The global 5G infrastructure market size is expected to reach $95,88-billion by 2030, growing at a CAGR of 28,4% from 2023 to 2030, according to a new report by Grand View Research.
A surge in demand for 5G connections across the globe is a vital factor in driving the growth of 5G infrastructure.
The increased demand for a 5G network is due to its ability to offer high-speed, low-latency internet connectivity.
Businesses across the globe are increasingly focusing on leveraging the Internet of Things (IoT) ecosystem to optimise their operations and improve overall performance. IoT comprises a network of interconnected devices equipped with sensors, software, and network connectivity, enabling them to gather and share information.
The rapidly increasing number of Industrial Internet of Things (IIoT) devices is expected to generate massive demand for enhanced data connectivity. As a result, it is anticipated to boost the adoption of 5G services in industrial applications, which, in turn, is expected to spur the market growth over the forecast period.
Key market players are partnering to offer 5G solutions to consumers.
Lockdown measures in countries like the US, China, and India caused disruptions in supply chains and resulted in delayed deployments of 5G infrastructure. Spectrum auctions for 5G frequencies were also postponed by many telecom authorities and governments. These delays further hampered the global rollout of next-generation network infrastructure, liming the industry growth.
Asia Pacific is expected to dominate the global industry over the forecast period owing to the rapid rollout of 5G in several countries of the region. In addition, the high demand for digital transformation across Asia Pacific will support the region’s growth.
Highlights from the 5G Infrastructure Market Report include:
* The hardware segment dominated the market in 2022 and is expected to witness the fastest CARG over the forecast period due to a rise in 5G deployment across the globe.
* The mmWave segment is anticipated to register the fastest CAGR over the forecast period. mmWave includes higher radio frequency bands ranging from 24GHz to 40GHz.
* The segment growth is attributed to the release of mmWave frequencies by countries to boost their data services.
* The non-standalone segment is expected to dominate the market in 2022 due to the widespread adoption of non-standalone networks across the globe. Non-standalone is a cost-effective solution, which will fuel the adoption of this network architecture.
* The industrial segment is anticipated to register the fastest CAGR over the forecast period due to the growing demand for 5G in Industry 4.0.
* The increasing adoption of IoT devices, collaborative robots, and other advanced technologies is expected to boost the demand for 5G infrastructure in industries.