Millimeter Wave Technology Market Size, Share & Trends Analysis growing at a CAGR of 20.3% from 2025 to 2030

The mmWave technology has gained popularity owing to its potential for high data rates, low latency, and capacity to support a massive number of devices simultaneously. Rising demand for bandwidth-intensive applications, use of mmWave in 5G communications, and demand for high speed for the Internet of Things (IoT) are contributing to the market’s growth.

The International Telecommunication Union (ITU) reported a significant surge in international bandwidth usage from 292 Tbit/s in 2017 to 1,230 Tbit/s in 2022. This escalating demand for bandwidth is a key driver propelling the growth of the millimeter wave (mmWave) technology market. As data consumption skyrockets, especially with the rise of high-definition video streaming, cloud services, and IoT devices, mmWave technology’s ability to offer higher data transfer rates and accommodate increased traffic becomes crucial. It’s potential to satisfy the escalating need for faster, more robust wireless connectivity is driving the growth of the mmWave technology market.

The emergence of 5G technology is fueling the demand for mmWave technology, driving market growth substantially. 5G mmWave facilitates faster and more responsive internet connections, accommodating the surge in users and reliance on wireless technology. Furthermore, 5G mmWave technology is capable of addressing the increasing demand for high speed data which is driven by escalating use of internet-connected devices, the development of smart cities, the rise of connected vehicles, and the expansion of industrial automation. As 5G becomes integral to daily life and industry, the need for mmWave technology intensifies, thus driving its market growth to meet the growing demands of a hyper-connected world.

In February 2023, Fibocom Wireless Inc., a global leader in IoT wireless solutions, unveiled its latest 5G Sub-6GHz and mmWave module series, the Fx190(W)/Fx180(W), during MWC Barcelona 2023. These modules aim to enhance cellular performance for data-intensive applications like mobile broadband, enterprise 5G, and Industrial IoT. By launching such advanced solutions, market leaders like Fibocom are significantly contributing to the growth of the mmWave technology market. These initiatives cater to diverse sectors, supporting their specific needs and driving the expansion of mmWave technology’s applications and adoption across industries.

Despite the growing demand for mmWave technology, constraints such as limited range, direct line-of-sight dependency, and susceptibility to environmental interference during signal transmission are hampering the market’s growth. These issues hamper signal reach, disrupt connectivity without direct visibility, and face disruptions due to weather or physical barriers. However, key market players are undertaking research & development initiatives that aim to mitigate these limitations, thus fostering the development of robust mmWave solutions for diverse applications.