The global mmWave 5G market size is expected to reach USD 7.51 billion by 2030, according to a new study by Polaris Market Research. The report “mmWave 5G Market Share, Size, Trends, Industry Analysis Report, By Component; By Use Case (eMBB, FWA, mMTC, URLLC); By Application; By Bandwidth; By End-Use; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides an analysis of future market growth.
The growing demand for the mmWave spectrum in telecommunications, medical and security services is due to its ability to transfer a large amount of data efficiently. Furthermore, increasing demand for higher bandwidth and consumer shift towards fifth-generation technology is one of the major factors driving the market.
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In addition, the extensive utilization of internet services and cloud computing models are expected to propel the market. Moreover, increasing R&D investment and government funding in the public and private sectors to improve mmWave technology drives market growth.
The COVID-19 pandemic had a negative impact on the market owing to the negligible operation of industries manufacturing the components due to the global shutdown across the globe. This resulted in the delayed spectrum installation in the 5g technology, hampering the market growth.
mmWave 5G Market Report Highlights
Polaris Market Research has segmented the mmWave 5G market report based on component, use case, application, bandwidth, end-use, and region:
mmWave 5G, Component Outlook (Revenue - USD Billion, 2018 - 2030)
mmWave 5G, Use Case Outlook (Revenue - USD Billion, 2018 - 2030)
mmWave 5G, Application Outlook (Revenue - USD Billion, 2018 - 2030)
mmWave 5G, Bandwidth Outlook (Revenue - USD Billion, 2018 - 2030)
mmWave 5G, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
mmWave 5G, Regional Outlook (Revenue - USD Billion, 2018 - 2030)