Millimeter Wave (MMW) Technology Market Size Worth USD 26.47 Billion by 2034 | CAGR: 26.4%

The millimeter wave (MMW) technology market size is expected to reach USD 26.47 Billion by 2034, according to a new study by Polaris Market Research. The report “Millimeter Wave (MMW) Technology Market Size, Share, Trends, & Industry Analysis Report: By Product (Telecommunication Equipment, Imaging & Scanning Systems), By Component, By Frequency Band, By Application, By Region – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Millimeter wave technology refers to the use of electromagnetic waves within the 30 GHz to 300 GHz frequency range, corresponding to wavelengths between 1 and 10 millimeters. It enables high-speed, high-capacity wireless communication and is widely used in applications such as 5G networks, radar systems, and advanced imaging.

The rollout of 5G technology is driving the millimeter wave (MMW) technology market growth. MMW frequencies allow for extremely high data transmission rates, which are essential for supporting the increased bandwidth needs of 5G services. Telecom companies are adopting MMW to deliver faster internet, low latency, and higher network capacity in urban areas. The need for efficient 5G infrastructure rises as mobile data consumption continues to rise with applications like video streaming, online gaming, and remote work, boosting demand for MMW components in base stations, antennas, and small cells.

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Millimeter wave technology is being explored in the healthcare industry for advanced imaging and diagnostic applications. MMW waves penetrate clothing and tissue to detect anomalies without ionizing radiation, making them safer than traditional X-rays. These technologies are being researched for early cancer detection, skin imaging, and even contactless vital sign monitoring. MMW-based medical imaging is gaining traction as the demand for safer, non-invasive diagnostic tools grows. The integration of this technology in healthcare could revolutionize patient monitoring and diagnostics, opening new opportunities for market growth in the medical devices sector.

Millimeter Wave (MMW) Technology Market Report Highlights

• The telecommunication equipment segment is projected to register a CAGR of 25.8% during the forecast period, primarily driven by the escalating global need for faster and more dependable wireless communication technologies.
• In 2024, the electronics and semiconductor segment held a 4.49% share of the total market revenue, fueled by growing demand for MMW-enabled chipsets, sensors, and communication modules as consumer electronics evolve with greater intelligence, speed, and compactness.
• North America accounted for 41.25% of global revenue in the millimeter wave technology market in 2024, supported by early 5G deployment, favorable regulatory frameworks, and a well-established telecom infrastructure.
• The Asia Pacific region is forecasted to grow at a CAGR of 31.5% during the forecast period, driven by significant investments in 5G infrastructure, growing industrial automation, and rapid development in smart mobility and urban infrastructure.
• The global key market players are Aviat Networks, Inc., Bridgewave Communications, Inc., Ducommun Incorporated, E-Band Communications, LLC, Farran Technology Ltd., Keysight Technologies, Inc., Millimeter Wave Products Inc., NEC Corporation, Siklu Communication Ltd., Smiths Interconnect.

Polaris market research has segmented the millimeter wave (MMW) technology market report based on product, component, frequency band, application and region:

By Product (Revenue - USD Billion, 2020–2034)

• Telecommunication Equipment
• Imaging & Scanning Systems
• Radar & Satellite Communication Systems

By Component (Revenue - USD Billion, 2020–2034)

• Antennas & Transceivers
• Amplifiers
• Oscillators
• Control Devices
• Frequency Converters
• Passive Components
• Other Components

By Frequency Band (Revenue - USD Billion, 2020–2034)

• E-Band
• V-Band
• Other Frequency Bands

By Application (Revenue - USD Billion, 2020–2034)

• Telecommunications
• Military & Defense
• Automotive & Transport
• Healthcare
• Electronics & Semiconductor
• Security

By Regional Outlook (Revenue - USD Billion, 2020–2034)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Rest of APAC
• Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of MEA