Telecom Millimeter Wave Technology Market growing at a CAGR of 31.2% from 2024 to 2030

The global telecom millimeter wave technology market size was valued at USD 2.28 billion in 2023 and is projected to reach USD 16.02 billion by 2030, growing at a CAGR of 31.2% from 2024 to 2030. The growth of this industry is primarily influenced by factors such as increasing demand for enhanced bandwidth applications, the growing transformation from 4G to 5G networks, which requires millimeter wave (mmWave) technology, and improvements accomplished through advancements such as better antenna designs and significantly upgraded signal processing capacities.

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There is increasing demand for advanced mmWave technology in the military & defense industry for connectivity and radar applications owing to its ability to transmit signals with longer bandwidth, operate in complex surroundings, and transfer data at superior speed while maintaining lesser susceptibility to interceptions, disturbances, and jamming. This market is also influenced by the rising demand for high-speed internet networks for civil infrastructures.

The growing use of innovative technologies that require the availability and uninterrupted accessibility of high-performance telecom networks, such as mobile connectivity & broadband, connected cars, equipment & systems powered by the Internet of Things (IoT), is expected to influence the growth of this market. Devices, systems, and infrastructure that necessitate enhanced connectivity and low latency are increasing demand for mmWave technology. In 2023, the total number of internet users worldwide was 5.40 billion.

The emergence of 5G technology and the growing footprint of the 5G network has added to the growth opportunities. The 5G providers’ networks have expanded across the U.S. and cover as many as 330 million individuals now. As compared to 4G, the rollout of 5G technology and networks was 42% faster. The Digital compass, a policy program adopted by Europe, with a determined target of covering all the populated areas with 5G networks and connectivity by the year 2030, has also influenced the demand for this technology in the region.

Telecom Millimeter Wave Technology Market Report Scope