Global mmWave 5G market share worth $7.51 bn by 2030

According to the research report, the global mmWave 5G market share was valued at USD 2.31 billion in 2021 and is expected to reach USD 7.51 Billion by 2030, growing at a CAGR of 14.3% during the forecast period, according to Polaris Market Research.

mmWave 5G is a cellular technology that provides access to higher frequency radio bands ranging from 24GHz to 40GHz. mmWave 5G is now adopted by wireless ecosystems worldwide because it supports high capacity with ultrafast speeds. The technology is expected to be most appropriate in urban areas to handle the increasing capacity needs of users and their demand for more data. For instance, all leading carriers in the United States offer the complete range of 5G flagship millimeter-wave phones and 5G millimeter-wave services.

Some of the key benefits of mmWave 5G includes good coverage, easy scaling, enhanced capacity and connectivity, low latency, and high capacity. The demand for mmWave 5G market is majorly driven by the increasing demand for high-speed connectivity and a surge in the growth of virtualization in the networking sector. Various advantages of mmWave technology, such as high bandwidth and secure transmission, are expected to fuel the market growth.

Growth Driving Factors
Growing demand for high bandwidth-intensive applications favors the market growth
The rising shift from fiber-based wired communication to mmWave 5G due to its network performance is expected to create new opportunities in the mmWave 5G market for wireless broadband services, thus propelling the growth of the industry. A surge in a number of research & development activities in MMW technology, as well as growing demand for this technology in the telecommunications sector, is expected to accelerate the mmWave 5G industry expansion. The market is also booming due to the growing usage of smartphones across developed and developing nations, increasing requirements for cloud gaming, and increasing investment of service operators.

Moreover, high demand for bandwidth-intensive applications, and rising demand for high-bandwidth, high-speed internet across the telecom sector are factors boosting the mmWave 5G market size. Besides, mmWave technology has various applications, including the internet of things (IoT), such as VR/AR, high-quality video, real-time surveillance cameras, and live streaming, which is augmenting its demand. This is another factor accelerating the market growth.

Segmental Analysis
Hardware segment held the biggest share in 2021
On the component basis, the hardware segment witnessed the largest mmWave 5G market share in 2021 due to its lightweight and compact structure. The high demand for antennae and transceivers due to their properties, such as reduced interference, improved signal-to-interference-noise-ratio, and system performance, propels the market growth. Further, antennas are used in compact IoT devices due to their small size and larger bandwidth, which is anticipated to boost segment growth in the market.

Enhanced mobile broadband (eMBB) is likely to dominate the market
Based on the use case, the enhanced mobile broadband (eMBB) is predicted to witness the largest market share attributing to the growing penetration of mmWave spectrum in the densest urban areas with developed nations and locations where large amount of is produced, such as transport hubs, urban environments, and event venues.

AR/VR is projected to generate a major CAGR over the foreseen period
On the basis of application mmWave 5G market segmentations, the AR/VR segment is estimated to dominate the market during the anticipated period. This is because AR/VR, when combined with mmWave 5G, offers improved end-to-end latency and user experience.

Telecom is projected to record the fastest growth during the forecast period
By end use, the telecom industry is anticipated to grow fastest throughout the projected period. This growth can be attributed to the high adoption of mmWave technology in smartphones and telecom infrastructure. In addition, escalating demand for high-speed data transfer from various commercial industries, such as IT offices, is anticipated to bolster segmental growth.

CT Bureau