The
global private 5G network market size is estimated to
reach USD 14.28 billion by 2028, registering a CAGR of 39.7% from 2021 to 2028,
according to a new study by Grand View Research, Inc. Significantly growing
demand for ultra-reliable low-latency connectivity with an extremely secure
network across several mission-critical applications, such as public safety, is
expected to boost the deployment of private 5G networks during the forecast
period. Moreover, a wide range of industries, including manufacturing, oil
& gas, mining, and energy & utility, are investing a massive amount in
deploying private 5G telecom service to enhance their overall productivity and
operational efficiency. As a result, it is expected to foster market growth
from 2021 to 2028.
The
private 5G network is expected to completely transform the transportation and
logistics industry by providing seamless Vehicle-to-Vehicle (V2V) and
Vehicle-to-Infrastructure (V2I) connectivity. As such, the need to ensure a
secure, seamless, and uninterrupted connectivity with ports, vessels, and ships
is estimated to drive the market. At the same time, the continued deployment of
private 5G infrastructure is estimated to improve the operational efficiencies
in several Industrial IoT (IIoT) use cases. The IIoT use cases
include Automated Guided Vehicles (AGV), wireless UHD cameras, machine control
systems, collaborative/cloud robots, and remote asset monitoring. Thus,
the rising need for higher and secure bandwidth to ensure reliable and unified
communication between IIoT devices is expected to propel the market growth over
the forecast period.
Key
market players are strategically building partnerships with industry giants to
set up a private 5G network to provide high-speed secure connectivity to their
customers. For instance, in Feb 2020, Nokia Corporation deployed a private 5G
network infrastructure for Lufthansa Technik for virtual inspection of engine
parts remotely for its civil aviation clients. Moreover, the rising demand for
enhanced bandwidth connectivity for secured enterprise applications is
anticipated to fuel the adoption of private 5G services globally.
Due
to the ongoing Covid-19 pandemic, several key countries, such as the U.S.,
France, the U.K., and Australia, have temporarily postponed the 5G spectrum
auctions. The pandemic has also hampered the production and supply of major
telecom equipment needed to deploy the network infrastructure. As a result, it
is anticipated to slow market growth over the forecast period.
For more info visit here: https://www.grandviewresearch.com/industry-analysis/private-5g-network-market
Private 5G Network
Market Report Highlights
- The hardware
segment led the global market accounting for a revenue share of over 56%
in 2020 and will retain its dominance throughout the forecast period
- This growth
is credited to the increasing deployment of private 5G service, RAN, and
backhaul and transport equipment for various mission-critical applications
- With the
growing need to provide unified connectivity with low latency to several
industrial sensors, the manufacturing sector is anticipated to witness
huge market growth over the forecast period
- The sub-6 GHz
segment is expected to attain the highest market share by 2028 due to the
massive allocation of sub-6 GHz frequencies by communication service
providers to deliver network services
- With a rising
need to avail affordable and highly secure band of the frequency spectrum
for Massive Machine Type Communication (mMTC), the unlicensed/shared
spectrum segment is anticipated to account for a significant market share
by 2028
- Prominent
players are strategically focusing on establishing partnerships to deploy
the network in customers’ premises to deliver secure and enhanced wireless
connectivity
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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