5G mm-wave Technology Market Insights:
The 5G mm-wave Technology Market was estimated to be worth USD 2.5 billion in 2022. The market for 5G mm-wave technology is expected to expand at a compound annual growth rate (CAGR) of 15.00% between 2023 and 2032, from USD 2.875 billion in 2023 to USD 8.7946 billion by 2032. The demand for high-speed and low-latency communication is being driven by increased data transmission rates compared to earlier generations of wireless technology, as well as the development of smart cities and infrastructure projects. These factors are significant market drivers that are improving industry growth.
Incorporating mm-wave technology into consumer products also encourages smartphone makers to include mm-wave capabilities in their flagship models, allowing for quicker upload and download rates, smoother online gaming, and high-quality video streaming.
Additionally, various consumer goods like laptops, tablets, and smart home appliances are incorporating millimeter-wave technologies. The need for better connectivity and improved user experiences among consumers is fueling this trend, pushing manufacturers to incorporate millimeter-wave technology into goods other than smartphones. Innovation in the 5G mm-wave technology sector is being driven by developments in beamforming and mm-wave antenna design.
Key Players:
Prominent participants in the 5G mm-wave technology market, including:
- Axxcss Wireless Solutions, Inc. (US),
- NEC Corporation (Japan),
- Siklu Communication (US),
- L3HARRIS Technologies, Inc. (US),
- Smiths Group PLC (UK),
- Millimeter Wave Products Inc. (US),
- Farran Technology (Ireland),
- Eravant (US),
- Keysight Technologies, Inc. (US)
- Avait Networks, Inc. (US).
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Market Segmentation:
Antennas and transceiver components, frequency sources and related communication and networking components, imaging components, sensors and controls, interface components, and others are included in the market segmentation of 5G mm-wave technology based on components.
Based on product, the 5G mm-wave technology market is segmented into areas such as telecommunication equipment, scanning systems, radar, and satellite communication systems.
The mm-wave technique at 5 GHz The frequency bands that are used for market segmentation include 24–57 GHz, 57–95 GHz, and 95–300 GHz.
The mm-wave technique at 5 GHz Light licenced frequency millimetre wave, unlicensed frequency millimetre wave, and fully licenced frequency millimetre wave are the three categories of market segmentation based on licence type.
The applications that make up the mobile and telecom, consumer and commercial, healthcare, industrial, automotive and transportation, and imaging segments of the 5G mm-wave technology market are all based on application.
Regional Analysis:
The report provides market insights for a number of geographic areas, including the rest of the world, Europe, Asia-Pacific, and North America. Due to the sophisticated and technologically aware customer base in North America, which will create a significant demand for high-speed, low-latency connectivity, this market will be dominated by 5G mm-wave technology.
Due to its strong participation in international 5G standardisation initiatives, which has an impact on the creation of global standards for mm-wave technology, Europe has the second-largest market share for mm-wave technology. In addition, the UK's 5g mm-wave technology market was the one in Europe that was expanding at the fastest rate, while Germany's mm-wave technology market held the most market share.
From 2023 to 2032, the Asia-Pacific 5g mm-wave technology market is projected to develop at the quickest compound annual growth rate (CAGR). This is because 5G mm-wave technology is being used more and more for applications like Industry 4.0 and smart manufacturing. Furthermore, the mm-wave technology market in China had the biggest market share, while the fastest-growing mm-wave technology market in Asia-Pacific was in India.
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