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The 5G Mmwave technology market size is forecast to increase by USD 1.05 billion at a CAGR of 39.71% between 2023 and 2028. Market growth in telecommunications is propelled by several key factors. Firstly, there is a rising demand for high-speed networks driven by the exponential growth in data consumption and the need for seamless connectivity. This necessitates continuous investment in network infrastructure to support faster data speeds and reliable internet access. Secondly, increased deployment of telecom infrastructure, including towers, fiber optics, and 5G networks, enhances coverage and capacity to meet expanding user demands. Thirdly, the increasing use of wireless communication technologies and e-computing services further accelerates market expansion, facilitating greater mobility and access to digital services. These factors collectively shape the telecommunications landscape, driving innovation, infrastructure development, and service expansion to cater to evolving consumer needs and technological advancements globally.
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The market is experiencing significant growth due to the increasing demand for high-speed wireless communication technologies. This next-generation technology leverages the millimeter wave spectrum to deliver ultra-high-bandwidth and low-latency connections, enabling advanced applications such as virtual reality, augmented reality, and ultra-high-definition video streaming. The market is expected to surpass gigabits per second speeds, providing a significant improvement over 4G networks. Key components of the market include antennas & transceiver components, communication & networking components, imaging components, sensors & controls, interface components, power & battery components, and services.
However, these components are essential for the deployment and operation of 5G networks, which require complex infrastructure and advanced technology. The market for 5G mmWave technology is driven by the growing demand for real-time data transfer and the increasing adoption of IoT devices. The market is expected to grow at a rapid pace, with applications in transport connectivity, professional services, consulting, development, integration, support, maintenance, and managed services. The market is also expected to see significant growth in the deployment of real-time surveillance cameras and other applications that require high-bandwidth and low-latency connections.
Rising demand for high-speed networks is notably driving market growth. The global market for 5G mmWave technology is experiencing significant growth due to the increasing demand for high-capacity networks to support applications such as real-time surveillance cameras, live streaming, and smart manufacturing. Vendors in this sector are focusing on implementing 5G mmWave technology to meet the increased capacity requirements of 5G networks. The rise in Internet usage and the need for faster and more efficient communication and networking components, including Hardware, Antennas, Transceiver Components, and Frequency Sources, are driving market growth. The densest part of urban environments, such as transport hubs and public safety sectors, are particularly benefiting from 5G mmWave technology. Applications in aerospace and defense, telecom, media and entertainment, automotive and transportation, and other industries are also adopting this technology for its superior system performance and ability to reduce interference.
In addition, key players in the market are offering services such as Professional Services, Consulting, Development, Integration, Support, Maintenance, and Managed Services to help businesses implement and optimize 5G mmWave technology. The availability of different network standards on devices, such as 4G LTE and 5G, is also contributing to market growth. The use of beamforming frequency and advanced radio components, such as sensors and controls, as well as Power and Battery Components, is essential for optimal performance. The growth of mobile broadband and the increasing demand for transport connectivity are further boosting market expansion. Thus, such factors are driving the growth of the market during the forecast period.
The proliferation of next-generation LTE wireless networks is the key trend in the market. The market is experiencing significant growth due to the increasing demand for high-speed connectivity in various sectors. This technology is particularly useful for applications requiring real-time data transfer, such as live streaming, smart manufacturing, and shared workspaces. The deployment of 5G networks will lead to the development of advanced hardware, including antennas, transceiver components, and communication and networking components, to support the higher frequency sources and radio components. In urban environments and densest part of transport hubs, 5G mmWave technology will be instrumental in enabling advanced applications, such as real-time surveillance cameras, transport connectivity, and mobile broadband. Industries like aerospace and defense, telecom, media and entertainment, automotive and transportation, and public safety will significantly benefit from this technology.
Further, the market will witness the launch of new products and services, including professional services, consulting, development, integration, support, maintenance, and managed services. OnePlus Technology Co. Ltd., for instance, recently announced the launch of its OnePlus 10 Pro 5G smartphone, marking a significant step towards the mass adoption of 5G technology. However, challenges such as interference and system performance remain, necessitating the development of advanced beamforming frequency technologies to ensure optimal performance. Overall, the market is poised for robust growth in the coming years, driven by the increasing demand for high-speed connectivity in various industries. Thus, such trends will shape the growth of the market during the forecast period.
Uncertain economic conditions is the major challenge that affects the growth of the market. The market is experiencing significant growth due to the increasing demand for high-speed communication and networking in various industries. This technology is particularly crucial for applications requiring real-time data transfer, such as live streaming, smart manufacturing, and shared workspaces. The market's expansion is driven by the substantial investment in hardware components, including antennas and transceiver components, necessary for 5G communication. The frequency sources and radio components play a vital role in ensuring system performance, minimizing interference, and delivering mobile broadband services in the densest parts of urban environments and transport hubs. The market's growth is also influenced by the increasing adoption of 5G technology in sectors like aerospace and defense, telecom, media and entertainment, automotive and transportation, and public safety.
The services sector, including professional services, consulting, development, integration, support, maintenance, and managed services, is expected to grow alongside the hardware component market. Despite the market's potential, the global economy's unstable conditions pose challenges. For instance, political events like Britain's exit from the EU and the economic downturn in China due to the pandemic have affected the market's growth prospects. The manufacturing sectors of key end-users, such as communications, military, and aerospace, have been impacted by the economic slowdown, which may affect the market's overall performance. Antennae and transceivers' beamforming frequency and system performance are essential factors influencing the market's expansion. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aviat Networks Inc. - The company offers 5G mmwave solutions such as urban backhaul.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The wired/fiber connection replacement segment is estimated to witness significant growth during the forecast period. The market is experiencing significant growth due to the increasing demand for advanced communication networks in various sectors, including transportation hubs in urban environments, aerospace and defense, telecom, media and entertainment, automotive and transportation, public safety, and shared workspaces. This technology is particularly valuable for applications requiring real-time data transfer, such as live streaming and surveillance cameras. Hardware components, including antennas, transceiver components, communication, and networking components, are essential for 5G mmWave technology. These components operate at higher frequencies, providing faster data transfer rates and lower latency.
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The wired/fiber connection replacement was the largest and was valued at USD 57.10 million in 2018. Professional services, including consulting, development, integration, support, maintenance, and managed services, are crucial for the successful implementation and optimization of 5G mmWave technology. These services ensure seamless integration of hardware components and enable the delivery of high-quality, reliable, and secure communication networks. In summary, the market is witnessing robust growth due to the increasing demand for high-speed Internet connectivity and advanced communication networks in various sectors. The deployment of 5G networks is expected to continue, driven by the need for real-time data transfer and the development of smart city projects. Professional services play a vital role in ensuring the successful implementation and optimization of 5G mmWave technology.
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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The 5th Generation (5G) technology revolution is underway, with millimeter wave spectrum emerging as a key enabler for ultra-high-performance applications, such as virtual reality (VR) and augmented reality (AR). This advanced wireless communication technology delivers gigabits per second bandwidth, enabling HD streaming, AR, and VR experiences with minimal latency. In contrast to 4G networks, 5G employs antennas and transceiver components, communication and networking components, imaging components, sensors & controls, interface components, and scanning systems to provide uninterrupted connections. Telecommunication equipment and smart devices, including autonomous vehicles, urban connectivity, and cloud gaming, are poised to benefit significantly from this disruptive technology. However, spectrum auctions and deployment in urban environments, where waves can be obstructed by buildings, trees, and walls, pose challenges for service operators. Network capacity and mobile data services will experience a surge, necessitating robust network infrastructure to address network congestion and ensure reliable, high-speed connections.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The 5th Generation (5G) technology revolution is here, and it's bringing a new era of wireless communication with it. Unlike previous generations, 5G leverages the millimeter wave spectrum to deliver ultra-fast speeds, enabling virtual reality (VR) and augmented reality (AR) experiences, HD streaming, and gigabits per second bandwidth. This technology is poised to disrupt traditional 4G networks and provide connections that can handle the demands of smart devices, autonomous vehicles, and urban connectivity. The market for 5G mmWave technology is growing rapidly, driven by the need for faster and more reliable wireless communication. Telecommunication equipment manufacturers are investing heavily in antennas & transceiver components, communication & networking components, imaging components, sensors & controls, interface components, scanning systems, and other interface components to support this technology.
In addition, the deployment of 5G mmWave technology is not without challenges, however. Spectrum auctions, network congestion, and the need for wavemaker gateways to penetrate buildings, trees, and walls are all hurdles that service operators must overcome. Despite these challenges, the commercial sector is eager to adopt this technology, and the future looks bright for 5G mmWave technology. HD streaming, AR, and VR applications will benefit significantly from the increased speed and bandwidth offered by 5G mmWave technology. Network capacity will no longer be a limiting factor for mobile data services, and cloud gaming will become a reality for even the most demanding games. The possibilities are endless, and the future of wireless communication is here.
Market Scope |
|
Report Coverage |
Details |
Page number |
136 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 39.71% |
Market growth 2024-2028 |
USD 1.05 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
31.18 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 37% |
Key countries |
US, Germany, China, UK, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Anokiwave Inc., Aviat Networks Inc., Axxcss Wireless Solutions Inc., Cambium Networks Corp., Eravant, Farran, IgniteNet, Keysight Technologies Inc., KYOCERA Corp., L3Harris Technologies Inc., Millimeter Wave Products Inc., NEC Corp., Proxim Wireless Corp., QuinStar Technology Inc., RAD Data Communications Ltd., Siklu Inc., Smiths Group Plc, Spacek Labs Inc., Trex Enterprises Corp., Vubiq Networks Inc., and Wireless Excellence Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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