mmwave 5G market worth $4.9 billion by 2027, growing at a CAGR of 14.7%: Report by MarketsandMarkets™

Chicago, June 16, 2023 (GLOBE NEWSWIRE) -- The global mmwave 5G market size to grow from USD 2.5 billion in 2022 to USD 4.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 14.7% during the forecast period, according to a new report by MarketsandMarkets™. The global mmwave 5Gmarket is offering businesses the access to high data transfer speeds and improved network reliability and it is driving the growth of the mmwave 5G market.

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331 - Tables
53 - Figures
284 - Pages

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Scope of the Report

The scope of this report covers the mmwave 5G market by component, use case, bandwidth, application, end user and regions.

By bandwidth, 24GHz to 57GHz segment is estimated to hold the highest market share. The 5G industry is using spectrum that is a bit longer than mmWaves, such as 24GHz and 28GHz but these frequencies share many of the same operating qualities. mmWave spectrum offers abundant bandwidth, which can be used to support multi-Gbps transmission speeds per user. The Federal Communications Commission (FCC) has opened up nearly 11GHz of the mmWave spectrum for mobile broadband, which intends to support 5G cellular systems and wireless LANs, for example, Wi-Gig, and others. The newly allocated bands include licensed bands at 24GHz (24.25-24.45GHz and 24.75-25.25GHz), 28GHz (27.5-28.35GHz), 37GHz (37-38.6GHz), and 39GHz (38.6-40GHz).

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By aerospace and defense, the Air passengers worldwide are demanding fast, reliable broadband services throughout flights. This requirement is increasing as there is an increasing number of air passengers using smartphones, tablets, and laptops. Airborne connectivity is relatively new for most air passengers. OEMs and suppliers are working to give the finest in-flight connectivity. The mmWave frequency range provides military applications, such as control of swarming Unmanned Aerial Vehicles (UAVs), AR/VR for simulation, training and mission rehearsal, real-time intelligence, distributed command and control, surveillance, and reconnaissance, smart warehousing and logistics, and dynamic RF spectrum use.

By region, North America is projected to account for the largest market share among other regions in the mmwave 5G market, and the trend is projected to continue until 2027. The US and Canada are the leading countries in the region. These countries have sustainable and well-established economic growth, empowering them to increasingly invest in R&D activities, thereby contributing to the development of mmwave 5G market.

Top Trends in Global mmwave 5G market

•  In order to provide ultra-fast, high-capacity connection, mobile network operators (MNOs) were expected to develop mmWave infrastructure. mmWave technology is appropriate for applications like driverless vehicles, virtual reality, and smart cities because it provides much greater data transfer rates, low latency, and enhanced network capacity.
• One of the major components of 5G is network slicing, which enables the development of numerous virtual networks tailored to various applications and sectors. Network slicing was expected to be incredibly important in the mmWave 5G industry, delivering dedicated slices for high-bandwidth applications like industrial IoT, augmented reality (AR), and immersive gaming.
• More mmWave-compatible devices should become available. Initially, it was anticipated that smartphones would dominate the adoption of mmWave technology, with laptops, tablets, fixed wireless access (FWA) devices, and Internet of Things (IoT) devices expected to follow.
• In densely populated areas, backhaul was anticipated to be accomplished using mmWave technology. The implementation of dense 5G networks is made possible by its high capacity and short-range capabilities, which make it suited for transporting large volumes of data from small cells to the main network.
• Addressing the regulatory issues related to spectrum availability was one of the key developments in the mmWave 5G market. Due to the higher frequencies employed by mmWave technology, specific spectrum allocations and legal frameworks had to be created or improved in a number of nations.
• It was anticipated that telecom equipment suppliers would work with vertical industries to create solutions and applications tailored to certain use cases. In order to meet the particular needs of industries like the automobile, healthcare, manufacturing, and entertainment, this collaboration would entail developing mmWave solutions that are industry-specific.

Key Industry Development

• To distribute frequency bands for 5G networks, including mmWave spectrum, governments and regulatory agencies held spectrum auctions all around the world. These auctions aimed to provide adequate spectrum availability for MNOs to successfully develop and run mmWave 5G networks.
• To hasten the implementation of mmWave infrastructure, telecom firms, infrastructure suppliers, and technology vendors were working together. Small cells, antennas, and other network hardware were being developed and implemented through partnerships and joint ventures.
• Due to the higher frequencies used in mmWave 5G networks, antenna technology is essential. Players in the market made investments in R&D to improve antenna performance, beamforming methods, and antenna designs to facilitate effective mmWave signal transmission and coverage.
• A number of trials and pilot projects were being carried out to evaluate the effectiveness of mmWave 5G networks in practical settings. These programmes sought to collect information, pinpoint problems, and improve mmWave network development tactics.
• To build a comprehensive network architecture, mmWave 5G was being merged with other 5G technologies, such as sub-6 GHz spectrum. In order to create a balance between high-speed, short-range mmWave connections and wide-area coverage offered by sub-6 GHz bands, this integration sought to take advantage of the benefits of both technologies.
• The definition of technical requirements and standards for mmWave 5G was being done by standardisation organisations like the 3rd Generation Partnership Project (3GPP). These initiatives sought to guarantee the mmWave 5G networks and equipment' interoperability and universal compatibility.

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