5g mm wave technology Market Share

5g mm-wave Technology Market Overview

5g mm-wave Technology Market Size was valued at USD 2.5 Billion in 2022. The 5g mm-wave technology market industry is projected to grow from USD 2.875 Billion in 2023 to USD 8.7946 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.00% during the forecast period (2023 - 2032). Increased data transfer rates compared to previous generations of wireless technology and the development of smart cities and infrastructure projects are driving the demand for high-speed and low-latency communication, which are the key market drivers enhancing market growth.

Figure 1: 5g mm-wave Technology Market Size, 2022-2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

5g mm-wave technology Market Trends

The Rapid Expansion of 5G Infrastructure is driving the market growth

The rapid expansion of 5G infrastructure globally. Telecommunication companies and governments worldwide are heavily investing in deploying 5G networks, with a specific focus on mm-wave technology due to its high data transfer rates and low latency. This expansion is driven by the rising use of high-speed internet and the growing number of connected devices, especially in urban areas. As a result, there is a significant surge in the deployment of mm Wave-enabled base stations, small cells, and other network components to support the increasing 5G network coverage. This factor drives the market CAGR.

Additionally, integrating mm-wave technology in consumer devices leads to smartphone manufacturers incorporating mm-wave capabilities in their flagship devices to enable faster download and upload speeds, high-quality video streaming, and seamless online gaming experiences. Moreover, mm-wave technology is being integrated into other consumer electronics like laptops, tablets, and smart home devices. This trend is propelled by the consumer demand for superior connectivity and enhanced user experiences, driving manufacturers to adopt mm-wave technology in a variety of products beyond smartphones.

Advancements in mm-wave antenna design and beamforming techniqules are driving innovation in the 5G mm-wave technology market. Researchers and engineers are developing sophisticated antenna systems that can efficiently transmit and receive mm-wave signals. Beamforming technology, which enables the precise direction of signals toward specific users or devices, is being optimized to enhance the coverage and reliability of mm-wave networks. These advancements are crucial for overcoming mm-wave's challenges related to signal blockage and limited coverage, making it feasible for widespread deployment in urban environments and high-density areas.

For instance, In March 2023, Siklu made a strategic agreement with WAV and MBSI WAV. These companies are full-service distributors of LTE, wireless broadband, fiber, networking, and Wi-Fi equipment. This development would provide pre-sales engineering, stocking, network design, and post-sales services for Siklu's solutions operating in the 60/70 and 80 GHz bands. This service caters to various applications, such as residential connectivity and video security. Thus, driving the 5g mm-wave technology market revenue.

5g mm-wave Technology Market Segment Insights

5g mm-wave Technology Components Insights

The 5g mm-wave technology Market segmentation, based on Components, includes Antennas & transceiver components, Frequency sources & related Communication & networking components, Imaging components, Sensors & controls, Interface components, and others. The largest category is Antennas & Transceiver Components, accounting for approximately 40-45% of the market share. Antennas and transceiver components are fundamental elements enabling the transmission and reception of high-frequency mm-wave signals. The demand for these components is exceptionally high due to their pivotal role in 5G mm-wave networks, allowing for fast data transfer and low-latency communication. Furthermore, the Communication & Networking Components category represents the fastest-growing segment, with an estimated 35-40% growth rate. This is due to the increasing complexity of 5G network architectures and the demand for sophisticated communication solutions.

5g mm-wave Technology Product Insights

The 5g mm-wave technology Market segmentation, based on product, includes Scanning systems, Radar and satellite communication systems, Telecommunication equipment, and others. The largest category is Telecommunication Equipment, accounting for approximately 50-55% of the market share. Telecommunication equipment, including mmWave-enabled base stations, small cells, and user devices, represents the backbone of 5G mm-wave networks. The extensive deployment of these devices by telecommunication companies worldwide drives the dominance of this category. The Scanning Systems category stands out as the fastest-growing segment, with an estimated growth rate of 40-45%. This growth is fueled by the increasing applications of mm-wave technology in various sectors, including automotive, healthcare, and industrial automation.

5g mm-wave Technology Frequency Band Insights

The 5g mm-wave technology Market segmentation, based on frequency band, includes 24–57 GHz, 57–95 GHz, and 95–300 GHz. The largest category is the 57–95 GHz Frequency Band, accounting for approximately 50-55% of the market share. This band is favored for 5G mm-wave applications due to a balance between data speed and signal range. It offers substantial bandwidth for high-speed data transmission while maintaining reasonable signal coverage, making it a popular choice for various applications, including urban broadband and fixed wireless access. The 24–57 GHz Frequency Band represents the fastest-growing segment, with an estimated 40-45% growth rate. This band is gaining momentum due to its versatility, finding applications in short- and medium-range communication scenarios. Its ability to balance speed and coverage makes it ideal for industrial automation, smart cities, and advanced vehicular communication applications.

Figure 2: 5g mm-wave technology Market, by Frequency Band, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

5g mm-wave Technology License Type Insights

The 5g mm-wave technology Market segmentation, based on the license type, includes Light licensed frequency millimeter wave, Unlicensed frequency millimeter wave, and fully licensed frequency millimeter wave. The Fully Licensed Frequency Millimeter Wave category stands as the largest segment, holding approximately 60-65% of the market share. Fully licensed frequencies provide stability and reliability, making them the preferred choice for major telecommunication companies and network operators. These licenses ensure exclusive access to specific mm-wave bands, enabling consistent and secure high-speed data transmission. The Unlicensed Frequency Millimeter Wave category represents the fastest-growing segment, with an estimated 45-50% growth rate. The unlicensed spectrum offers flexibility, fostering innovation and experimentation in various applications, including IoT devices and smart home systems.

5g mm-wave Technology Application Insights

The 5g mm-wave technology Market segmentation, based on application, includes Mobile & telecom, Consumer and commercial, Healthcare, Industrial, Automotive and transportation, and Imaging. The Mobile and telecom sector stands out as the largest category, capturing approximately 40-45% of the market share. The demand for high-speed, low-latency data transmission in mobile networks and telecommunications is driving this dominance. Furthermore, the Consumer and commercial sector represents the fastest-growing segment, with an estimated growth rate of 50-55%. The increasing adoption of mm-wave-enabled devices, such as smartphones, laptops, and smart home gadgets, propels this growth.

5g mm-wave Technology Regional Insights

The study offers market insights into different regions, such as North America, Europe, Asia-Pacific, and the Rest of the World. The North American 5g mm-wave technology market area will dominate this market due to the advanced and tech-savvy consumer base, leading to substantial demand for high-speed, low-latency connectivity.

Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, and South Korea.

Figure 3: 5g mm-wave technology Market  Share by Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe's mm-wave technology market accounts for the second-largest market share due to its active contribution to international standardization efforts related to 5G, influencing the development of global standards for mm-wave technology. Further, the German mm-wave technology market held the largest market share, and the UK 5g mm-wave technology market was the fastest-growing market in the European region.

The Asia-Pacific 5g mm-wave technology Market is anticipated to grow at the fastest CAGR from 2023 to 2032. This is due to the increasing adoption of 5G mm-wave technology for applications such as smart manufacturing and Industry 4.0. Moreover, China’s mm-wave technology market held the largest market share, and the India mm-wave technology market was the fastest-growing in Asia-Pacific.

5g mm-wave Technology Key Market Players & Competitive Insights

Major players in the market are making significant investments in research and development to broaden their range of products, thereby driving further growth in the 5G mm-wave technology market. Market participants are also undertaking various strategic initiatives to expand their presence globally. Key market developments include introducing new products, entering into contractual agreements, engaging in mergers and acquisitions, increasing investments, and collaborating with other organizations. In order to thrive and stay competitive in a rapidly growing market, the 5G mm-wave technology industry needs to offer cost-effective solutions.

Manufacturers in the global 5G mm-wave technology industry employ the strategy of local production to reduce operational expenses. This approach aims to benefit clients and expand our market share. Over the past few years, the 5G mm-wave technology sector has presented substantial benefits to the field of medicine. Prominent participants in the 5G mm-wave technology market, including 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) and Avait Networks, Inc. (US).

Tokyo Tech is one of Japan's most prestigious and comprehensive technical universities. Established in 1881, it has a long history of contributing to scientific and technological advancements. The university collaborates with industry partners and engages in innovative research across various disciplines. In June 2022, Researchers at Tokyo Tech and NEC Corporation launched a phased array beamformer for the 5G millimeter wave (mm-wave) band. This product enables ultra-low latency in communication along with data rates of over 10 Gbps and a massive capacity to accommodate several users.

Keysight is a global technology company that provides solutions in the areas of electronic design and testing. They offer a huge range of products and services, including test and measurement equipment, software, solutions for electronic design and verification, network visibility, and more. In December 2021, the company proclaimed that it is the first to deliver a complete CTIA-authorized 5G mm-wave Over-The-Air (OTA) test system for authenticating device transceiver performance in a laboratory environment, speeding up the rollout of wireless connectivity broadband across the US.

Key Companies in the 5g mm-wave technology market include

• Axxcss Wireless Solutions, Inc. (US)


• NEC Corporation (Japan)


• Siklu Communication (US)


• Smith’s Group PLC (UK)


• Millimeter Wave Products Inc. (US)


• Farran Technology (Ireland)


• Eravant (US)


• Avait Networks, Inc. (US)


• Mistral Solutions Pvt. Ltd (US)


• Keysight Technologies, Inc. (US)


• Vubiq Networks Inc. (US)


• Fastback Networks Inc. (US)


• Others

5g mm-wave Technology Industry Developments

In May 2024, A1, an Austrian telecommunications provider, successfully implemented mmWave technology for the first time at a 5G mobile site in Vienna. This achievement was made possible through a collaborative test conducted in conjunction with Nokia. This testing at a mobile radio station is a result of A1's acquisition of spectrum in the 26 GHz band during the last frequency auction. Recently, the telco revealed that consumers will be able to experience speeds of up to 2 Gbps on A1's 5G network as a result of this implementation. As to the official statement, the mmWave radios installed on the site will offer A1 notable benefits, such as exceptionally fast 5G speeds, little delay, and enhanced capacity. Utilizing mmWave bands is essential for facilitating the upcoming wave of 5G applications and services, ranging from immersive virtual reality (VR) experiences to cutting-edge industrial automation. A1 is the telecommunications company of Austria, with around 5.1 million mobile clients and 1.9 million landline connections. A1 (A1 Telekom Austria) is a subsidiary of the A1 Telekom Austria Group, operating in the Central and Eastern Europe (CEE) region. It serves over 26 million users across seven countries.

In August 2023, Reliance Jio and Bharti Airtel, the leading telecom carriers in India, have launched their 5G services using millimeter-wave technology throughout the country. This is in compliance with the minimum deployment requirements set by the Department of Telecommunications (DoT). The critical high-band spectrum band offers greater data transfer capacity, although over shorter distances, for bandwidth-intensive applications like 5G fixed wireless access (FWA), connected autos, extended reality (XR), cloud PCs that can facilitate the digitalization of small businesses and companies, among others. Jio, in an official statement, has asserted that 5G mmWave offers superior speeds and reduced latency compared to prior wireless networking technologies. The Indian telecommunications industry leader emphasized that mmWave business solutions will enhance the leased lines market by offering dependable fixed-wireless services. This will enable the digitalization of numerous small and medium enterprises by providing them with high-quality connectivity and business solutions.

5g mm-wave Technology Market Segmentation

5g mm-wave Technology Components Outlook

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  Antennas & transceiver components

  
  


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  Frequency sources & related

  
  


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  Communication & networking components

  
  


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  Imaging components

  
  


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  Sensors & controls

  
  


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  Interface components

  
  


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  Other

  
  

5g mm-wave Technology Products Outlook

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  Scanning systems

  
  


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  Radar and satellite communication systems

  
  


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  Telecommunication equipment

  
  


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  Other

  
  

5g mm-wave Technology Frequency Band Outlook

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  24–57 GHz

  
  


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  57–95 GHz

  
  


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  95–300 GHz

  
  

5g mm-wave Technology License Type Outlook

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  Light-licensed frequency millimeter wave

  
  


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  Unlicensed frequency millimeter wave

  
  


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  Fully licensed frequency millimeter wave

  
  

5g mm-wave Technology Application Outlook

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  Mobile & telecom

  
  


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  Consumer & Commercial

  
  


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  Healthcare

  
  


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  Industrial

  
  


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  Automotive & Transportation

  
  


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  Imaging

  
  

5g mm-wave Technology Regional Outlook