mmWave 5G Market Size & Share, by Product (Telle-communication Equipment, Radar and Satellite Communication System, Scanning System); Application (Augmented Reality, Virtual Reality, Internet of things solutions, Connected Vehicles, Autonomous Driving, Telemedicine, Remote Healthcare); Use Case (eMBB, mMTC, URLLC, FWA) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5944
  • Published Date: Apr 02, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

mmWave 5G Market size is poised to reach USD 7 Billion by the end of 2036, growing at a CAGR of 15% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of mmWave 5G was USD 3 Billion. The enhanced mobile broadband (eMBB) in high-capacity locations is extensively used as the primary boosting factor for the market owing to its proficiency in handling large data transfers efficiently and maintaining high amidst network congestion. Sectoral growth is propelled by a robust increase in global mobile service revenues, which saw a rise of approximately 15% between 2020 and 2023, or about 4.6% annually.  This technology is pivotal in areas such as airports and concerts, where demand for connectivity without speed degradation is critical.    

In addition to these, factors that are believed to fuel the market growth of the market include enhanced last-mile connectivity solutions and mmWave’s seamless service delivery. eMBB’s advancements in high-density areas support diverse applications, from HD streaming to cloud services boosting sectoral expansion in urban centers.


5G mmWave Technology Market
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mmWave 5G Sector: Growth Drivers and Challenges

Growth Drivers

  • Demand for High-Speed Connectivity: The mmWave 5G Marketis bolstered by an unparalleled demand for swift internet connectivity, with 2022 witnessing a leap in internet speeds by 20% year over year, reaching a national average of 119.03 Mbps. Tracking back to the 1980s, consumer internet use has surged by 62% annually, reflecting a profound shift in digital consumption habits. This relentless pursuit of rapid data services, powered by emergent technologies demanding high bandwidth like 4K/8K video streaming, AR, and VR propels the adoption of 5G mmWave, establishing it as a linchpin in the trajectory of a global internet services expansion.   
  • Urban Development & Emerging Use Cases: As the second-largest telecom market globally, India’s substantial subscriber base of 1.079 billion as of December 2023, showcases the burgeoning potential of 5GmmWave technology, particularly in untapped rural areas with a teledensity of 58.8%. In contrast, urban regions have a much higher teledensity of 133.76%, reflecting industry saturation and the need for advanced solutions like mmWave to address the dense data traffic. The deployment of 5G mmWave in these varied demographics is expected to revolutionize connectivity, enabling new use cases across the vast consumer spectrum, from smart cities in urban centers to digital inclusion initiatives in rural localities.
  • Infrastructure Expansion & Device Ecosystem:   Network densification stands as a critical driver in the 5G mmWave market’s growth, with operators expanding infrastructure through a denser array of small cells to meet urban demand. In parallel, the availability of mmWave-compatible devices is escalating, fueling market penetration. As of 2023, the expansion is synchronized with the increased internet speeds and consistent year-on-year growth in consumer internet usage since the 1980s. This synergy between infrastructure and device availability is crucial for the adoption and widespread utilization of mmWave’s high-speed capabilities, marking a new era in high-capacity, low-latency communication services.  

Challenges

  • High Deployment Costs: Expanding 5GmmWave technology comes with steep deployment costs due to the need for high-density small-cell networks. To cover areas effectively, carriers face substantial expenses from installing numerous cells, exacerbated by mmWave’s limited coverage and direct line of sight requirements. Until economies of scale are achieved and costs decrease, the proliferation of mmWavw will hinge on overcoming financial hurdles. 
  • mmWave’s range limitations render it less suitable for suburban and rural areas, potentially slowing adoption outside dense urban environments where its high capacity is less critical.
  • The transition of mmWave 5G necessitates extensive underground fiber installations and a compatible device ecosystem, demanding significant infrastructural changes and market adaptation for widespread utilization.

mmWave 5G Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~15%

Base Year Market Size (2023)

~ USD 3 Billion

Forecast Year Market Size (2036)

~ USD 7 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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mmWave 5G Segmentation

Use Case (eMBB, mMTC, URLLC, FWA)

The eMBB segment in the mmWave 5G market is estimated to gain a significant share of about 58% in the year 2036. The segment growth can be attributed to the deployment of 5G new radio (NR) technology, which focuses on operating across higher frequency bands between 410 MHz-7125 MHz or 24250 MHz-52600MHz. This initiative is set to provide wired-like performance and reliability, a strategic move to support the burgeoning influx of new devices and applications that demand extensive bandwidth. eMBB leverages these capabilities of 5G NR to ensure fast and reliable mobile broadband services. Such advancements are crucial for facilitating cutting-edge applications, including augmented reality (AR), virtual reality (VR), and 4K media, that are rapidly gaining prominence.

Application (Augmented Reality-Virtual Reality, Internet of things solutions, Connected Vehicles, Autonomous Driving, Telemedicine, Remote Healthcare)

The AR/VR segment in the mmWave 5G market is estimated to gain a significant share of about 52% in the year 2036, riding on the back of 5G technology, which promises to revolutionize the user experience in augmented and virtual reality. This surge is directly linked to mmWave’s 5G capability to deliver expansive bandwidth with minimal latency ensuring that data transfers easily between devices. Such technological strides are essential for seamless AR and VR content without jitters and disruptions are pivotal, making mmWave 5G a cornerstone of AR/VR sectoral growth. 

Our in-depth analysis of the global market includes the following segments:

          Product

  • Telle-communication Equipment
  • Radar and Satellite Communication System
  • Scanning System

          Application

  • Augmented Reality-Virtual Reality
  • Internet of things solutions
  • Connected Vehicles
  • Autonomous Driving
  • Telemedicine
  • Remote Healthcare

          Use Case

  • eMBB
  • mMTC
  • URLLC
  • FWA

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mmWave 5G Industry - Regional Synopsis

North American Market Forecast

mmWave 5G market in North America is anticipated to hold the largest share of about 46% by the end of 2036. The market growth in the region is expected on account of significant advancements like Verizon’s deployment of over 130,000 O-RAN capable radios, including massive MIMO units, across 15,000 virtualized sites. Verizons strategic acquisition of Verena networks enhances their trajectory in resolving mmWave 5G challenges, contributing to expansive network growth. Verena’s platform mitigates the need for separate wired backhauls by integrating access and backhaul in a single mmWave antenna, streamlining installations, and solidifying North America’s leadership in the global 5G landscape.   

APAC Market Analysis

The Asia Pacific mmWave 5G market is estimated to be the second largest, share of about 23% by the end of 2036. The market’s expansion can be attributed majorly to the evolving regulatory framework that supports 5G advancements. For instance, Qualcomm technologies incorporation, achieved a milestone with its 5G standalone (SA) mmWave performance, facilitating wider commercial mmWave deployment. With the global internet user base expanding, 5G SA mmWave is set to unlock new capabilities for more sectors and users. The Qualcomm snapdragon X65 5G modern-RF systems demonstrated its prowess by achieving over 7.1 Gbps download speed and 2.1 Gbps upload speed in tests conducted with ZTE, nokia shanghai bell, and CICT mobile’s network infrastructure, guided by China Academy of Information and Communication Technology (CAICT) and China’s IMT-2020 5G promotion group. 

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mmWave 5G Market Size
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Companies Dominating the mmWave 5G Landscape

top-features-companies
    • NXP Semiconductors
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Airspan Networks
    • AT&T
    • Fastweb
    • Corning
    • Nokia
    • Mavenir
    • AMD
    • Qualcomm
    • Ericsson

In-the-news

In The News

  • February 27, 2022; Fastweb collaborated with Qualcomm Technologies to harness standalone FR2 capabilities, which enabled swift deployment of 5G mmWave fixed wireless access across Italy, benefitting both households and businesses with advanced 5G connectivity. 
  • January 24, 2022; Nokia and SK Telecom joined forced in South Korea to develop a new virtualized RAN network. This partnership has led to the world’s first successful deployment of a 5G 64TRX vRAN, showcasing network adaptability and enhanced performance through baseband virtualization. A filed test for this vRAN technology was scheduled for 2022

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5944
  • Published Date: Apr 02, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the mmWave 5G market are demand for high-speed connectivity, urban development & emerging use cases, infrastructure expansion & device ecosystem.

The market size of mmWave 5G is anticipated to attain a CAGR of 15% over the forecast period, i.e., 2024-2036.

The major players in the market are NXP Semiconductors, Airspan Networks, AT&T, Fastweb, Corning, Nokia, Mavenir, AMD, Qualcomm, Ericsson, and others.

The eMBB segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
mmWave 5G Market Report Scope
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