The revenue of global Millimeter Wave Technology Market is expected to reach $208.12 million by the end of 2014 and is expected to grow to $1.9 billion in 2020 at a CAGR of 45.09%. Similarly, volumes are estimated to grow from 22.48 thousand units to close 700 thousand units in 2020. This growth is heralded by the growing telecom application market for millimeter wave technology, especially in the small cell backhaul field. The millimeter wave scanner market is also expected to grow rapidly in the coming five years.

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The Total addressable market (TAM) for millimeter wave technology is estimated to grow from $5.8 billion in 2014 to roughly $12.2 billion in 2020. The TAM for millimeter wave technology has been calculated by the addition of the TAMs for each of the application markets. Thus, the market penetration of millimeter wave technology into this TAM stands at 3.54% in 2014 and is expected to grow to 15.81% by 2020.

The major players in this market are BridgeWave Communications, Inc. (U.S.), E-Band Communications Corporation (U.S.), Vubiq, Inc. (Israel), Millivision Technologies (U.S), and others.