5G mmWave Technology Market Outlook:
5G mmWave Technology Market size was USD 3.7 billion in 2024 and is estimated to reach USD 89.6 billion by the end of 2037, expanding at a CAGR of 29.5% during the forecast period, i.e., 2025-2037. In 2025, the industry size of 5G mmWave technology is estimated at USD 4.8 billion.
The upstream and midstream transformation in the supply chain of semiconductor fabrication, RF module production, and antenna array assembly is expected to influence the market growth in the coming years. According to the analysis by the U.S. International Trade Commission (USITC), the imports of advanced semiconductor components grew by more than 22.1% in 2023 and were led by South Korea, Japan, and Taiwan. This reflects that the Asia Pacific countries dominate the production and commercialization of specialized raw materials and components, including sensors, semiconductors, and RF modules.
Also, during the same year, the export volumes of U.S.-manufactured high-frequency RF substrates increased by 17.4%, reflecting a growing interdependency in global trade of enabling materials. Additionally, the U.S. Bureau of Economic Analysis (BEA) reveals that the capital goods comprising 5G-related modules and assemblies imported in the communications sector were calculated at USD 29.4 billion in 2023. This was due to the heightened OEM assembly line activity, particularly in mmWave small cell and base station production. The assembly production is expected to be highly concentrated in East and Southeast Asia, driven by the presence of established microelectronics packaging ecosystems.
5G mmWave Technology Market - Growth Drivers and Challenges:
Growth Drivers
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Industrial automation trend: The manufacturing and logistics industries are increasingly adopting mmWave-enabled private 5G networks to facilitate real-time monitoring, automated guided vehicle (AGV) control, and machine vision. Germany’s industrial 5G corridors have expanded by 41.4% YoY, due to the mmWave’s capabilities in high-precision automation. For instance, the Bosch Company uses mmWave in its Stuttgart facility to support 1ms latency robotic control. The lucrative scope in the high manufacturing sector is poised to fuel the sales of 5G mmWave technologies. Businesses in heavy industry and logistics evaluate mmWave as a core enabler of digital twins and predictive maintenance. In Asia, South Korea’s Smart Factory initiative is leveraging mmWave for AGV and AR-assisted inspection lines, forecasting USD 3.1 billion in mmWave industrial services by 2027.
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Growing use of mmWave in transportation and mobility: The transportation and mobility sectors are likely to fuel the sales of 5G mmWave technologies in the years ahead. Automotive-to-everything (V2X) communications, railways, and drone traffic management markets are fueling he adoption of 5G mmWave technologies for high-speed data exchange. The U.S. Department of Transportation (DOT) and National Institute of Standards and Technology (NIST) are focusing on mmWave-based V2X communication trials to enable millisecond-level collision warnings. Thus, companies in the automotive and UAV sectors are set to integrate 5G mmWave technologies into smart mobility ecosystems to gain regulatory and operational advantages. The global market for mmWave in mobility is expected to expand at a 30.3% CAGR through 2030. The ongoing developments in the smart cities and logistics hubs are estimated to fuel the sales of 5G mmWave technologies in the years ahead.
Technological Innovations in the Market
The ongoing advancements are set to double the revenues of 5G mmWave technology manufacturers during the study period. The digital technology integrated 5G mmWave systems are set to gain traction among large-scale enterprises. The advanced technologies are also poised to enhance the operational efficiency of 5G mmWave technologies and boost their sales growth. The table below reveals the current technological trends and their outcomes.
|
Trend |
Industry |
Company |
Technology |
Impact/Result |
|
Massive MIMO + Beamforming |
Telecom |
Verizon |
5G Ultra-Wideband (mmWave) |
21x rise in download speeds in NYC zones (2024) |
|
Edge Computing |
Manufacturing |
Bosch |
mmWave + Edge AI in Smart Factory |
22.4% fall in machine downtime |
|
AI-Driven Network Slicing |
Finance |
JPMorgan |
AI with mmWave-enabled slicing |
15.2% lower latency in trading networks (Chicago hub) |
Sustainability Trends in the Market
The strict regulatory mandates are set to boost the adoption of 5G mmWave systems. The sustainable initiatives, including renewable energy and circular economy, are also projected to fuel the demand for 5G mmWave technologies. The deployment of energy-efficient base stations and ESG standards is further accelerating the sales of 5G mmWave technologies. The table below reveals the current sustainability strategies and their business impacts.
|
Company |
Sustainability Initiatives |
Goals & Vision |
Impact on Business |
|
Ericsson |
75.3% CO₂ emission cut (2023); U.S. 5G Smart Factory runs on 100% renewables |
Net-zero emissions by 2040; 100% renewables by 2030 |
Decreased OPEX; 6.3% rise in ESG-aligned contracts (2023) |
|
Nokia |
63.5% electricity from renewables (2023); energy-efficient AirScale base stations |
100% renewable electricity by 2025 |
9.5% YoY fall in energy costs; positive ESG investor flow |
|
Qualcomm |
41.4% waste reduction via closed-loop recycling (2023); LEED-certified facilities |
50.3% total waste cut by 2030 |
Enhanced brand ranking in DJSI; 5.4% OPEX savings |
Challenges
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Regulatory complexity across jurisdictions: The complex regulatory procedure is expected to hamper the sales of 5G mmWave technologies during the forecast period. The governments worldwide have varying spectrum licensing procedures for mmWave bands, which increase the launch time and costs. In the U.S., the Federal Communications Commission (FCC) regulates high-band 5G through complex spectrum auctions that impose capital strain on new entrants. Also, the slower mmWave spectrum allocation led to only 5 new product introductions in late 2023. Thus, complex regulations are likely to hinder the overall sales of 5G mmWave technologies to some extent.
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High infrastructure and deployment costs: The production and installation of 5G mmWave technologies require substantial costs, which limit their adoption in the budget-constrained markets. Many small-scale companies witness CAPEX challenges owing to the 5G mmWave’s dense small cell infrastructure requirement due to short-range signal propagation. Furthermore, the report by GSMA reveals that the mmWave deployment is up to 5 times more expensive per square kilometer than other counterparts. This high price affects the rural deployment or small business adoption, especially in price-sensitive markets.
5G mmWave Technology Market Size and Forecast:
| Report Attribute | Details |
|---|---|
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
29.5% |
|
Base Year Market Size (2024) |
USD 3.7 billion |
|
Forecast Year Market Size (2037) |
USD 89.6 billion |
|
Regional Scope |
|
5G mmWave Technology Market Segmentation:
Application Segment Analysis
The mobile & consumer devices segment is projected to capture 38.9% of the global market share through 2037. The growing popularity of ultra-high-definition streaming, immersive AR/VR, and low-latency cloud gaming is fueling the sales of global 5G mmWave technologies. The consumers’ increasing investments in advanced electronic devices such as smartphones, tablets, and wearables are also contributing to the sales of 5G mmWave systems. The National Telecommunications and Information Administration (NTIA) states that more than 61.4% of 5G device users preferred mmWave-enabled phones in high-density areas in 2024. The increasing smartphones' integration with 28 GHz and 39 GHz is necessitating manufacturers to optimize device performance for mmWave-rich zones.
End user Segment Analysis
The telecommunications segment is estimated to hold 42.5% of the global market share throughout the forecast period, owing to the booming 5G infrastructure upgrades. The expanding telecommunication sectors of Japan, South Korea, and the U.S. are pushing the adoption of global 5G mmWave technologies. The GSMA Intelligence projects that 70.4% of telecom capex in the U.S. between 2023 and 2026 is directed toward mmWave densification. This highlights that the strong investment in the telecom sector is likely to propel the revenue of key market players in the years ahead.
Our in-depth analysis of the 5G mmWave technology market includes the following segments:
|
Segment |
Subsegment |
|
Frequency Brand |
|
|
Application |
|
|
End user |
|
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5G mmWave Technology Market - Regional Analysis
North America Market Insights
The North America 5G mmWave technology market is anticipated to account for 33.5% of the global revenue share by 2037, owing to early spectrum liberalization, public-sector funding, and private network rollouts. The U.S. and Canada have prioritized mmWave integration through national broadband and digital equity strategies, which are contributing to the overall market growth. The rising public-private partnerships for ICT and digital infrastructure expansion are also pushing the sales of 5G mmWave technologies.
In the U.S., the sales of 5G mmWave technologies are projected to increase at a high pace, due to massive federal investment and spectrum auction expansion. The FCC’s USD 9.2 billion 5G Fund Phase II is focusing on mmWave infrastructure in underserved areas. Also, the NTIA’s USD 42.5 billion BEAD program is enhancing the rural and low-income mmWave adoption. FCC reveals that more than 2.2 million U.S. households had mmWave 5G access in 2023. Overall, the U.S. is the most lucrative marketplace for 5G mmWave technology manufacturers.
The Canada 5G mmWave technology market growth is estimated to be driven by the swift spectrum expansion, innovation funding, and targeted connectivity programs. For instance, the Innovation, Science and Economic Development (ISED) Universal Broadband Fund invested nearly CAD 2.8 billion to enhance 5G access in rural and Indigenous communities. This is boosting the adoption of mmWave technologies for urban densification and remote high-speed access. Furthermore, the smart city initiatives are set to accelerate the demand for 5G mmWave technologies during the forecast period.
Europe Market Insights
The Europe 5G mmWave technology market is likely to capture 21.6% of the global revenue share throughout the study period. The swift rise in the industrial 5G adoption and digital trend is accelerating the trade of 5G mmWave technologies. The European Digital Strategy, funding spectrum harmonization, and innovation hubs are projected to fuel the sales of 5G mmWave technologies in the years ahead. In 2023, the EU allocated €3.3 billion for 5G infrastructure under Horizon Europe and the Digital Europe Programme. This is set to boost the application of mmWave technologies in urban mobility, smart manufacturing, and energy grid automation.
The Germany 5G mmWave technology market is expected to expand at a robust pace owing to robust digital transformation. The Federal Ministry for Digital and Transport’s (BMDV) expansion of spectrum availability for mmWave in industrial zones is positioning Germany as the EU’s most advanced 5G industrial hub. In 2024, Germany’s 5G mmWave spending crossed €3.6 billion, with 44.4% of this directed toward smart manufacturing and automotive automation sectors. Thus, the automotive and manufacturing industries are likely to double the revenues of 5G mmWave technology manufacturers in the coming years.
Followed by Germany, France is the second-largest market for 5G mmWave technologies in Europe. The government’s increasing investments in digital infrastructure through the France Très Haut Débit plan and the National Recovery and Resilience Facility are significantly boosting 5G mmWave technology deployment. In 2023, around 19.1% of the country’s total ICT budget was allocated to mmWave initiatives. The swiftly growing public funding strategies are likely to fuel the production and commercialization of 5G mmWave technologies in the years ahead.
Country-Specific Insights
|
Country |
2023 Budget Allocation to 5G mmWave Tech |
Change Since 2020 |
2024 Market Size |
Trend |
|
United Kingdom |
21.5% of digital infrastructure budget |
Up from 14.6% |
£1.49 billion |
High-speed urban 5G trials and rural rollouts |
|
Germany |
€3.6 billion spent on mmWave tech |
19.8% growth since 2021 |
€3.55 billion |
Automotive and industrial IoT mmWave deployment |
|
France |
19.1% of ICT budget to mmWave in 2023 |
Up from 11.8% |
€2.14 billion |
Heavy investment in transport and edge networks |
APAC Market Insights
The Asia Pacific 5G mmWave technology market is foreseen to increase at a CAGR of 25.8% from 2025 to 2037, owing to massive investments in infrastructure modernization across major economies. The industrial automation and digital health expansion are also creating a profitable pool for 5G mmWave technology manufacturers. The robust smart city projects are anticipated to push the deployment of 5G mmWave technologies during the foreseeable period. Leading APAC Country by 2037 Revenue Share: China
China is projected to lead the sales of 5G mmWave technologies, owing to the aggressive infrastructure buildout and local chipset production. The government-backed industrial programs are also propelling the demand for 5G mm Wave systems. The country's mmWave spending reached USD 9.9 billion in 2024, and more than 215,000 enterprises deployed mmWave-enabled infrastructure in 2023. The smart automation trend is likely to accelerate the adoption of 5G mmWave technologies in the years ahead.
The India market is likely to expand at the fastest CAGR due to the robust digital transformation policies and high telecom density. Government spending on 5G mmWave crossed USD 3.3 billion in 2024, with over 139,000 businesses adopting this technology and the increasing popularity of automation and robotics is expected to fuel the demand for 5G mmWave technologies in the coming years. The Ministry of Electronics and Information Technology (MeitY) reveals that the country’s 5G spectrum rollout covers 96.4% of urban clusters, mainly due to Digital India 2.0 and Production Linked Incentive (PLI) schemes. The favorable government schemes and positive foreign direct investment policies are set to boost the revenues of key market players during the study period.
Country-Specific Insights
|
Country |
2024 Market Spending |
ICT Budget Allocation to 5G mmWave |
Growth in mmWave Spend (2015-2023) |
Companies Using mmWave (2023) |
|
Japan |
$3.9 billion |
17.7% |
↑ 82.4% |
113,000+ |
|
South Korea |
$2.5 billion |
18.8% |
↑ 76.6% |
90,000+ |
|
Malaysia |
$1.4 billion |
15.6% |
↑ 72.7% |
39,000+ |
Key 5G mmWave Technology Market Players:
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
The key players in the 5G mmWave technology market are employing several organic and inorganic strategies to reach a wider customer base. The leading companies are continuously focusing on hefty investments in R&D activities to introduce next-gen solutions. They are also entering into RAN and infrastructure partnerships to boost their production and revenue shares. Some companies are also scaling via domestic 5G trials and co-development projects. The digital transformation and secure public contracts are set to augment the trade of 5G mmWave technologies in the years ahead. Furthermore, the organic sales are expected to offer double-digit percent growth opportunities for 5G mmWave technology manufacturers.
Here is a list of key players operating in the global market:
|
Company Name |
Country of Origin |
Revenue Share 2024 |
|
Qualcomm Technologies, Inc. |
USA |
14.9% |
|
Samsung Electronics Co., Ltd. |
South Korea |
11.3% |
|
Huawei Technologies Co., Ltd. |
China |
10.4% |
|
Ericsson AB |
Sweden (Europe) |
9.5% |
|
Nokia Corporation |
Finland (Europe) |
8.7% |
|
ZTE Corporation |
China |
xx% |
|
MediaTek Inc. |
Taiwan |
xx% |
|
Intel Corporation |
USA |
xx% |
|
Keysight Technologies Inc. |
USA |
xx% |
|
CommScope Holding Company, Inc. |
USA |
xx% |
|
Infosys Ltd. |
India |
xx% |
|
Telekom Malaysia Berhad (TM) |
Malaysia |
xx% |
|
Altiostar |
USA |
xx% |
|
NetComm Wireless Pty Ltd |
Australia |
xx% |
|
Reliance Jio Infocomm Ltd. |
India |
xx% |
Below are the areas covered for each company in the 5G mmWave technology market:
Recent Developments
- In April 2024, Samsung Networks revealed the launch of its new vRAN 3.0 platform. This solution offers more than a 20.3% fall in energy consumption across dense mmWave deployments.
- In February 2024, Qualcomm Technologies announced the launch of its pdragon X80, the world’s first 5G modem with AI-accelerated mmWave beam management and 6x carrier aggregation for sub-6 GHz. The company reported 12.5% YoY growth in its 5G division during the first quarter of 2024.
Author Credits: Abhishek Verma
- Report ID: 7827
- Published Date: Jun 27, 2025
- Report Format: PDF, PPT
