The Future of theMilitary Vetronics Market: Growth Trends, Market Size, and Opportunities to Watch
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
What Factors Are Propelling the Market Growth of theMillimeter Wave Technology Market from 2025 to 2034?
The millimeter wave technology market is predicted to witness significant growth spurred by the rise in the uptake of autonomous vehicles. These are vehicles that can function and navigate without the necessity for human interference, and they utilize a mix of advanced sensors, cameras, radar, lidar, and AI algorithms to understand their surroundings, make choices, and manage their movement. The role of millimeter wave technology here is to facilitate real-time communication for these vehicles, data sharing, and decision making. To illustrate, the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, stated that electric car sales in 2022 exceeded 10 million, representing 14% of all new car sales. This number was a rise from the approximate 9% recorded in 2021. Hence, the implementation of autonomous vehicles significantly contributes to the expansion of the millimeter wave technology market.
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#What Growth Opportunities Will Drive the Millimeter Wave Technology Market’s CAGR Through 2034?
In recent years, the market size for millimeter wave technology has experienced substantive expansion. The projections indicate that the market will elevate from a value of $2.94 billion in 2024 to approximately $3.57 billion in 2025, representing a compound annual growth rate (CAGR) of 21.6%. This notable growth in the prior period can be linked to the evolution of wireless communication, advancements in satellite communication, an increasing need for broadband services, applications in the defense and aerospace sectors, and use in medical imaging applications.
Predictions suggest substantial expansion in the millimeter wave technology market in the coming years, growing to $8.68 billion in 2029 at a compound annual growth rate (CAGR) of 24.9%. This expected growth in the forecast period can be attributed to factors such as increased bandwidth needs, environmental and weather monitoring, energy efficiency interventions, IoT connectivity, initiatives for smart cities, industrial automation, and accelerated urbanization. Notable trends during the forecast period include advancements in 5g technology, integration with AI, technological progress in silicon photonics, and incorporation with machine learning.
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How Are Market Trends and Innovations Revolutionizing theMillimeter Wave Technology Industry in Recent Times?
Advancements in technology continue to be a significant trend in the millimeter wave technology market. Dominant companies in the millimeter wave technology sector are leveraging these new technologies to maintain their market footing. A clear example of this is SMK Electronics Corporation, a noteworthy U.S electrical and electronics manufacturer. In January 2023, they unveiled their Milweb Millimeter Wave Sensor Technology and Solution. This groundbreaking sensor technology uses unique algorithms to detect objects, surfaces, landscapes, and even track a person’s heart rate and respiration when nearby. Industries such as home automation, vehicle production, healthcare, and safety equipment find versatile applications for this technology. It supports automation and the incorporation of smart technologies, enabling manufacturers to magnify their product range with superior safety components and features. Given its wide spectrum of uses like monitoring health, security systems, identifying room occupancy, and vehicle warning systems, the Milweb Millimeter Wave Sensor Technology paves the way for bolstered functionality and heightened safety across different settings.
Which Key Market Players Are Shaping the Future and Growth of theMillimeter Wave Technology Market?
Major companies operating in the millimeter wave technology market include Huawei Technologies Co. Ltd., Lockheed Martin Corporation, Denso Corporation, QUALCOMM Inc., Mitsubishi Electric Corporation, Fujitsu Limited, Ericsson, NEC Corporation, L3Harris Technologies Inc., Toyoda Gosei Co. Ltd., Keysight Technologies Inc., Smiths Interconnect, Aviat Networks Inc., Mistral Solutions Pvt. Ltd., Vayyar Imaging Ltd., Siklu Communications Ltd., REMEC Broadband Wireless Networks LLC, Radio Gigabit Inc., Eravant, Sivers Semiconductors AB, Farran Technology Ltd., LightPointe Communications Inc., Millimeter Wave Products Inc., Blu Wireless Technology Limited, Vubiq Networks Inc., E-Band Communications LLC, Hubei YJT Technology Co Ltd., BridgeComm Inc., Movandi Corporation, Wireless Excellence Limited
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The millimeter wave technology market covered in this report is segmented –
1) By Component: Antennas And Transceiver Components, Frequency Sources And Related Components, Communication And Networking Components, Imaging Components, RF And Radio Components, Sensors And Controls, Interface Components, Power And Battery Components, Other Components,
2) By Product: Scanning Systems, Radar And Satellite Communication Systems, Telecommunication Equipment, Other Products,
3) By License Type: Light Licensed Frequency Millimeter Wave, Unlicensed Frequency Millimeter Wave, Fully Licensed Frequency Millimeter Wave
4) By Frequency: 24 GHz To 57 GHz, 58 GHz To 86 GHz, 87 GHz To 300 GHz
5) By End-Use: Telecommunications, Military And Defense, Automotive And Transport, Healthcare, Electronics And Semiconductor, Security
Subsegments:
1) By Antennas And Transceiver Components: Antenna Arrays, Transmitter Modules, Receiver Modules, Integrated Circuits
2) By Frequency Sources And Related Components: Oscillators, Frequency Synthesizers, Signal Generators, Mixers
3) By Communication And Networking Components: Modulators, Demodulators, Routers, Switches
4) By Imaging Components: Millimeter Wave Cameras, Sensors, Imaging Software
5) By RF And Radio Components: Amplifiers, Filters, Waveguides
6) By Sensors And Controls: Proximity Sensors, Motion Sensors, Control Units
7) By Interface Components: Connectors, Adapters, Cables
8) By Power And Battery Components: Power Amplifiers, Battery Management Systems, Energy Harvesting Modules
9) By Other Components: Heat Sinks, Enclosures, Miscellaneous Accessories
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What Regions Are Dominating the Millimeter Wave Technology Market Growth?
North America was the largest region in the millimeter wave technology market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the millimeter wave technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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