Vancouver, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The global market for 5G mmWave technology reached a substantial value of USD 2.66 billion in 2022, and it's projected to maintain a robust growth trajectory with a revenue compound annual growth rate (CAGR) of 14.4% during the forecast period, as per the latest analysis by Emergen Research. This growth is primarily propelled by the increasing adoption of 5G mmWave technology, particularly in high-frequency 5G deployments.
5G mmWave technology occupies a crucial niche by effectively addressing the need for high-speed, low-latency 5G frequencies within the frequency spectrum spanning from 24 GHz to 300 GHz. This unique characteristic makes 5G mmWave technology exceptionally suited for various data-intensive Internet of Things (IoT) applications, including 4K/8K Ultra High Definition (UHD) video streaming, Virtual Reality (VR), and Augmented Reality (AR).
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According to The GSM Association, the number of 5G connections is poised to surpass 2 billion by 2025. Within the mmWave spectrum, which extends up to 100 GHz, there exists ample room to accommodate bandwidths of up to 2 GHz. Furthermore, recent advancements in 5G mmWave product portfolios and extensive testing of 5G mmWave network airwaves contribute significantly to the market's revenue growth. A noteworthy example is the successful deployment of 5G Cloud Radio Access Network (RAN) technology by Ericsson and O2 Telefónica at the Wayra innovation hub in Munich, operated by O2 Telefónica in July 2023.
Nevertheless, it's worth noting that the market faces challenges stemming from the escalating costs associated with components used in the production of advanced 5G mmWave products. The deployment of 5G infrastructure networks demands several high-cost components, such as Radio Frequency (RF) filters, AR amplifiers, low-noise amplifiers, and other materials, which pose a constraint on market revenue expansion.
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Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 2.66 Billion |
| CAGR (2023–2032) | 14.4 % |
| Revenue forecast to 2032 | USD 10.25 Billion |
| Base year of estimation | 2022 |
| Historical data | 2019–2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, component, frequency band, application, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Qualcomm Technologies, Inc., Telefonaktiebolaget LM Ericsson, Nokia Corporation, ZTE Corporation, Huawei Technologies Co., Ltd., AT&T Inc, Verizon Communications Inc., Keysight Technologies, Inc., Murata Manufacturing Co., Ltd., Broadcom Inc, Anokiwave, Inc, Skyworks Solutions, Inc., Analog Devices, Inc., Fibocom Wireless inc., and others. |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global 5G mmwave technology market is consolidated, with few players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new solutions and services. Some major players included in the global 5G mmwave technology market report are:
- Qualcomm Technologies, Inc.
- Telefonaktiebolaget LM Ericsson
- Nokia Corporation
- ZTE Corporation
- Huawei Technologies Co., Ltd.
- Analog Devices, Inc.
- AT&T Inc
- Verizon Communications Inc.
- Keysight Technologies, Inc.
- Murata Manufacturing Co., Ltd.
- Broadcom Inc
- Anokiwave, Inc
- Skyworks Solutions, Inc.
- Fibocom Wireless Inc
Strategic Development
- On 27 February 2023, Fibocom Wireless Inc launched its advanced 5G Sub-6GHz and mmWave module series, Fx190(W)/Fx180(W), during the MWC Barcelona 2023 event. The new product features with remarkable 2.5X enhancement in AI performance compared to Gen1. These modules enable a substantial enhancement in 5G cellular capabilities, offering ultra-fast speeds, expanded network coverage, and efficient spectrum utilization. The Fibocom Fx190(W)/Fx180(W) series delivers an exceptional 5G experience, particularly tailored for Fixed Wireless Access (FWA) applications. This range ensures optimized power consumption and multiple Wi-Fi 7 applications.
- On 13 October 2022, Japan-based global electronic component manufacturing company Murata Manufacturing Co., Ltd. launched a space-saving antenna array integrated module for mmWave to meet the rising requirements of 5G smartphones, the Internet of Things (IoT), and other markets. By integrating high-speed performance and ample capacity, the cutting-edge design of Murata enables provision of secure and stable communication channels. This upgrade simplifies the process for smartphone manufacturers and wireless device developers, empowering them to fully harness the advantages presented by mmWave 5G technology in their systems.
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Some Key Highlights From the Report
- The telecommunication equipment segment is expected to account for largest revenue share over the forecast period. Millimeter wave technology has a significant benefit in that it provides more capacity at extremely rapid speeds due to wider bandwidths ranging from 24 GHz to 48.2 GHz. In highly populated areas, mmwave communications equipment is critical for offering increased bandwidths, higher frequencies, lower latencies, and seamlessly connecting user devices to the 5G mmwave network.
- The Enhanced Mobile Broadband (eMBB) segment is expected to register highest revenue growth rate over the forecast period. Enhanced Mobile Broadband (eMBB) is one of the most promising applications of 5G mmwave technology. 5G Enhanced Mobile Broadband (eMBB) enables consumers to connect to greater Quality of Service (QoS) internet access with no restrictions on data volume, geographical borders, or time constraints. It also provides higher bandwidth and lower latency to accommodate applications such as Augmented Reality (AR), Virtual Reality (VR), and 4K media.
- The 5G mmwave technology market in North America accounted for largest revenue share in 2022. Rapid deployments of 5G spectrums for businesses and consumers are driving revenue growth of the 5G mmwave technology market is United States. The United States Federal Communication (FCC), The Federal Communications Commission (FCC) has made it a priority to auction high-band spectrum for 5G. The FCC has already concluded its first 5G spectrum auctions in the 28 GHz, 24 GHz, 37 GHz, 39 GHz, and 47 GHz bands. The U.S. federal government is investing in open Radio Access Network (Open RAN) technologies which is expected to drive market revenue growth over the forecast period.
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Emergen Research has segmented the global 5G mmwave technology market on the basis of product, component, frequency band, application, and region:
- Product Outlook (Revenue, USD Billion; 2019-2032)
-
- Scanning System
- Radar and satellite communication system
- Telecommunication equipment
- Others
- Component Outlook (Revenue, USD Billion; 2019-2032)
-
- mmWave Antennas
- Beamforming Networks
- MIMO (Multiple-Input Multiple-Output)
- Integrated Circuits and System-on-Chip (SoC) Solutions
- Power Amplifiers
- Backhaul Solutions
- Others
- Frequency Band Outlook (Revenue, USD Billion; 2019-2032)
-
- 24-57 GHz
- 57-95 GHz
- 95-300 GHz
- Application Outlook (Revenue, USD Billion; 2019-2032)
-
- Enhanced Mobile Broadband (eMBB)
- Augmented Reality (AR) and Virtual Reality (VR)
- Internet of Things (IoT) Solutions
- Connected Vehicles and Autonomous Driving
- Telemedicine and Remote Healthcare
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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