennas
    • Patch antennas
    • Horn antennas
    • Reflector antennas
• Transceiver
• Communications and networking
• Interface
• RF & radio
• Imaging
• Sensor & controls
• Power & battery
• Others

Market, By Frequency Band

• 24 - 57 GHz
• 57 - 86 GHz
• 86 - 300 GHz

Market, By End Use

• Telecommunication
• Healthcare
• Industrial
• Automotive
• Transportation
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea 
• Latin America
  • Brazil
  • Mexico
  • Argentina 
• Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE