Millimeter Wave Technology: Global Market Valued at $4.4 Billion in 2023, Projected to Surge
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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.
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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.
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