Millimeter Wave Radar Market Size

Millimeter Wave Radar Market size was USD 10.2 billion in 2024 and is anticipated to reach a valuation of USD 202.9 billion by the end of 2037, rising at a CAGR of 26.1% during the forecast period, i.e., 2025-2037. In 2025, the industry size of millimeter wave radar is assessed at USD 12.4 billion.

The global market is witnessing strong growth, driven by rising demand for advanced driver-assistance systems (ADAS) in the automotive sector and increasing utilization in industrial automation. The technology enables high-resolution detection and enhanced accuracy, making it essential for applications requiring precision, such as autonomous vehicles and smart city infrastructures. An example of this can be seen in the collaboration of Keysight Technologies in March 2021 to establish a millimeter wave radar lab in Suzhou, China. This move promotes the development of technologies for autonomous driving and the better integration of mmWave radars into smart mobility solutions.

The government is also contributing to millimeter wave radar market growth through initiations. For instance, the U.S. Department of Transportation announced in August 2023 that it would provide radar technologies for highway safety improvement programs. This constitutes part of the expanded effort to mount mmWave radar systems in urban areas for enhanced safety, traffic flow management, and data collection in real time. Governments across the globe are also financing projects on mmWave to extend its application to telecommunications, defense, and public safety. This underlines the strategic importance of radar systems across sectors.