What is the global market size of 5G Equipment Market?

Global 5G Equipment Market size was valued at USD 6.4 Billion in 2022 and is poised to grow from USD 7.44 Billion in 2023 to USD 21.99 Billion by 2031, growing at a CAGR of 14.5% in the forecast period (2024-2031).

Who are the key vendors in the Global 5G Equipment Market?

The market players operating in the 5G equipment market are Cisco Systems, Inc., Samsung Electronics, NEC Corporation, Huawei Technologies Co., Ltd., AT&T Inc., Verizon Communication, Qualcomm Technologies, Telefonaktiebolaget LM Ericsson, ZTE Corporation, and Nokia Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the 5G equipment market globally. 'Airspan Networks', 'Cisco Systems Inc.', 'CommScope', 'Fujitsu Limited', 'Huawei Technologies Co. Ltd.', 'NEC Corporation (AT&T Inc.)', 'Nokia Corporation', 'Qualcomm Inc.', 'Samsung Electronics Co. Ltd.', 'Telefonaktiebolaget LM Ericsson', 'ZTE Corporation', 'Ericsson ', 'Verizon Vodafone Limited ', 'Qorvo INC. ', 'HTC Corporation Intel Corporation ', 'Analog Devices INC. ', 'SK TELECOM CO. LTD.'

What is the key driver of Global 5G Equipment Market?

Increasing demand for 5G devices due to high data-intensive applications is driving the market growth. Accordingly, the increasing use of connected devices such as smartphones and tablets are fueling the growth of the market. Additionally, individuals and organizations rely on data-driven services. In addition to this, high-quality video streaming, cloud-based applications and online sports all require sufficient bandwidth. Additionally, the increasing need for improved and faster connectivity due to increasing remote work culture, online learning and telemedicine for better market outlook. Furthermore, 5G can provide higher data rates and latency output ground enabling users to achieve smooth and efficient connectivity to their devices and applications. The increasing adoption of 5G devices in interested organizations contributes to the market's growth. Data-intensive applications running in the cloud require high-speed connectivity for optimal performance.

What is the key market trend for Global 5G Equipment Market?

Advances in SDN and NFV Requirements: SDN and NFV represent transformational technologies that enable greater flexibility, scalability and efficiency in network management. With the advent of 5G networks of higher data speeds and lower latency, the need for an agile and programmable infrastructure becomes paramount SDN allows centralized control of network resources, and enables dynamic planning and customization is flexible to meet requirements. NFV supports this by virtualizing traditional network services and enabling administrators to deploy and manage network services more efficiently. As the 5G landscape evolves, the integration of SDN and NFV is increasingly important for delivering the variety and customization of services that 5G promises. 5G equipment market is driven by the need to seamlessly deliver and manage hardware and solutions that incorporate SDN and NFV. A faster, more flexible, more efficient 5G network will be used to meet the demands of digitally connected world.

Which region accounted for the largest share in Global 5G Equipment Market?

North America is the dominant region in the market. Service providers in the region have already launched commercial 5G services with a focus on mobile broadband. The introduction of 5G devices that support all three spectrum bands will accelerate the deployment of the technology in the region. Currently, 5G services are bundled with 4G services or handed over from 5G to 4G when a customer moves from an area with 5G services to an area without. According to the Ericsson Mobility Report 2021, about 64 million 5G subscriptions were added in 2021 because migration from 4G to 5G subscriptions increased significantly, 5G subscriptions are expected to reach 250 million in the current year end with 400 million by 2027, which is 100 percent of 90 phone subscriptions.

5G Equipment Market Size, Share, Growth Analysis, By Component(Radio Access Network (RAN), Core Network, Transport Network), By Frequency Band(Low-Band (Sub-1 GHz), Mid-Band (1-6 GHz), High-Band (Above 6 GHz)), By Deployment Model(Traditional Macrocell, Small Cell, Massive MIMO), By Application(Enhanced Mobile Broadband (eMBB), Ultra-Reliable Low-Latency Communications (URLLC), Massive Machine-Type Communications (mMTC)), By Vertical(Consumer, Enterprise, Industrial), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45A2276 | Region: Global | Published Date: October, 2024
Pages: 199 | Tables: 65 | Figures: 72

5G Equipment Market Insights

5G Equipment Market size was valued at USD 6.42 billion in 2022 and is poised to grow from USD 7.35 billion in 2023 to USD 21.73 billion by 2031, growing at a CAGR of 14.51% during the forecast period (2024-2031).

Growing demand for high bandwidth communication around the world is projected to boost sales of 5G equipment over the coming years. Increasing investments in the development of 5G infrastructure around the world are also slated to bolster global 5G equipment market growth in the future. Advancements in 5G technologies and increasing migration from 3G and 4G communications are also presenting new opportunities for 5G equipment providers. Growing use of connected devices and rapid adoption of automation in homes and industries are also expected to bolster the demand for 5G equipment across the study period. On the contrary, compatibility issues, spectrum allocation concerns, high costs of advanced 5G equipment, and cybersecurity concerns are slated to slow down the growth potential for companies in the long run.

5G Equipment Market Report Snapshots

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5G equipment companies are projected to focus on launching new hardware and services to make 5G connectivity more accessible and affordable for all users. Targeting the developing regions with growing need for internet connectivity is expected to provide lucrative opportunities for 5G equipment providers in the long run. Ensuring compatibility with legacy infrastructure should also be a prime focus of all companies involved in this market. 'Airspan Networks ', 'Cisco Systems Inc. ', 'CommScope ', 'Fujitsu Limited ', 'Huawei Technologies Co. Ltd. ', 'NEC Corporation ', 'Nokia Corporation ', 'Qualcomm Inc. ', 'Samsung Electronics Co. Ltd. ', 'Telefonaktiebolaget LM Ericsson ', 'ZTE Corporation ', 'Ericsson ', 'Verizon Vodafone Limited ', 'Qorvo INC. ', 'HTC Corporation ', 'Intel Corporation ', 'Analog Devices INC. ', 'SK TELECOM CO. LTD. ', 'Ceragon Networks ', 'Ciena Corporation ', 'Juniper Networks'

Use of Open RAN Technology: 5G equipment companies can focus on utilizing Open RAN technology to maximize their business scope as it improves the scope of interoperability of 5G equipment from different operators and vendors. Focusing on this 5G equipment market trend can help companies reduce costs, increase competition, and drive innovation across the study period and beyond.

North America is forecasted to account for a substantial share of the global 5G equipment industry going forward. The presence of leading 5G technology providers, high availability of 5G devices, and rising demand for better data transfer speeds from consumers are helping this region hold sway over others. Rapidly increasing spending on launching new 5G networks and improving internet connectivity are slated to help boost the demand for 5G equipment over the coming years. The United States and Canada are slated to emerge as the most opportune markets for 5G equipment vendors focusing on making a mark in this region through 2031 and beyond.

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