mmwave 5G market

5G is presently the most advanced broadband technology being rolled out in several regions worldwide. This next-gen wireless communication aims to meet the rising demand for higher bandwidth and reduce latency for applications like IoT and metaverse.

5G networks are partially augmented by a novel technology called mmWave. For the unversed, 5G mmWave refers to a specific frequency range in the radio spectrum. This blog post offers an overview of the 5G mmWave technology and its use cases. Also, it covers the industry analysis and major factors propelling the mmWave 5G market growth.

What Exactly is 5G mmWave?

mmWave is a general term used to describe electromagnetic waves with wavelengths between 10mm and 1mm. The frequency of these waves falls between 24 GHz and 300 GHz. Bands of mmWave usually cover a small area. But they provide extremely high bandwidth and high speeds.

Networks using 5G mmWave bands tend to have much faster speeds than 4G networks. 5G mmWave usually covers an area up to a few hundred meters from the cell tower. Firms can use a network of small cells to extend the coverage area of 5G mmWave bands if needed.

Industry Analysis and Growth Drivers

The mmWave 5G market size was USD 2.31 billion in 2021 and is expected to grow at a CAGR of 14.3%, generating an estimated revenue of USD 7.51 billion by 2030.

The rising smartphone usage in developed and developing nations and growing investments from service providers to adopt the technology will likely drive the market demand. mmWave provides extremely high bandwidth, expanding network capacity and supporting multi-Gbps speeds. This, in turn, meets the demand for several use applications and is impacting the market for 5G mmWave favorably.

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Another factor driving the demand for mmWave 5G is its wide range of use cases. Due to its better speed and bandwidth, the technology has applications in the Internet of Things (IoT), VR, AR, live streaming, and real-time surveillance cameras.

Benefits of 5G mmWave

Below we’ve detailed some of the top benefits of 5G mmWave bands:

  • Offers more bandwidth to take in more subscribers.
  • Narrow bandwidth in the mm range makes them apt to use with small cells.
  • Several antennas can be packaged into smaller areas due to the small physical size of antennas.
  • Coverage isn’t limited to just the line of sight

Hardware Segment Accounted for the Largest Market Share

By component mmWave 5G market segmentation, the hardware segment held the highest market share in 2021. This is largely due to the lightweight and compact nature of 5G hardware. Other than that, these hardware products’ reduced interference and enhanced signal-to-interference ratio influence market growth.

AR/VR is Anticipated to Grow at the Highest CAGR

The demand for AR/VR is anticipated to experience a significant surge over the forecast period. This is largely because they offer better latency and user experience when incorporated with mmWave 5G. Additionally, these devices can seamlessly handle large amounts of data without being connected to a Wi-Fi source, favorably impacting market sales.

North America is Projected to Witness the Fastest Growth

The mmWave 5G market in North America region is projected to grow at the fastest rate over the forecast period. This is largely due to the increased adoption of mmWave technology by major players in North America. Furthermore, growing investments from various commercial and telecom sectors to develop mmWave technology that can manage huge digital traffic are further expected to boost market sales in the region.

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Conclusion

mmWave 5G is a novel technology that offers better bandwidth and can seamlessly handle large volumes of data. The growing need for high-speed connectivity and the rapid rise of virtualization in the networking industry are some of the primary factors anticipated to drive the mmWave 5G market growth over the forecast period.

By Sonia Javadekar

Sonia is a poised content writer with five years of experience in the same. She is an avid writer with getting her work published for an audience to read and share. She strives to develop content that spreads brand awareness and induces consumers to click on the website that she wrote for after searching for a keyword. Her experience in content writing has permitted her to work with clients in market research industry. My passions include reading, writing and classical dance.