The mmwave 5G market size is expected to grow from USD 2.5 billion in 2022 to USD 4.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 14.7% during the forecast period. To deliver added capacity and high throughput in 5G networks there is increasing adoption of mmWave spectrum and it is driving the growth of the mmwave 5G market.
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The hardware segment is expected to lead the mmwave 5G market in 2022.
The 5G mmWave hardware consists of antennas and transceiver components; communication and networking components; frequency sources and related components; RF and radio components; sensors and controls; power and battery components; and other hardware, such as imaging components, interface components, waveguide components, and filters and detectors. The mmWave transceiver system is an SDR platform for constructing mmWave applications, which consists of system prototyping. It gives users permission to access a flexible hardware platform and application software that enables realtime over air mmWave communications research.
95GHZ TO 300GHZ segment is expected to grow with the fastest growth rate during the forecast period.
mmWave originates from the wavelength of radio signals on frequencies between 30GHz and 300GHz, which ranges between 1 and 10 millimeters. At these frequencies, radio signals diminish more rapidly with distance than at other frequencies, and antennas that can closely focus transmitted energy that is of small size. The limited range of such transmissions might appear to be a major drawback for many applications. It does enable the reuse of frequencies within very short distances and, hence enables a higher concentration of transmitters to be situated in a geographical area than is possible at lower frequencies.
Unique Features in the mmWave 5G Market
The capacity to provide extraordinarily high data transmission speeds is one of mmWave 5G’s most notable capabilities. Significantly quicker upload and download rates are possible when using higher-frequency bands as opposed to lower-frequency bands.
Ultra-low latency is a feature of mmWave 5G networks that minimises data transmission delays. Applications requiring real-time response, such augmented reality (AR), virtual reality (VR), and vital communication services, depend on this low latency.
With the huge bandwidth offered by the mmWave frequency, massive amounts of data can be transmitted at once. Supporting the growing number of linked devices and data-intensive applications requires this high bandwidth.
Massive MIMO technology, which requires deploying a lot of antennas at the base station, is frequently used in mmWave 5G networks. This technique facilitates beamforming for improved signal directionality, increases coverage, and improves spectral efficiency.
Small cells are deployed because mmWave frequencies have a limited range and are more prone to signal attenuation. To improve capacity and coverage, these small base stations are positioned thoughtfully throughout cities.
Major Highlights of the mmWave 5G Market
Ultra-high data transfer speeds are provided by mmWave 5G, which greatly outperforms lower-frequency band options. Faster upload and download rates are made possible by this capability, facilitating services and apps that require a lot of data.
Because 5G networks have low latency thanks to the mmWave frequency, real-time applications like virtual reality (VR) and augmented reality (AR) can be supported. Critical communication services can also be provided via this spectrum. Lower latency improves user experience and helps with use cases that are vital to missions.
mmWave 5G networks are based on massive MIMO (Multiple Input, Multiple Output) technology. Massive MIMO entails beamforming support, increased coverage, improved spectral efficiency, and a high number of antennas deployed at base stations.
Small cells are frequently used in urban and high-density locations by mmWave 5G networks due to their limited range and vulnerability to signal attenuation. In urban settings, small cells assist in addressing coverage issues and providing high-capacity connection.
For mmWave 5G networks, beamforming is essential. It enhances signal quality and intensity by enabling exact directionality of transmissions. Beamforming aids in overcoming difficulties related to higher frequency signal propagation.
Top Key Companies in the mmWave 5G Market
The major vendors covered in the mmwave 5G market include NXP Semiconductors (Netherlands), Airspan Networks (US), AT&T (US), Fastweb (Italy), SoftBank (Japan), Corning (US), Nokia (Finland), Mavenir (US), NTT DOCOMO (Japan), AMD (California), Huawei (China), Qualcomm (US), Ericsson (Sweden), Verizon Communications Inc. (US), Rakuten Mobile (Japan), Singtel (Singapore), Samsung (South Korea), Fujitsu (Japan), Renesas Electronics Corporation (Japan), Keysight Technologies (US), Movandi (US), JMA Wireless (US), Sivers Semiconductors (Sweden), ALCAN systems (Germany), Verana Networks (US), Pivotal Commware (US), and Pharrowtech (Belgium). These players have adopted various growth strategies, such as partnerships, business expansions, agreements, and collaborations, new product launches to expand their presence in the mmwave 5G market.
Huawei is a leading provider of smart devices and ICT infrastructure. The privately owned company operates through four segments: consumer business, carrier business, enterprise business, and others. The carrier segment includes solutions related to a wireless network, cloud core network, fixed network, IT infrastructure carrier software, and professional services. The enterprise segment covers digital infrastructure platforms built by using new ICT technologies. Smartphones, tablets, wearable devices, and converged home devices are included in the consumer segment. The company launched 5G End-to-End Product Solutions that are completely based on 3GPP standards, with a full range, full scenario, and all-cloud being the defining characteristics. In December 2021, Huawei completed the low-latency, high-reliability technical laboratory test with ultra-low latency of 1ms. URLLC, one of the three basic capabilities of 5G, is a communication technology with ultra-low latency and ultra-high reliability. This technology can meet some services that are sensitive to latency and have high-reliability requirements. It can be widely used in AR/VR, industrial, medical, unmanned driving, and other cases.
Verizon is a holding company that, working through its subsidiaries, is one of the world’s leading providers of communications, technology, information, and entertainment products and services to consumers, businesses, and government entities. The company offers data, video, and voice services and solutions on its networks and platforms that are designed to meet customers’ demands for mobility, reliable network connectivity, security, and control. The company has reportable segments that they operate and manage as strategic business units, that is, Verizon Consumer Group (Consumer) and Verizon Business Group (Business). The consumer segment offers consumer-focused wireless and wireline communications services and products. The company’s wireless services are provided across one of the most extensive wireless networks in the US under the Verizon brand and through wholesale and other arrangements. And the business segment provides wireless and wireline communications services and products, including data, video and conferencing services, corporate networking solutions, security and managed network services, local and long-distance voice services, and network access to deliver various IoT services and products. The company offers Verizon 5G Ultra-Wideband solution that provides benefits, such as speed up to 10 times faster than median 4G LTE speeds, a better option for public Wi-Fi.
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