The global private 5G network market size is estimated to reach USD 7.1 billion by 2027, registering a CAGR of 37.8% from 2021 to 2027, 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 and gas, mining, and energy and 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 2027.
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 service in order 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, rising
demand for enhanced bandwidth connectivity for secured enterprise applications
is anticipated to fuel the adoption of a private 5G services globally.
Due
to the ongoing COVID-19 pandemic, several key countries such as the U.S.,
France, U.K., and Australia have temporarily postponed the 5G spectrum auctions
in their countries. Also, the outbreak of COVID-19 has 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.
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Private 5G Network
Market Report Highlights
- The hardware segment is
estimated to reach a market size of USD 4.9 billion by 2027, owing 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 a huge market
growth over the forecast period
- The sub-6 GHz segment is
expected to attain the highest market share and projected to reach a
market size of USD 5.2 million by 2027. This can be attributed to 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 2027
- Various prominent players
are strategically focusing on establishing partnerships to deploy the
network in customer’s premises in order to deliver secure and enhanced
wireless connectivity.
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Private 5G Network
Market Segmentation
Grand View Research has segmented
the global private 5G network market on the basis of component, frequency,
spectrum, vertical, and region:
Private 5G Network
Component Outlook (Revenue, USD Million, 2020 - 2027)
- Hardware
- Radio Access Network
- Core Network
- Backhaul & Transport
Interconnecting
- Services
- Installation &
Integration
- Data Services
- Support & Maintenance
Private 5G Network
Frequency Outlook (Revenue, USD Million, 2020 - 2027)
- Sub-6 GHz
- mmWave
Private 5G Network
Spectrum Outlook (Revenue, USD Million, 2020 - 2027)
- Licensed
- Unlicensed/Shared
Private 5G Network
Vertical Outlook (Revenue, USD Million, 2020 - 2027)
- Manufacturing
- Food & Beverages
- Automotive
- Pharmaceuticals
- Electrical &
Electronics
- Heavy Machinery
- Clothing & Accessories
- Others
- Energy & Utilities
- Transportation &
Logistics
- Aerospace & Defense
- Government & Public
Safety
- Corporates/Enterprises
- Mining
- Healthcare
- Oil & Gas
- Others
Private 5G Network
Regional Outlook (Revenue, USD Million, 2020 - 2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- Italy
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- South America
- Brazil
- Middle East & Africa
(MEA)
List of Key Players
of Private 5G Network Market
- Qualcomm Technologies, Inc.
- Deutsche Telekom
- Telefonaktiebolaget LM
Ericsson
- Nokia Corporation
- AT&T Inc.
- Verizon Communications
- Broadcom Inc.
- Huawei Technologies Co., Ltd
- Altiostar
- SAMSUNG
- T-Systems International GmbH
- Cisco Systems, Inc.
- Vodafone Limited
- ZTE Corporation
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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