The global 5G module market is expected to grow rapidly by 2028, owing to the popularity of IOT devices. The internet of vehicles sub-segment is expected to grow swiftly. The Asia-Pacific region is expected to have the fastest growth rate.
NEW YORK, June 21, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "5G Module Market by Applications (Fixed Wireless Access Customer Premises Equipment, Router, Internet of Vehicles, and Others (Head-mounted Display, Notebook PC, and Drone)), End-Users (IT & Telecom, Manufacturing, Healthcare, Transportation & Logistics, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2028".
According to the report, the global 5G module market is expected to garner a revenue of $468,271.9 million by 2028, growing exponentially at a CAGR of 70.8% during the forecast period 2021-2028.
Dynamics of the 5G Module Market
The growing prevalence of IoT (internet of things) connected devices and their integration with 5G services for enhanced speed and efficiency is expected to drive the growth of the 5G module market during the forecast period. In addition, the growing demand for IoT use cases in numerous end-use industries to drive automation is further expected to create ample opportunities for the growth of the market during the forecast period. However, the high cost of investment in 5G is expected to impede the growth of the 5G module market during the forecast period.
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COVID-19 Impact on the 5G Module Market
The outbreak of COVID-19 has had an unfavorable impact on the growth of the global 5G module market, owing to the occurrence of lockdowns in numerous countries across the globe. Lockdowns adversely halted all the ongoing 5G infrastructure projects during the pandemic. Persistent initiatives were taken by the telecommunication providers on 5G trials, but they were soon halted during the lockdowns. In addition, the ongoing activities on the creation of 5G foundation were also halted apart from postponing the spectrum auctions. Thus, coronavirus has had a negative impact on the market.
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Segments of the 5G Module Market
The report has divided the market into various segments based on applications, end-users, and region.
· By applications, the internet of vehicles sub-segment is expected to be have the fastest growth rate, and hence grow rapidly at a CAGR of 71.8% during the forecast period. Growing demand for security, tracking, and sharing of crucial information, especially accidents, to the emergency contacts is expected to bolster the growth of the 5G module market sub-segment during the forecast period.
· By end-users, the transportation & logistics sub-segment is expected to be most profitable, and generate a revenue of $138,765.8 million during the forecast period. Impeccable use of 5G connectivity enables the incorporation of comprehensive electronic traffic signaling systems for attaining enhanced traffic flow management. This factor is expected to stimulate the growth of the sub-segment during the forecast period.
· By region, the Asia-Pacific region is expected to have the fastest growth rate, and generate a revenue of $106,719.2 million during the forecast period. The extensive prevalence of blockchain, edge computing, and 5G core technologies along with the expansive mobile subscriber base in this region is expected to drive the growth of the market during the forecast period. In addition, the huge presence of illustrious network providers in this region is further expected to accelerate the growth of the regional 5G module market during the forecast period.
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Key Players of the 5G Module Market
The major players in the market include
- Vodafone
- Huawei
- Samsung
- Amazon
- Apple
- AT&T
- Sierra Wireless
- Telit
- Quectel, and others.
These players are working on developing strategies such as product development, merger, and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in October 2021, Silvers Semiconductors AB, a dominant and universally recognized technology company that creates, manufactures, and sells modules, chips, components, and subsystems based on advanced semiconductor technology, acquired MixComm Inc., a US-based company focused on mmWave Antennas-to-Algorithms Solutions, in order to strengthen Silver' position in the global 5G module market.
The report also summarizes many important aspects including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
More about the 5G Module Market:
- Global 5G Module Market's Growth to Propel by 2028 with the Rising Implementation of 5G Module in Several Industrial Verticals
- Future of the Contemporary World With 5G Module
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- The global 5G IoT market is predicted to gar ner $12,556.5 million in the 2021-2028 timeframe, growing from $1,450.5 million in 2020, at a high CAGR of 28.1%.
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