The Millimeter Wave Technology Market size is estimated to grow from USD 1.8 billion in 2021 to USD 4.7 billion by 2026, at a CAGR of 20.8%. Rising adoption of millimeter waves in the telecommunication sector is one of the factors fueling the growth of this market.

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Key Market Players

Axxcss Wireless Solutions (US), NEC Corporation (Japan), Siklu Communication (Israel), L3HARRIS (US), Smiths Group (UK), Eravant (US), Aviat Networks (US), Farran Technologies (Ireland), and Millimeter Wave Products (US) are a few major companies operating in the millimeter wave technology market. These companies have adopted both organic and inorganic growth strategies such as product launches and installations, contracts, mergers, collaborations, partnerships, and expansions to strengthen their position in the market.
Telecommunication equipment accounted for the largest share of millimeter wave technology market, by product, in 2020

The telecommunication equipment is estimated to dominate the millimeter wave technology industry by product. The high growth of telecommunication equipment is due to the higher use of millimeter wave components for 5G backhaul. Also, millimeter wave components are widely used in indoor and outdoor telecommunication equipment, which includes small-cell and macro-cell equipment. The market for scanner systems is estimated to account for a significant share due to its high adoption in airports, malls, and other public places for people screening. The market for radar & satellite communication systems is projected to grow at a significant rate due to its adoption in military and defense applications.

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The market for 57-95 GHz accounted for a larger share of millimeter wave technology market in 2020

The Market for the 57–95 GHz frequency band is projected to account for the largest share and grow at the highest CAGR during the forecast period. The dominance of this frequency band is due to the high demand for this frequency band, as it serves numerous applications such as autonomous mining, security and perimeter protection, traffic monitoring, and automated cruise control. Apart from this, the E-band and V-band are mainly used for the telecom end use, which lies in the 57–95 GHz frequency band, which is expected to further increase the dominance of this frequency band.

https://www.benzinga.com/pressreleases/21/06/n21428883/millimeter-wave-technology-market-worth-4-7-billion-by-2026-exclusive-report-by-marketsandmarkets