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
- The growing demand for hardware segment is due to the adoption of products across industries such as telecommunications, aerospace & defense, and public safety.
- The eMBB segment accounted for the highest revenue share in 2021 and is expected to continue its dominance owing to better bandwidth, density, and latency and its several applications in augmented reality, autonomous vehicles, and automated manufacturing.
- 95ghz-300ghz is expected to spearhead revenue growth owing to its numerous applications in automated cruise control, telemedicine, and telecom end-use.
- North America is anticipated to witness growth over the forecast period owing to the developed telecom infrastructure and the growing adoption mmWave technology across countries like the US and Canada.
- Major players operating in the industry include Airspan Networks, Alcan Systems, AMD, AT&T, Corning, Ericsson, Fastweb, Fujitsu, Huawei, JMA Wireless, Keysight Technologies, Mavenir, Movandi, Nokia, NTT Docomo, NXP Semiconductors, Pharrowtech, Pivotal Commware, Qualcomm, Rakuten Mobile, Renesas Electronics Coerporation, Samsung, Singtel, Sivers Semiconductors, Softbank, Verana Networks, and Verizon Communications Inc.
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)
- Antennas and Transceiver Components
- Communication and Networking Components
- Frequency and Sources and Related Components
- RF and Radio Components
- Sensors and Controls
- Power and Battery Components
- Other Hardware
- Professional Services
- Development and Integration
- Support and Maintenance
- Professional Services
- Managed Services
mmWave 5G, Use Case Outlook (Revenue – USD Billion, 2018 – 2030)
mmWave 5G, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Real-time Surveillance Cameras
- Industry 4.0
- Live Streaming
- Transport Connectivity
- Ultra-High-Definition Video
- Other Applications
mmWave 5G, Bandwidth Outlook (Revenue – USD Billion, 2018 – 2030)
- 24ghz to 57ghz
- 57ghz to 95ghz
- 95ghz to 300ghz
mmWave 5G, End-Use Outlook (Revenue – USD Billion, 2018 – 2030)
- Aerospace and Defense
- Media and Entertainment
- Automotive and Transportation
- Public Safety
- Healthcare and Life Sciences
mmWave 5G, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa