According to the latest market research report, the global millimeter wave (mmWave) technology market is set to grow from USD 4.5 billion in 2024 to USD 16.3 billion by 2032, registering a robust 17.6% CAGR from 2025 to 2032. The market’s expansion is fueled by the accelerating deployment of 5G networks, increasing demand for high-speed data transmission, and the growing integration of mmWave solutions in automotive, healthcare, and industrial automation applications.
The rapid rollout of 5G infrastructure marks a transformative era in wireless communication, with millimeter wave frequencies enabling multi-gigabit speeds and ultra-low latency. Regulatory support, such as the FCC’s spectrum repurposing initiatives in the 12 GHz and 3 GHz bands, continues to catalyze significant investments in mmWave infrastructure across densely populated cities.
Emerging Trends and Growth Drivers
Work-From-Home Model Accelerates Broadband Transformation
As of 2025, around 28% of full-time employees worldwide work remotely part of the week, with 41% of U.S. workers adopting hybrid work models. This sustained shift has reshaped global network traffic patterns, amplifying demand for high-speed residential connectivity.
Telecom operators are increasingly deploying Fixed Wireless Access (FWA) solutions powered by mmWave spectrum, offering fiber-like broadband speeds exceeding 1 Gbps at competitive costs. These deployments are bridging the digital divide while maximizing 5G infrastructure investments.
5G Network Deployment and Wireless Backhaul Integration Lead Market Expansion
With over 1.9 billion global 5G connections as of mid-2025, mmWave technology has become a cornerstone of next-generation mobile infrastructure.
The 24–100 GHz spectrum supports theoretical speeds above 10 Gbps, making it vital for bandwidth-intensive applications such as 8K streaming, AR/VR, and cloud gaming.
Moreover, mmWave wireless backhaul has emerged as a cost-efficient alternative to fiber, especially in urban zones facing installation constraints, accelerating 5G densification efforts globally.
Market Segmentation Highlights
- By Component: Antennae & Transceivers held the largest share (40%) in 2024, while Communication & Networking Components will grow fastest (17.8% CAGR).
- By Product: Telecommunication Systems led with 45% market share, whereas Radars & Satellites will expand at 17.9% CAGR, driven by ADAS and aerospace applications.
- By Frequency Band: 24–57 GHz dominated with 55% share, while 57–86 GHz will register the fastest growth (18.2% CAGR), supported by WiGig and high-bandwidth consumer devices.
- By License Type: Fully Licensed Spectrum accounted for 50% share in 2024; however, Unlicensed Spectrum will grow fastest (17.7% CAGR), powered by private 5G and industrial IoT deployments.
- By End User: Telecom & Datacom dominated (40%), while Military, Defense, & Aerospace will post the highest growth (17.9%), leveraging mmWave radar and surveillance systems.
Regional Insights
- North America led with 45% market share in 2024, supported by early 5G commercialization and advanced automotive radar adoption.
- Asia-Pacific will grow fastest (18.3% CAGR), with China, South Korea, and Japan spearheading aggressive 5G rollouts and manufacturing leadership.
- Europe remains a key innovation hub, with Germany and the U.K. leading industrial and automotive adoption of mmWave systems.
- The U.S. continues to dominate mmWave 5G deployments, with telecom giants investing heavily in Fixed Wireless Access to enhance rural and urban broadband connectivity.
Market Landscape and Key Players
The mmWave technology market is semi-consolidated, with leading players investing heavily in R&D and strategic alliances to enhance system capabilities. Prominent companies include:
NEC Corporation, L3Harris Technologies, Millimeter Wave Products Inc., Aviat Networks, Verana Networks, Siklu Communications, Smiths Group plc, Eravant, Vubiq Networks, Keysight Technologies, E-Band Communications, and QuinStar Technology.
Recent developments include:
- January 2025: Nokia Corporation and EOLO S.p.A. launched Europe’s first standalone 5G mmWave network in Italy.
- January 2024: TMY Technology Inc. partnered with HCMF Group to develop a Child Presence Detection system using mmWave sensors.
- August 2023: Marki Microwave Inc. acquired Precision Millimeter Wave LLC’s waveguide business, expanding its high-frequency portfolio.
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