NEW CASTLE, Del., Jan. 30, 2024 /PRNewswire/ -- Increase in adoption of advanced technologies such as Internet of Things (IoT) across the globe and rise in digitalization, positively impact the growth of the market. In addition, rise in demand of 5G technology to enhance operation & productivity is anticipated to propel the growth of the market during the forecast period.
Allied Market Research published a report, titled, "5G Equipment Market by Product (Macro Cell, Small Cell, and Others) and End-Use (Retail Sector and Non-Retail Sector): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the 5G equipment industry generated $6.4 billion in 2022, and is projected to reach at $23.9 billion by 2032, witnessing a CAGR of 14.5% from 2023 to 2032.
Prime determinants of growth
Increase in adoption of advanced technologies such as Internet of Things (IoT) across the globe and rise in digitalization, positively impact the growth of the market. In addition, rise in demand of 5G technology to enhance operation & productivity is anticipated to propel the growth of the market during the forecast period. Furthermore, increase in adoption of emerging technologies such as software-defined networking (SDN), network functions virtualization (NFV), and edge computing is anticipated to enhance the market growth in the upcoming years. However, security concern & costs budget and lack of standards hamper the 5G equipment market growth. Furthermore, growth in deployment of virtualized software among enterprises including data center and service provider drives the growth of the market. In addition, growing internet penetration and rise in government initiatives are expected to provide lucrative growth opportunities for the market expansion.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $6.4 Billion |
Market Size in 2032 | $23.9 Billion |
CAGR | 14.5 % |
No. of Pages in Report | 245 |
Segments covered | Product, End-Use, and Region |
Drivers | Increase in adoption of advanced technologies such IoT across the globe Rise in digitalization Rise in demand of 5G technology to enhance operation & productivity Increase in adoption of emerging technologies such as software-defined networking (SDN), network functions virtualization (NFV), and edge computing |
Opportunities | Growing internet penetration and rise in government initiatives |
Restraints | Security concern & costs budget and lack of standards |
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The small cell segment to maintain its leadership status during the forecast period
By product, the small cell segment held the highest market share in 2022, accounting for more than two-fifths of the 5G equipment market revenue, and is estimated to maintain its leadership status during the forecast period. Increase in network densification, rise in mobile data traffic, and the emergence of citizens broadband radio service (CBRS) band boost the growth of the segment. However, the macro cell segment is expected to attain the largest CAGR of 17.0% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. The major advantage of using macro cell in 5G is that it can provide 5G services to a large geographic area. 5G macro cells also use Massive MIMO technology, which allows large transmission and reception of data.
The retail sector to maintain its leadership status throughout the forecast period
By end-use, the retail sector held the highest market share in 2022, accounting of nearly three-fourths of the 5G equipment market revenue, and is estimated to maintain its leadership status during the forecast period. Rise in demand of advanced and portable devices is expected to optimize the business capabilities of retail sector. However, the non-retail sector is projected to attain the highest CAGR of 17.3% from 2023 to 203, due to rise in demand for 5G technology in the enterprises.
North America region to maintain its dominance by 2032
Region-wise, the North America segment held the highest market share in terms of revenue in 2022, accounting for two-fifths of the 5G equipment market revenue. Factors such as the growth of remote work and the surge in online services have fueled the demand for reliable, high-performance 5G equipment in the region. However, Asia-Pacific is expected to witness the fastest CAGR of 17.8% from 2023 to 2032, and is likely to enhance the market growth during the forecast period. Rise in digitalization toward business process is anticipated to provide lucrative growth opportunities for the market in the region.
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Leading Market Players: -
- Cisco Systems, Inc.
- Samsung Electronics
- NEC Corporation
- Huawei Technologies Co., Ltd.
- AT&T Inc.
- Verizon Communication
- Qualcomm Technologies
- Telefonaktiebolaget LM Ericsson
- ZTE Corporation,
- Nokia Corporation
The report provides a detailed analysis of these key players in the 5G equipment market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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