Millimeter wave technology market projected to reach $7.6 billion by 2029

The millimeter wave technology market is projected to grow from USD 3.0 billion in 2024 to USD 7.6 billion by 2029, representing a compound annual growth rate (CAGR) of 20.1%.

Key drivers for this expansion include increasing broadband and mobile speeds, the emergence of autonomous vehicles, and the rising use of V-band millimeter waves for last-mile connectivity. The 57-95 GHz frequency band segment is expected to maintain the largest market share through the forecast period.

In telecommunications, mobile carriers are utilizing Heterogeneous Network (HetNet) architectures. Millimeter bands such as the V-band (60 GHz) and E-band (70/80 GHz) are expected to benefit HetNet backhaul by enabling traffic aggregation from various base stations into access networks.