Millimeter Wave Technology Market Set for Explosive Growth to USD 13.7 Billion by 2031, Led by North America's 41.8% Market Share | Key Players - Anritsu Corporation, Rohde & Schwarz, NEC Corporation

The Global Millimeter Wave Technology Market reached USD 2.8 Billion in 2023 and is expected to reach USD 13.7 Billion by 2031, growing with a CAGR of 8.2% during the forecast period 2024-2031.

Market growth is driven by surging demand for high-speed 5G networks, expanding applications in automotive radar for ADAS and autonomous vehicles, and rising adoption in security scanners and imaging systems. Advancements in semiconductor integration, government initiatives for spectrum allocation, proliferating IoT ecosystems, and investments in smart cities and telecom infrastructure are further accelerating market expansion.

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Key Industry Developments

United States:
✅ June 2025: Raytheon secured a USD 647 million contract for SPY-6 radar production incorporating advanced mmWave arrays, enhancing naval defense capabilities with high-resolution imaging and extended detection ranges for next-generation threat mitigation.

✅ May 2025: Qualcomm partnered with e& on AI-powered 5G edge solutions leveraging mmWave spectrum, enabling ultra-low latency applications in smart cities and industrial IoT across the US market.

✅ April 2025: Nokia won a strategic 5G RAN contract with T-Mobile US to expand nationwide mmWave coverage, introducing beamforming advancements for improved throughput in dense urban deployments.

Asia Pacific / Japan:
✅ June 2025: NTT achieved a breakthrough in 280 Gbps signal generation within the 300 GHz band, advancing sub-terahertz communications for future 6G networks and high-capacity backhaul in Japan.

Strategic Mergers and Acquisitions:
✅ Qorvo acquired Anokiwave for USD 31 million, securing advanced beamforming IP to strengthen its position in millimeter wave technology for 5G and defense applications.

✅ Keysight committed USD 1.46 billion to acquire Spirent, enhancing test automation capabilities in sub-THz and millimeter wave domains for next-gen wireless infrastructure.

✅ Virgin Media O2 invested £13 million to acquire mmWave spectrum from Ofcom in October 2025, enabling deployment of over 2,000 small cells for high-capacity 5G in key urban and transport hubs.

Key Players:
Anritsu Corporation | Rohde & Schwarz GmbH & Co KG | NEC Corporation | L3Harris Technologies, Inc. | Smiths Interconnect | Siklu Communication Ltd. | E-Band Communications, LLC | Farran Technology Ltd. | SAGE Millimeter, Inc.

Strategic Leadership Report: Top 5 Players in Millimeter Wave Technology Market 2026
-Anritsu Corporation: Enhanced MS2830A/MS2840A/MS2850A signal analyzers with millimeter wave band support via external VDI/Eravant mixers, enabling precise spectrum measurements up to 110 GHz for automotive radar and medical sensing evaluations.

-Rohde & Schwarz GmbH & Co KG: Introduced FSW signal and spectrum analyzer upgrades for mmWave 6G testing, delivering phase noise performance below -70 dBc/Hz at 1 GHz offset to support ultra-wideband signal analysis in sub-THz frequencies.

-NEC Corporation: Launched iPASOLID-OF mmWave active antenna units for 5G backhaul, integrating beamforming and multi-gigabit throughput to enhance urban network capacity and resilience in high-density deployments.

-L3Harris Technologies, Inc.: Advanced NightHawk millimeter wave radar systems with 77-81 GHz chirp capabilities, providing high-resolution imaging for security screening and perimeter defense applications.

-Smiths Interconnect: Released Grid-ON mmWave waveguide interconnects with low insertion loss under 0.5 dB up to 110 GHz, optimizing signal integrity for 5G/6G test fixtures and phased array modules.

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Market Drivers and Key Trends:
-5G Network Expansion: Millimeter wave technology enables ultra-high-speed data transfer and massive bandwidth for 5G infrastructure, driven by surging demand for mobile broadband and smartphone penetration.

-Telecom Infrastructure Growth: Rapid rollout of 5G base stations and small cells leverages millimeter waves for low-latency connectivity in urban areas and high-density environments.

-IoT and Smart Cities: Integration supports billions of connected devices, enabling real-time applications in smart infrastructure, industrial automation, and environmental sensing.​

Radar and Security Applications: Adoption in automotive radar, defense surveillance, and non-invasive imaging boosts demand due to high-resolution detection capabilities.​

-AI and Edge Computing Synergy: Advancements fuse millimeter waves with AI for enhanced beamforming, predictive networking, and energy-efficient spectrum management.​

-Market Hurdles: Signal attenuation in adverse weather, high hardware costs, limited range requiring dense infrastructure, and regulatory spectrum allocation delays constrain scalability.​

Regional Insights:
-North America: 41.8% (Largest share, driven by early 5G adoption, robust defense investments, and extensive R&D in telecom and aerospace sectors).

-Asia Pacific: 27% (Fastest growing, fueled by rapid urbanization, 5G infrastructure rollouts, and government initiatives in China, India, Japan, and South Korea).

-Europe: 22% (Supported by automotive radar adoption, industrial automation, defense applications, and steady 6G research investments).

Market Opportunities & Challenges: Millimeter Wave Technology Market 2026
-Opportunities: A "6G Frontier Push" accelerates non-terrestrial networks (NTN); the automotive radar segment forecasts a 25.8% CAGR through satellite-mmWave hybrids. New FCC spectrum auctions above 100 GHz and EU Green Deal subsidies for "Edge AI" infrastructure enable low-risk scaling for sustainability investors.

-Challenges: The "Path Loss Penalty" persists in rural deployments, inflating capex by 30-40%, while supply chain bottlenecks for GaN semiconductors demand diversified Asian sourcing. Success hinges on mastering beamforming IP licensing amid Huawei-Qualcomm patent thickets.

-Strategic Verdict: High-margin "Integrated Sensing & Comm" (ISAC) modules and private 5G networks emerge as core 2026 growth vectors.

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Market Segmentation Analysis:
-By Product: Scanner Systems Lead in Security Demand
Scanner systems dominate with 45% share in 2024, essential for high-resolution imaging in airports and public venues.
Radar systems hold 30%, powering automotive ADAS and weather monitoring with precise detection.
Satellite communications systems claim 25%, enabling high-bandwidth backhaul in remote areas.

-By Frequency Band: 24-57 GHz Holds Largest Share
24 GHz to 57 GHz band leads at 40%, balancing propagation and bandwidth for 5G urban deployments.
57 GHz to 86 GHz follows at 30%, ideal for short-range unlicensed WiGig applications.
86 GHz to 300 GHz and others split 30%, targeting niche high-data radar and experimental uses.

-By License Type: Fully Licensed Prevails for Reliability
Fully licensed frequency millimeter wave tops at 50%, ensuring interference-free telecom infrastructure.
Light licensed takes 25%, offering flexibility for semi-regulated enterprise networks.
Unlicensed frequency millimeter wave has 25%, popular for cost-effective consumer devices.

-By Components: Antennas and Transceivers Dominate
Antennas and transceiver components command 35% share, core for signal transmission in all mmWave devices.
Frequency sources and related components hold 20%, providing stable oscillators.
Communication/networking components (15%), imaging (10%), sensors/controls (10%), and others (10%) support specialized functions.

-By Application: Mobile and Telecom Rule Growth
Mobile and telecom lead with 50% share, driven by 5G rollout and massive MIMO base stations.
Consumer/commercial follows at 20%, in AR/VR and short-range wireless.
Defense (15%), industrial (10%), healthcare (3%), and others (2%) fill targeted high-security and sensing roles.

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