“Global Millimeter Wave Sensors and Modules Market to reach a market value of USD 677.49 Million by 2031 growing at a CAGR of 29.8%”
The Global Millimeter Wave Sensors and Modules Market size is expected to reach $677.49 Million by 2031, rising at a market growth of 29.8% CAGR during the forecast period.
The Asia Pacific segment garnered 36% revenue share in the market in 2023. Countries such as China, Japan, South Korea, and India have invested heavily in 5G infrastructure, creating significant demand for mmWave technology in telecommunications. Additionally, the region’s growing consumer electronics market, expanding automotive industry, and increasing adoption of smart city projects further contribute to its leading revenue share.
Millimeter wave (mmWave) technology is a transformative solution, offering ultra-high bandwidth that facilitates fast data transfer rates and minimizes latency. These characteristics are crucial for modern applications that rely on seamless and uninterrupted communication, such as video streaming, online gaming, and cloud computing. The unparalleled speed and efficiency of mmWave technology are reshaping how data is transmitted and consumed. Hence, these factors will drive the expansion of the market.
Additionally, Continuous research and development (R&D) efforts have driven significant improvements in the cost efficiency, reliability, and miniaturization of mmWave sensors and modules. These breakthroughs have transformed mmWave technology from a niche, high-cost solution to a versatile and accessible tool for mainstream applications. One of the most notable advancements is the miniaturization of mmWave sensors, enabling their integration into compact devices without compromising performance. Thus, technological advancements have positioned mmWave sensors and modules as a key enabler of innovation across multiple domains.
However, The deployment and development of millimeter wave (mmWave) sensors and modules face significant financial challenges due to the high costs associated with the entire lifecycle of these technologies. Research and development (R&D) activities in this field demand substantial investment as they involve exploring advanced frequency technologies, designing innovative systems, and ensuring precision in operations. Hence, the cumulative effect of these factors — expensive R&D, complex manufacturing processes, and the need for specialized expertise — results in high implementation costs.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Based on frequency band, the market is classified into V-band, E-band, and others. The V-band segment garnered 25% revenue share in the market in 2023. The V-band segment is driven by its ability to support large bandwidths, making it ideal for high-speed wireless communication applications such as 5G networks, fixed wireless access, and enterprise networking. Its unlicensed spectrum availability in several regions facilitates widespread adoption by reducing regulatory hurdles and operational costs.
On the basis of application, the market is divided into telecommunications, security, military & defense, automotive & transport, electronics & semiconductor, and others. The security segment recorded 18% revenue share in the market in 2023. The growing need for advanced surveillance and screening technologies in public and private spaces propels the security segment. mmWave sensors offer unparalleled capabilities for detecting concealed objects and providing detailed imaging, making them indispensable for airport security, public transportation hubs, and perimeter surveillance.
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Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Europe segment procured 28% revenue share in the market in 2023. The region’s focus on developing autonomous vehicles and advanced driver assistance systems (ADAS) has driven the adoption of mmWave sensors for precise object detection and navigation. Furthermore, increasing investments in defense technologies and the growing need for high-performance telecommunications infrastructure have bolstered the market.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 87.86 Million |
| Market size forecast in 2031 | USD 677.49 Million |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 29.8% from 2024 to 2031 |
| Number of Pages | 229 |
| Number of Tables | 290 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Frequency Band, Application, Region |
| Country scope |
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| Companies Included | Texas Instruments, Inc., NEC Corporation, Keysight Technologies, Inc., Qualcomm Incorporated (Qualcomm Technologies, Inc.), MediaTek, Inc., Infineon Technologies AG, Smiths Group PLC, Eravant, Inc., Mistral Solutions Pvt. Ltd. (Axicades Technologies), and QuinStar Technology, Inc. |
By Frequency Band
By Application
By Geography
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