Austin, Nov. 27, 2024 (GLOBE NEWSWIRE) -- Market Size & Growth Insights:
According to the SNS Insider, “The 5G mm-Wave Technology Market Size was valued at USD 3.04 Billion in 2023 and is expected to reach USD 10.49 Billion by 2032, growing at a CAGR of 14.77% from 2024-2032.”
The Growth of 5G mm-Wave Technology in Smart Cities, Automotive, and Beyond
The 5G mm-Wave Technology Market is experiencing significant growth, driven by the increasing demand for high-speed internet and enhanced mobile broadband services. Operating at frequencies above 24 GHz, it offers faster data transmission and lower latency, making it ideal for applications like AR, VR, and HD video streaming. The growing adoption of smart devices and IoT applications, which require high bandwidth and low latency, is a key growth driver. Telecom giants like Verizon and AT&T are expanding their 5G networks to support smart city initiatives.
Additionally, the automotive sector is integrating 5G mm-Wave Technology for connected vehicles. A partnership between Qualcomm and T-Mobile in December 2023 further enhances urban connectivity, while global 5G subscriptions are expected to reach 1.3 billion.
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Leading Market Players with their Product Listed in this Report are:
- Qualcomm - Qualcomm Snapdragon X55 5G Modem
- Ericsson - Ericsson Radio System
- Nokia - Nokia AirScale Radio
- Huawei - Huawei 5G RAN (Radio Access Network)
- Samsung - Samsung 5G mmWave Solutions
- Intel - Intel 5G Modem (XMM 8160)
- Broadcom - Broadcom BCM4375
- Mavenir - Mavenir Open RAN
- ZTE - ZTE 5G RAN
- Cisco - Cisco Ultra Wideband 5G Router
- Analog Devices - ADMV1014 5G Transceiver
- Keysight Technologies - Keysight 5G Test Solutions
- CommScope - CommScope 5G Small Cells
- Toshiba - Toshiba 5G Base Station Solutions
- Fujitsu - Fujitsu 5G Radio Unit
- NEC Corporation - NEC 5G Radio Access Network Solutions
- SK Telecom - SK Telecom 5G Network Solutions
- Lightwave Logic - Lightwave Logic 5G Technology
- Ciena - Ciena 5G Wave Services
- Rohde & Schwarz - Rohde & Schwarz 5G Test Equipment.
5G Millimeter Wave Technology Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 3.04 Billion |
| Market Size by 2032 | USD 10.49 Billion |
| CAGR | CAGR of 14.77% From 2024 to 2032 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Component (Antennas & transceiver components, Frequency sources & related, Communication & networking components, Imaging components, Sensors & controls, Interface components, Other) • By Product (Scanning systems, Radar and satellite communication systems, Telecommunication equipment, Other) • By Frequency Band (24–57 GHz, 57–95 GHz, 95–300 GHz) • By License (Light licensed frequency millimeter wave, Unlicensed frequency millimeter wave, Fully licensed frequency millimeter wave) • By Application (Mobile & telecom, Consumer & commercial, Healthcare, Industrial, Automotive & transportation, Imaging) |
| Key Drivers | • Rising need for high-speed, low-latency connectivity for applications like AR, VR, and HD video streaming. • 5G mm-wave supports smart city infrastructure, enabling real-time data exchange for services like traffic management and public safety. |
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The Role of 5G mm-Wave Technology in V2X Communication
The integration of 5G mm-Wave Technology with vehicle-to-everything (V2X) communication is revolutionizing navigation and safety in connected vehicles. By enabling real-time data exchange between vehicles, infrastructure, pedestrians, and networks, 5G mm-wave ensures ultra-fast speeds and minimal latency. This allows for live updates on road conditions, traffic, and hazards, enhancing navigation and reducing congestion. V2X communication also improves safety by enabling vehicles to instantly share critical data, enabling faster decisions and reducing collision risks, with major automakers and telecoms driving innovation.
Market Segmentation and Key Insights
By Component
In 2023, the antennas and transceiver components segment led the 5G mm-Wave Technology market, holding a significant revenue share. These components are crucial for high-frequency signal transmission, enabling ultra-fast data speeds and low latency, especially in densely populated urban areas with high connectivity demands. Advanced antenna technologies, such as phased array designs supporting MIMO configurations, are in high demand to enhance 5G network performance. Looking forward, this segment is expected to maintain its leadership due to ongoing network expansions and the need for sophisticated infrastructure. Meanwhile, the communication and networking components segment is projected to grow at the highest CAGR, driven by the increasing demand for advanced networking equipment like routers and base stations, which support 5G deployments and applications such as IoT and autonomous vehicles.
By Product
In 2023, the telecommunication segment led the market, driven by the rapid global spread of 5G networks and the rising demand for advanced infrastructure like base stations operating on mm-wave frequencies. The growth is fueled by the increasing number of connected devices and the need for high data transfer rates. Significant growth is projected as investments enhance existing networks. Meanwhile, the scanning systems segment is set to grow at the highest CAGR, driven by advancements in mm-wave technology for applications like security screening, automotive radar, and medical imaging.
North America Leads 5G mm-Wave Market in 2023, While Asia-Pacific Poised for Fastest Growth
In 2023, North America dominated the 5G mm-wave technology market, holding a substantial revenue share due to significant investments in advanced telecommunications infrastructure and the early adoption of 5G technology. The region's market growth is supported by the presence of major tech companies and network operators, which foster innovation and speed up the deployment of mm-wave solutions. The rising demand for high-speed internet and connected devices, especially in urban areas, contributes to this growth. Projections indicate that North America will retain its market leadership by 2032, driven by ongoing advancements in network technology and the increasing implementation of private 5G networks across various industries.
The Asia-Pacific region is expected to register the fastest compound annual growth rate (CAGR) in the coming years. This growth is fueled by rapid urbanization, rising mobile data consumption, and substantial investments in 5G infrastructure, especially in China and India, along with a growing focus on smart cities and IoT applications.
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Recent Development
- In January 2024, Qualcomm launched the Snapdragon X70 modem, boosting mm-wave connectivity with enhanced AI for dynamic signal optimization.
- In March 2024, Nokia introduced its AirScale 5G RAN, utilizing advanced mm-wave technology to improve network capacity and reduce latency in urban and industrial settings.
- In February 2023, Cisco and NEC Corporation partnered to offer system integration solutions, enhancing 5G xHaul and private 5G to help customers transform architecture and expand connectivity.
Table of Contents - Major Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Adoption Rates of Emerging Technologies
5.2 Network Infrastructure Expansion, by Region
5.3 Cybersecurity Incidents, by Region (2020-2023)
5.4 Cloud Services Usage, by Region
6. Competitive Landscape
7. 5G mmWave Technology Market Segmentation, by Product
8. 5G mmWave Technology Market Segmentation, by Component
9. 5G mmWave Technology Market Segmentation, by Frequency Band
10. 5G mmWave Technology Market Segmentation, by Licence Type
11. 5G mmWave Technology Market Segmentation, by Application
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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