mmWave 5G Global Market Report 2024

The mmwave 5g market size has grown rapidly in recent years. It will grow from $2.99 billion in 2023 to $3.45 billion in 2024 at a compound annual growth rate (CAGR) of 15.3%. Historical growth can be linked to the establishment and adoption of 5G standards, escalating consumer and enterprise data demands, urbanization trends, smart city initiatives, and a surge in mobile video consumption.

The mmwave 5g market size is expected to see rapid growth in the next few years. It will grow to $5.8 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. Anticipated growth in the forecast period is propelled by 6G advancement, heightened security measures, initiatives for rural connectivity, collaborative efforts across industries, and research in quantum communication. Key trends expected in this period include connectivity for autonomous vehicles, the development of smart infrastructure and grids, the integration of 5G in agriculture, and improvements in Enhanced Fixed Wireless Access (FWA).

The swift adoption of digitalization by enterprises is forecasted to drive the expansion of the mmWave 5G market. Digitalization involves the integration of digital technologies into business operations, a transformation known as digital transformation, aimed at enhancing revenue streams. The mmWave 5G technology plays a pivotal role by offering high-speed internet, facilitating seamless data transfer critical for businesses. For instance, as per the 2021 Retail Digital Transformation Survey conducted by BDO USA LLP, a US-based financial advisor, retail businesses prioritize enhancing customer experience (35%), optimizing processes, and driving operational efficiencies across the supply chain (30%). Additionally, 15% focus on modernizing legacy IT infrastructure, 11% on fostering digital adoption in the workplace through change management, and 9% on embracing new business or revenue models. Consequently, the rapid digitalization of enterprises is propelling the growth trajectory of the mmWave 5G market.

The anticipated global rollout of 5G networks is set to propel the expansion of the mmWave 5G market in the foreseeable future. This rollout involves the widespread deployment and adoption of fifth-generation (5G) technology standards across cellular networks on a global scale. mmWave technology stands out as a crucial component in the global deployment of 5G due to its capability to offer high data rates, low latency, and increased capacity. For example, a report by 5G Americas in April 2023 highlighted a substantial surge in worldwide 5G wireless connections. Between the end of 2021 and the end of 2022, the number of 5G wireless connections soared by 76%, reaching a peak of 1.05 billion. The sequential quarterly gain from 922 million in Q3 2022 to 1.05 billion in Q4 2022 reflects a notable increase of 14%. Consequently, the ongoing global rollout of 5G networks serves as a primary driver fostering the growth trajectory of the mmWave 5G market.

The mmWave 5G market is witnessing a significant trend driven by technological advancements. Major industry players are actively engaged in developing cutting-edge products integrated with the latest technologies to fortify their market positions. For example, in May 2022, MediaTek, a semiconductor manufacturer based in Taiwan, introduced the next generation of 5G smartphones powered by the Dimensity 1050 system-on-chip [SoC]. This chipset represents MediaTek's inaugural foray into mmWave 5G technology and leverages TSMC's 6nm manufacturing process. The Dimensity 1050 chipset offers a seamless user experience, enhancing connectivity, display capabilities, gaming performance, and power efficiency in these smartphones. These innovative chips are slated for incorporation into the upcoming wave of 5G-enabled smartphones, marking a significant advancement in the realm of mmWave technology.

Prominent players within the mmWave 5G market are actively engaging in strategic partnerships to bolster their market positioning. These collaborations serve as catalysts for fostering cooperation, expediting technological advancements, and fortifying the landscape of mmWave 5G. A notable example occurred in February 2023 when Telefónica S.A, a Spain-based telecommunications company, joined forces with Ericsson, a Sweden-based telecommunications giant, and Qualcomm Inc., a US-based multinational corporation. Together, they successfully launched the inaugural commercial mobile 5G millimeter wave (mmWave) network. This milestone marks a significant stride in advancing 5G technology, especially in leveraging mmWave spectrum, renowned for delivering high-speed, low-latency connectivity suitable for diverse applications. The introduction of 5G mmWave networks stands as a pivotal achievement in unlocking the complete potential of 5G technology, offering amplified capacity and performance to meet the escalating demand for high-bandwidth services and applications.

In October 2021, Sivers Semiconductors, a Sweden-based semiconductor company, successfully acquired MixComm for a deal valued at $135 million. This strategic acquisition is designed to enhance Sivers' competitive position in the market, particularly in the telecommunications sector, enabling the company to better contend with other industry giants. MixComm, based in Canada, is a leading provider of 5G mmWave systems, adding valuable capabilities to Sivers Semiconductors' portfolio.

Major companies operating in the mmwave 5g market report are Samsung Electronics Co. Ltd., Verizon Communications Inc., AT&T Inc., Huawei Technologies Co. Ltd., Intel Corporation, Qualcomm Incorporated, NEC Corporation, Nokia Corporation, Telefonaktiebolaget LM Ericsson, ZTE Corporation, NXP Semiconductors N.V., Analog Devices Inc., Microchip Technology Inc., Skyworks Solutions Inc., Keysight Technologies Inc., Qorvo Inc., Rohde & Schwarz GmbH & Co. KG, Viavi Solutions Inc., Xilinx Inc., MACOM Technology Solutions Holdings Inc., ADVA Optical Networking SE, Ceragon Networks Ltd., Casa Systems Inc., Inseego Corp., Airspan Networks Holdings Inc., Anokiwave Inc., Akoustis Technologies Inc., Movandi Corporation, Cohere Technologies Inc., E-Band Communications LLC.

North America was the largest region in the mmWave 5G market in 2023. The regions covered in the mmwave 5g market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the mmwave 5g market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The fundamental elements of mmWave 5G encompass hardware, solutions, and services. Hardware constitutes the physical components integral to mmWave 5G, including array antenna systems and other necessary network elements. Bandwidth allocations ranging from 24GHz to 57GHz, 57GHz to 95GHz, and 95GHz to 300GHz cater to various applications such as enhanced Mobile Broadband (eMBB), Fixed Wireless Access (FWA), massive Machine-Type Communications (mMTC), and Ultra-Reliable Low Latency Communications (URLLC). These applications find use across diverse sectors such as real-time surveillance cameras, Augmented Reality (AR) and Virtual Reality (VR), Industry 4.0, live streaming, transport connectivity, ultra-high-definition video, among others. End users span industries including aerospace and defense, telecommunications, media and entertainment, automotive and transportation, public safety, healthcare and life sciences, and more.

The mmwave 5G market research report is one of a series of new reports that provides mmwave 5G market statistics, including mmwave 5G industry global market size, regional shares, competitors with a mmwave 5G market share, detailed mmwave 5G market segments, market trends and opportunities, and any further data you may need to thrive in the mmwave 5G industry. The mmwave 5G market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The mmWave 5G market consists of revenues earned by entities by providing mmWave 5G services such as professional services, consulting, development and integration, support and maintenance, and managed services. The market value includes the value of related goods sold by the service provider or included within the service offering. The mm-wave 5G market also includes sales of antennas and transceiver components, communication and networking components, frequency, and sources, RF and radio components, and other used in providing 5G services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The IT market is segmented into IT services; computer hardware; telecom and software products.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.