Market Research Future (MRFR) has published a cooked research report on the “Global 5g mm-wave Technology Market” that contains information from 2018 to 2032. The 5g mm-wave technology market is estimated to register a CAGR of 15.00% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global 5g mm-wave technology market— Axxcss Wireless Solutions, Inc. (US), NEC Corporation (Japan), Siklu Communication (US), L3HARRIS Technologies, Inc. (US), Smiths Group PLC (UK), Millimeter Wave Products Inc. (US), Farran Technology (Ireland), Eravant (US), Keysight Technologies, Inc. (US), Avait Networks, Inc. (US),
The global 5g mm-wave technology market is accounted to register a CAGR of 15.00% during the forecast period and is estimated to reach USD 8.7946 billion by 2032.
The market for 5G mm-wave technology is driven by the increasing need for fast and reliable wireless communication in densely populated urban areas. This demand is fueled by the growing number of smartphones, IoT devices, and smart appliances that require faster data transmission. The expansion of 5G networks presents significant opportunities in sectors such as healthcare, automotive, and industrial automation. However, there are challenges that need to be addressed. These include the limited signal range and susceptibility to obstructions, which necessitate the deployment of extensive infrastructure. Additionally, there are security concerns, regulatory hurdles, and the high cost of implementation that pose obstacles to widespread adoption. Robust solutions are required to overcome these challenges and ensure the successful integration of 5G mm-wave technology.
The global 5g mm-wave technology market has been segmented based on Components, Product, Frequency Band, License Type, and Application.
On the basis of components, the market is segmented into Antennas & transceiver components, Frequency sources & related, Communication & networking components, Imaging components, Sensors & controls, Interface components, and others. Antennas & transceiver components segment was attributed to holding the largest market share in 2022. The pivotal role of Communication & Networking Components in 5G mm-wave networks enables fast data transfer and low-latency communication. Additionally, this category represents the segment experiencing the fastest growth. This rapid expansion can be attributed to the rising complexity of 5G network architectures and the demand for advanced communication solutions.
Based on product, the global 5g mm-wave technology market has been segmented into Scanning systems, Radar and satellite communication systems, Telecommunication equipment, and others. The telecommunication equipment segment was expected to hold the largest market share in 2022. Telecommunication equipment, such as base stations, small cells, and user devices with mm-wave capabilities, serves as the foundation of 5G mm-wave networks. The widespread adoption of these devices by telecommunication companies globally contributes to the prominence of this category. Among them, the Scanning Systems category stands out as the segment experiencing the most rapid growth. This surge is driven by the expanding utilization of mm-wave technology in diverse industries, including automotive, healthcare, and industrial automation.
Based on frequency band, the global 5g mm-wave technology market has been segmented into 24–57 GHz, 57–95 GHz, and 95–300 GHz. The 57–95 GHz segment was expected to hold the largest market share in 2022. The band is preferred for 5G mm-wave uses because it strikes a good balance between data speed and signal range. It provides ample bandwidth for fast data transfer while still ensuring decent signal coverage. As a result, it is widely chosen for many applications, including urban broadband and fixed wireless access. The 24-57 GHz Frequency Band is experiencing significant growth and gaining popularity due to its versatility. It is being utilized in both short-range and medium-range communication scenarios.
Based on license type, the global 5g mm-wave technology market has been segmented into Light licensed frequency millimeter wave, Unlicensed frequency millimeter wave, and Fully licensed frequency millimeter wave. The fully licensed frequency millimeter wave segment was expected to hold the largest market share in 2022. Major telecommunication companies and network operators prefer fully licensed frequencies due to their stability and reliability. On the other hand, the fastest-growing segment is the Unlicensed Frequency Millimeter Wave category. The unlicensed spectrum allows for flexibility, encouraging innovation and experimentation in different applications such as IoT devices and smart home systems.
Based on Application, the global 5g mm-wave technology market has been segmented into Mobile & telecom, Consumer & commercial, Healthcare, Industrial, Automotive & transportation, and Imaging. The mobile & telecom millimeter wave segment was expected to hold the largest market share in 2022. The dominance is fueled by the need for fast and responsive data transmission in mobile networks and telecommunications. Additionally, the Consumer & Commercial industry is experiencing rapid growth. The surge in popularity of mm-wave-enabled devices, such as smartphones, laptops, and smart home gadgets, is driving this expansion.
The global 5g mm-wave technology market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe 5g mm-wave technology market comprises Germany, France, the UK, Italy, Spain, and the Rest of Europe. The 5g mm-wave technology market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia-Pacific. The Rest of the World 5g mm-wave technology market comprises the Middle East, Africa, and Latin America.
The largest market share for 5g mm-wave technology was maintained by the North American regional sector. The region has witnessed significant investments in 5G infrastructure, with major telecommunications companies deploying mm-wave networks in urban centers. North America is home to several tech giants and innovators, driving the development and adoption of mm-wave-enabled devices and applications. Additionally, regulatory support and favorable policies have encouraged the rapid deployment of 5G mm-wave technologies, making it readily accessible to consumers and businesses.
Moreover, the Europe market has been persistently growing over the forecast period. The European market is characterized by a high penetration of smartphones and other connected devices, driving the demand for high-speed data transmission provided by mm-wave technology. Also, supportive government initiatives and regulations have encouraged the deployment of 5G mm-wave networks across various European nations. Moreover, the region's strong emphasis on research and development, coupled with collaborations between technology companies and academic institutions, has led to innovations in mm-wave applications, fostering market growth.
Additionally, Asia-Pacific region is growing at the fastest CAGR as the region is home to some of the world's largest and most technologically advanced economies, such as China, Japan, and South Korea, which are heavily investing in 5G infrastructure. These countries have aggressive 5G rollout plans, driving the adoption of mm-wave technology for its high-speed and low-latency capabilities, especially in densely populated urban areas. The Asia-Pacific region has a burgeoning population with a rising middle class, leading to a surge in smartphone and smart device ownership.
Furthermore, the Rest of the world's 5g mm-wave technology market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the region's increasing focus on digital transformation and technological advancement. In these regions, there is a rising demand for high-speed internet connectivity and mobile communication services. Governments and private enterprises are investing significantly in building 5G infrastructure to bridge the digital divide and enhance communication networks.
Key Findings of the Study
- The global 5g mm-wave technology market is expected to reach USD 8.7946 billion by 2032, at a CAGR of 15.00% during the forecast period.
- The Asia-Pacific region accounted for the fastest-growing global market due to the demand for high-speed and low-latency connectivity rising among these populations, and the adoption of 5G mm-wave technology becomes crucial, driving market growth.
- Based on application, the mobile & telecom segment was attributed to holding the largest market in 2022, with an approximate market share of 40-45%.
- Axxcss Wireless Solutions, Inc. (US), NEC Corporation (Japan), Siklu Communication (US), L3HARRIS Technologies, Inc. (US), Smiths Group PLC (UK), Millimeter Wave Products Inc. (US), Farran Technology (Ireland), Eravant (US), Keysight Technologies, Inc. (US), Avait Networks, Inc. (US) are the key market players.