Global 5G mm Wave Technology Market – Industry Trends and Forecast to 2031

Global 5G mm Wave Technology Market, By Components (Antennas and transceiver components, Frequency sources and related, Communication and networking components, Imaging components, Sensors and 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 Application (Mobile and telecom, Consumer and commercial, Healthcare, Industrial, Automotive and transportation, Imaging) - Industry Trends and Forecast to 2031.

5G mm Wave Technology Market Analysis and Size

Rising utilization of mmwave technology products in high spectrum 5G deployment is driving market revenue growth. Millimeter wave (Mmwave) technology supports core requirements of latency-free and high-speed 5G spectrums ranging 24 GHz to 300 GHz, which enables data-intensive applications such as faster transfer of large volumes of data, 4K/8K Ultra High Definition (UHD) video streaming, Virtual Reality (VR), and Augmented Reality (AR). Internet users across the region are shifting toward buying 5G bands enabled smart devices which is driving the market revenue growth.

Data Bridge Market Research analyses that the global 5G mm wave technology market is expected to reach USD 8.93 billion by 2031, from USD 2.98 billion in 2023 and is expected to undergo a CAGR of 14.70% during the forecast period of 2024 to 2031. “Security & Risk Management” dominates the service segment of the global 5G mm wave technology market due to demand from growing markets. Growing need for flexibility and agility is driving the market growth is one of the major factors driving the growth of the gloobal 5G mm wave technology market. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Market Definition

5G mmWave, which stands for 5th Generation millimeter Wave, refers to a specific portion of the 5G wireless network technology that utilizes the higher frequency bands in the millimeter wave spectrum, typically ranging from 24 GHz to 100 GHz. These higher frequency bands enable mmWave to transmit data at much higher speeds compared to the lower frequency bands used in earlier cellular networks. This technology is especially suited for high-density areas and applications requiring high data throughput, such as virtual reality, augmented reality, and ultra-high-definition video streaming.

Global 5G mm Wave Technology Market Dynamics

Driver

• Demand for High Data Transmission Speeds

5G mmWave technology, known for its high-frequency millimeter waves, is a vital driver in the 5G market due to its capability to offer exceptionally high data transmission speeds. Unlike 4G networks, 5G mmWave can potentially reach several gigabits per second, significantly enhancing data transfer rates. This remarkable speed is attributed to the higher frequency bands utilized by mmWave technology, which allow for a larger bandwidth and thus, faster data throughput. The adoption of 5G mmWave is therefore seen as a transformative step in the evolution of wireless communication technologies. 

Opportunity

• Rolling out of 5G Cloud Radio Access Network (RAN) Technology

The telecommunication operators across the globe are rolling out 5G Cloud RAN technology which is further driving revenue growth of the market. The RAN plays a pivotal role in comprehensive architecture of a 5G network by enabling wireless connectivity between user devices and core 5G network infrastructure. It encompasses base stations, antennas, and other equipment essential for facilitating wireless communication over the airwaves. As a result, deployment for 5G mmwave technology is expected to serve continuing requirement of global Internet penetration. According to The International Telecommunication Union (ITU), globally 5.3 billion people or roughly 66% of the world's population are using the Internet in 2022. Recent innovations in various 5G mmwave product development and 5G mmwave networking airwave testing are expected to attribute remarkable market revenue growth contributions over the forecast period.

Restraint/Challenge

• Rising Costs of Components in Manufacturing Advanced 5G Mmwave Technology Modules

The rising costs of components in manufacturing advanced 5G mmwave technology modules are restraining market revenue growth. Design, development, and manufacturing of 5G mmwave solutions require high Capital Expenditure (Capex) costs. In addition, patent registrations have become a major challenge for commercial manufacturing of hardware solutions Radio Frequency (RF) filters, AR amplifiers, low noise amplifiers, and other materials. Moreover, rising threat of procuring low-cost 5G mmwave hardware from network equipment vendors across East Asian countries affects margins of other global players in Europe and America.

Recent Developments

• In June 2022, Nokia, in collaboration with Elisa and Qualcomm, achieved over 2 Gbps 5G uplink speeds on mmWave, enhancing the potential for ultra-high-performing, low-latency services
• In May 2021, UScellular, Qualcomm, Ericsson, and Inseego have achieved a groundbreaking 5G milestone over mmWave, establishing the farthest 5G mmWave Fixed Wireless Access (FWA) connection in the U.S. at 7 km, with downlink speeds of ~1 Gbps and peak speeds over 2 Gbps. This achievement, using Ericsson's infrastructure and Inseego's Wavemaker gateway powered by Qualcomm's technology, demonstrates the potential of 5G mmWave to provide high-speed, long-range connectivity, addressing the "last mile" challenge and bridging the digital divide in various communities

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global 5G mm Wave Technology Market Scope

The global 5G mm wave technology market is segmented on the basis of components, product, frequency band, and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Components

• Antennas and transceiver components
• Frequency sources and related
• Communication and networking components
• Imaging components
• Sensors and controls
• Interface components
• Other

Product

• Scanning systems
• Radar and satellite communication systems
• Telecommunication equipment
• Other

Frequency Band

• 24-57 GHz
• 57-95 GHz
• 95-300 GHz

Application

• Mobile and telecom
• Consumer and commercial
• Healthcare
• Industrial
• Automotive and transportation
• Imaging

Global 5G mm Wave Technology Market Region Analysis/Insights

The global 5G mm wave technology market is analyzed and market size insights and trends are provided by region, components, product, frequency band, and application as referenced above.

The regions covered in the global 5G mm wave technology market are North America, South America, Europe, Asia-Pacific, and the Middle East and Africa. The countries covered in the global 5G mm wave technology market report are U.S., Canada, Mexico, Brazil, Argentina, the Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of the Middle East and Africa.

North America dominates the global 5G mm wave technology market because North America is home to renowned research institutions, universities, and technology companies that conduct cutting-edge research in photonics and integrated circuit technologies. This strong R&D ecosystem fosters innovation and drives advancements in 5G mm Wave Technology circuits.

Asia-Pacific region is expected to be fastest-growing country in the global 5G mm wave technology market due to the Asia-Pacific region has a large and rapidly growing population, along with a significant increase in industrial manufacturing. This drives the demand for warehouses, which can benefit from the use of 5G mm wave technology.

The region section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the region data.   

Competitive Landscape and Global 5G mm Wave Technology Market Share Analysis

The global 5G mm wave technology market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the global 5G mm wave technology market.

Some of the major players operating in the global 5G mm wave technology market are:

• E-Band Communications, LLC (U.S.)
• L3Harris Technologies, Inc. (U.S.)
• NEC Corporation (Japan)
• DENSO CORPORATION (Japan)
• Hubei YJT Technology Co., Ltd. (China)
• Sage Millimeter, Inc. (U.S.)
• Fujitsu Limited (Japan)
• Millimeter Wave Products Inc. (U.S.)
• Farran (Ireland)
• Mitsubishi Electric Corporation (Japan)