mmWave 5G Market size is expected 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 enterprises are adopting mmwave 5G technology as it offers the capacity to deliver higher bandwidth as compared to other alternate technologies which is driving the demand mmwave 5G solutions.
The hardware segment is expected to lead the mmWave 5G Market in 2022
The 5G mmWave hardware consists of antennas and transceiver components; communication and networking components; frequency sources and related components; RF and radio components; sensors and controls; power and battery components; and other hardware, such as imaging components, interface components, waveguide components, and filters and detectors. The mmWave transceiver system is an SDR platform for constructing mmWave applications, which consists of system prototyping. It gives users permission to access a flexible hardware platform and application software that enables real time over air mmWave communications research.
95GHZ TO 300GHZ segment is expected to grow with the fastest growth rate during the forecast period.
mmWave originates from the wavelength of radio signals on frequencies between 30GHz and 300GHz, which ranges between 1 and 10 millimeters. At these frequencies, radio signals diminish more rapidly with distance than at other frequencies, and antennas that can closely focus transmitted energy that is of small size. The limited range of such transmissions might appear to be a major drawback for many applications. It does enable the reuse of frequencies within very short distances and, hence enables a higher concentration of transmitters to be situated in a geographical area than is possible at lower frequencies.
Telecom likely to emerge as the fastest-growing segment during the forecast period.
5G makes it feasible to allocate high bands above 24GHz for telecom infrastructure. The accessibility of the new spectrum is conditional upon regulators releasing the spectrum for use by service providers. Spectrum allocations for mmWave are often extremely wide, with 800 MHz or more per service provider and band. This enables high-capacity delivery and improved handling of peak rates. Wide radio carriers are specified for the high band to be used within wide spectrum allocations. These wide carriers facilitate shorter transmission time intervals and lower radio-interface latency to facilitate the introduction of and support for low-latency-sensitive applications.
The Asia Pacific segment is expected to grow with the fastest growth rate during the forecast period.
The growth of the mmWave 5G Market in the Asia Pacific is highly driven by the rapid digitalization of enterprises across the region. The region comprises emerging economies such as India, Japan, China, South Korea, and Australia. Countries in the Asia Pacific region have been at the forefront of many mobile technologies, from the first 3G network launch in Japan to the first commercial 5G networks in South Korea.