5G mmWave Technology Market to Reach $10.1 Billion, Globally, by 2032 at 14.7% CAGR: Allied Market Research
The 5G mmWave technology market is driven by several factors, including enhanced network efficiency and capacity, the facilitation of advanced edge computing, innovative applications across diverse sectors, and the improvement of emergency services and public safety networks.
Wilmington, Delaware, Feb. 14, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled,* “**5G **mmWave** technology Market** by Component (Antennas & Transceiver Components, Frequency Sources & Related, Communication & Networking Components, Imaging Components, Sensors & Controls, Interface Components, Others), Product (Scanning Systems, Radar and Satellite Communication Systems, Telecommunication Equipment, and Others), Frequency Band (24–57 GHz, 57–95 GHz, 95–300 GHz), and Application (Mobile & Telecom, Consumer & Commercial, Healthcare, Industrial, Automotive & Transportation, Imaging): Global Opportunity Analysis and Industry Forecast, 2023–2032”. *According to the report, the global 5G mmWave technology industry generated $2.58 billion in 2022, and is projected to reach $10.04 billion by 2032, registering a CAGR of 14.69% from 2023 to 2032. *Download Research Report Sample & TOC: *
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· 320– Pages
· 182– Tables
· 60– Charts
*Prime determinants of growth*
The 5G mmWave technology market is anticipated to experience substantial expansion in the forecast period. This growth is primarily driven by factors such as improved network efficiency and capacity, the facilitation of advanced edge computing, and innovative applications in various sectors. Additionally, the enhancement of emergency services and public safety networks is expected to further benefit the market. However, health and public concerns present a significant restraint to the growth of the 5G mmWave technology market during this period.
*Report coverage & details:*
*Report Coverage* *Details*
Forecast Period 2022–2032
Base Year 2022
Market Size In 2022 $2.58 Billion
Market Size In 2032 $10.1 Billion
CAGR 14.7%
No. Of Pages in Report 320
Segments Covered Component, Product, Frequency Band, Application, And Region.
Drivers Network Efficiency and Capacity Facilitating Advanced Edge Computing Innovative Application in Diverse Sectors
Opportunities Enhanced Emergency Services and Public Safety Networks
Restraints Health And Public Concerns
*The antennas and transceiver components segment **is** anticipated to dominate in terms of revenue during the forecast period*
Based on components, the antennas and transceiver components segment accounted for nearly one-fourth of the total revenue in the global 5G mmWave technology market in 2022, and it is expected to continue its dominant position throughout the forecast period, due to their critical role in enabling high-speed, high-frequency communications essential for the efficient performance of 5G networks. However, the communication and networking components segment is expected to experience the fastest CAGR of 17.31% from 2023 to 2032, primarily attributed to the increasing demand for advanced communication infrastructure to support the exponential growth in data traffic and the deployment of IoT and smart devices.
*The telecommunication equipment segment is projected to **retain** the lion’s share by 2032*
Based on product, the telecommunication equipment segment emerged as the market leader in the global 5G mmWave technology market in 2022, holding more than one-third of the market share. Simultaneously, the same segment is projected to witness the fastest CAGR of 16.55% from 2023 to 2032. This dominance can be attributed to the increasing global demand for high-speed internet and the rapid expansion of 5G infrastructure.
*The 24–57 GHz segment is **anticipated** to dominate in terms of revenue during the forecast period *
Based on frequency band, the 24–57 GHz segment emerged as the market leader in the global 5G mmWave technology market in 2022, holding nearly three-fifths of the market share. Simultaneously, the same segment is projected to witness the fastest CAGR of 15.36% from 2023 to 2032. This dominance can be attributed to its optimal balance between coverage, capacity, and speed, making it highly suitable for urban 5G deployments and various commercial applications.
*The mobile and telecom segment is projected to **retain** the lion’s share by 2032*
Based on application, the mobile and telecom segment emerged as the market leader in the global 5G mmWave technology market in 2022, holding more than one-third of the market share. Simultaneously, the same segment is projected to witness the fastest CAGR of 16.27% from 2023 to 2032. This dominance can be attributed to the escalating global demand for higher data speeds and increased network capacity, driven by the widespread adoption of smartphones and the continuous growth of mobile data traffic.
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*North America garnered the major share in 2022*
Based on region, North America dominated the 5G mmWave technology market revenue in 2022, representing more than one-fourth of the global market share. This is primarily due to the region's early adoption of 5G technologies, significant investments in 5G infrastructure, and the presence of major technology companies driving innovation in this field. The Asia-Pacific segment is projected to experience the fastest CAGR of 17.07% from 2023 to 2032, due to rapid technological advancements, increasing investments in 5G infrastructure, and the growing adoption of 5G-enabled devices in densely populated countries like China and India.
*Leading Market Players:*
· Huawei Technologies Co., Ltd.
· Samsung Electronics Co., Ltd.
· Telefonaktiebolaget LM Ericsson
· Nokia Corporation
· Qualcomm Incorporated
· MediaTek Inc.
· Keysight Technologies, Inc.
· NXP Semiconductors N.V.
· Skyworks Solutions, Inc.
· Anritsu Corporation
The report provides a detailed analysis of these key players in the global 5G mmWave technology market. These players have adopted product launches and collaboration strategies to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.
*Key Industry Developments:*
*July 2021 - *Ericsson and MediaTek set an uplink speed record on mmWave using carrier aggregation, achieving nearly 500 Mbps, doubling current upload speeds, and marking the fastest to date.
*April 2020 - *Samsung achieved a significant milestone in 5G mmWave technology by demonstrating speeds of 8.5Gbps across multiple devices, showcasing the potential for transformative 5G mobile services.
*Key Benefits for Stakeholders *
· To provide an accurate view of future investment pockets, this study provides analytical estimates for 5G mmWave technology market size along with current trends and estimations.
· In order to be able to achieve a more prominent position, the overall 5G mmWave technology market analysis is based on an understanding of prevailing profitability trends.
· The report presents information related to key drivers, restraints, and 5G mmWave technology market opportunity with a detailed impact analysis.
· In order to measure financial competence, 5G mmWave technology market forecasts shall be quantitatively analyzed from 2022 until 2032.
· The Porter five forces analysis shows that buyers and suppliers are more powerful in the 5G mmWave technology market.
· Key vendor shares and 5G mmWave technology market trends are included in the report.
*5g **Mmwave** Technology Market Key Segments: *
*By Components:*
· Frequency sources and related
· Communication and networking components
· Imaging components
· Sensors and controls
· Interface components
· Antennas and transceiver components
· Others
*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
*By Region**:*
· *North America *(U.S., Canada, Mexico)
· *Europe* (Germany, UK, France, Spain, Italy, Rest of Europe)
· *Asia-Pacific* (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
· *LAMEA *(Brazil, Saudi Arabia, UAE, South Africa, Rest of LAMEA)
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