Dublin, Oct. 12, 2022 (GLOBE NEWSWIRE) -- The "mmWave 5G Market by Component (Hardware, Solutions, Services), Use Case (eMBB, mMTC, URLLC, FWA), Application, Bandwidth, End User (Aerospace and Defense, Telecom, Automotive and Transportation, Public Safety) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global 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%
The rapidly growing demand for wireless data bandwidth continues to expand and develop the experience of mobile data users. It has put a strain on network use of available spectrums. To overcome this rising demand cellular industry is looking into other frequency bands that can be utilized in the development of 5G wireless technologies driving the mmWave market growth.
Ultra-reliable and low-latency communication (URLLC) use case is estimated to account higher CAGR during the forecast period
URLLC is a essential feature required to support dense sensor grids of IoT endpoints; for a number of unique use cases in the areas of energy transmission, transportation, manufacturing, and healthcare, it is a primary enabler. URLLC is used for safety and mission-related applications, such as autonomous driving, industrial automation and robotics, drone-based delivery, and remote medical assistance.
URLLC-centered applications need a throughout delivery of data with consistency, security, and minimum latency supported by mmWave technology. URLLC aids in automating factory processes and power systems as manufacturing companies automate industrial control by developing networks in production plants driving the growth of mmWave 5G market.
Industry 4.0 application is expected account for the largest market share during 2022
The Smart industry processes and networking of machines led by the advancements in 5G are referred to as industry 4.0. This means automation of industries that requires real-time communication between machines that will produce petabytes of data.
The qualities of 5G, such as low latency, ultra-high reliability, and high bandwidth will lead industry 4.0 toward smart warehouses and distribution centers. Industry 4.0 anticipates the growing trend toward automation and data exchange in technology and processes within the manufacturing industry.
Among regions, APAC to hold a higher CAGR during the forecast period
The growth of the mmWave 5G market in APAC is highly driven by the technological advancement across the region. China is anticipated to be the leading country for mmWave 5G market growth in Asia Pacific, followed by South Korea.
According to GlobalData Asia Pacific is expected to be the leading region in 5G technology adoption with 1.14 billion subscribers, accounting for 65% of global 5G subscription by 2024. Asia Pacific mmWave technology industry is on an up-surging trend owing to the government approvals of mmWave bands trials and planning for future advancements.
Market Dynamics
Drivers
- Need to Deliver Consumer-based Embb in High-Capacity Areas
Restraints
- High Cost of Deployment
- Poor Backhaul Connectivity
Opportunities
- Evolution of Wireless Data Applications and Increase in Popularity of Smart Devices
Challenges
- Mmwave Signals Have Limited Range and Poor Building Penetration, Coverage, and Connectivity
- Implications of Government Regulations
Case Study Analysis
- Case Study 1: Airbus Expanded Its Private Network Partnership with Ericsson
- Case Study 2: University of Connecticut Launched Private 5G Network with AT&T's Solutions
- Case Study 3: Gbl Systems and Samsung Deployed 5G Testbeds for US Department of Defense
- Case Study 4: Ntt Docomo Attained 5G Communication Between Bullet Train and Base Station
- Case Study 5: AT&T Deployed Private 5G Network at Lawrence J. Ellison Institute for Transformative Medicine of Usc
Technology Analysis
- Introduction
- 5G Massive Mimo
- Internet of Things
- Big Data and Analytics
- 5G Ran
Company Profiles
Major Players
- Huawei
- Qualcomm
- Ericsson
- Verizon
- Nokia
- Nxp Semiconductors
- Airspan Networks
- AT&T
- Fastweb
- Softbank
- Corning
- Mavenir
- Ntt Docomo
- Amd
- Rakuten Mobile
- Singtel
- Samsung
- Fujitsu
- Renesas
- Keysight Technologies
Startup/SMEs
- Movandi
- Jma Wireless
- Sivers Semiconductor
- Alcan Systems
- Verana Networks
- Pivotal Commware
- Microamp Solutions
- Pharrowtech
For more information about this report visit https://www.researchandmarkets.com/r/6zyy61
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