5G mmWave Market to Reach USD 88.93 Billion by 2031 Driven by Urban Capacity Demand & Advanced Network Use Cases

5G mmWave Market Overview 

According to Mordor Intelligence, the 5G mmWave market size is estimated at USD 49.72 billion in 2026, increasing from USD 44.26 billion in 2025, and is projected to reach USD 88.93 billion by 2031, registering a CAGR of 12.34% during the forecast period. This upward trajectory reflects consistent market growth supported by expanding commercial deployments and policy-level spectrum availability. 

The industry is transitioning from pilot deployments to wider city-level rollouts. Telecom operators are increasingly focusing on dense network architectures to manage urban congestion and deliver faster connectivity. High-frequency bands such as 26 GHz, 28 GHz, and 39 GHz are becoming central to these deployments, enabling ultra-fast speeds and improved user experiences. As a result, the 5G mmWave market forecast indicates continued expansion across both developed and emerging regions. 

Key Drivers in the 5G mmWave Market 

Expanding Spectrum Availability Supporting Market Growth 

The availability of high-frequency spectrum is shaping key 5G mmWave market trends. Governments and regulators are opening up mmWave bands for commercial use, enabling operators to accelerate deployments. This spectrum expansion allows for higher bandwidth capacity, supporting applications such as ultra-HD streaming and real-time communications. 

Rising Demand for Urban Network Densification 

Urban centers are witnessing increasing network congestion due to high data consumption. The 5G mmWave market growth is closely tied to the deployment of dense small-cell networks that improve coverage and capacity. These networks are particularly effective in crowded environments such as stadiums, business districts, and transportation hubs. 

Integration of AI in Network Optimization 

Artificial intelligence is playing a growing role in addressing mmWave limitations, particularly signal blockage and non-line-of-sight challenges. AI-enabled beamforming techniques are enhancing signal direction and efficiency, contributing to improved network reliability. This trend is strengthening the overall 5G mmWave market share in advanced telecom infrastructure. 

Expansion into Enterprise and Industrial Applications 

Beyond telecommunications, the 5G mmWave industry is expanding into sectors such as healthcare, transportation, and manufacturing. Applications like smart factories, autonomous transport systems, and immersive technologies are creating new opportunities. These diversified use cases are supporting long-term 5G mmWave market forecast expectations. 

Check out more details and stay updated with the latest industry trends, including the Japanese version for localized insights: https://www.mordorintelligence.com/ja/industry-reports/5g-mm-wave-market?utm_source=industrytoday.co.uk  

5G mmWave Market Segmentation 

• By Component Type 
• Antennas and Transceivers 
• Communication and Networking ICs 
• Interface Chips 
• Frequency-Control and Filters 
• Imaging Modules 
• Other Components 
• By Product 
• Radar and Satellite Communication Systems 
• Scanning Systems 
• Telecommunication Equipment 
• Other Products 
• By Frequency Band 
• 24–57 GHz (V-Band) 
• 57–95 GHz (E-Band) 
• 95–300 GHz (W/D-Bands) 
• By Application 
• Real-time Surveillance Cameras 
• Augmented and Virtual Reality 
• Industry Automation 
• Ultra-HD Video Streaming 
• Transport Connectivity 
• Live Streaming 
• Other Applications 
• By Use-Case 
• Fixed Wireless Access 
• Enhanced Mobile Broadband 
• Massive Machine-Type Communications 
• Ultra-Reliable Low-Latency Communications 
• By End-User Industry 
• Aerospace and Defense 
• Telecommunications Operators 
• Automotive and Transportation 
• Healthcare and Life Sciences 
• Public Safety and Emergency Services 
• Media and Entertainment 
• By Geography 
• North America 
• South America 
• Europe 
• Asia-Pacific 
• Middle East 
• Africa 

Explore Our Full Library of Technology, Media and Telecom Research: https://www.mordorintelligence.com/market-analysis/technology-media-and-telecom?utm_source=industrytoday.co.uk 

Key Players in the 5G mmWave Market 

• Qualcomm 
• Ericsson 
• Verizon 
• Huawei 
• NXP Semiconductors 

Conclusion 

The 5G mmWave market is set to witness consistent expansion as demand for high-speed connectivity continues to rise. Urban densification, enterprise adoption, and expanding spectrum availability are expected to remain key growth drivers. At the same time, advancements in network optimization and component manufacturing will support long-term scalability within the industry. 

In the coming years, the 5G mmWave market forecast suggests a broader role for mmWave technology beyond traditional telecom applications. Its integration into industrial automation, healthcare systems, and smart infrastructure will further strengthen its position in the global connectivity landscape. 

Industry Related Reports: 

5G Market in Aviation Industry 

The 5G market in the aviation industry is projected to grow from USD 3.20 billion in 2025 to USD 4.23 billion in 2026, with forecasts reaching USD 17.05 billion by 2031 at a robust CAGR of 32.17% during 2026–2031. The growth is driven by increasing demand for high-speed connectivity, enhanced passenger experiences, and advanced aircraft communication systems. 

Millimeter Wave Technology Market Size 

The millimeter wave technology market is expected to expand from USD 4.52 billion in 2025 to USD 5.61 billion in 2026 and reach USD 20.5 billion by 2032, growing at a CAGR of 24.11% over 2026–2032. This surge is fueled by rising applications in 5G networks, automotive radar, and wireless communication infrastructure. 

Voice over 5G (Vo5G) Market Share 

The Vo5G market is forecast to increase from USD 10.88 billion in 2025 to USD 16.35 billion in 2026, ultimately reaching USD 125.18 billion by 2031 at a CAGR of 50.25% over 2026–2031. Key growth drivers include enhanced network efficiency, ultra-low latency communication, and growing adoption across enterprise and consumer sectors. 

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