5G Fixed Wireless Access Market Forecasted to Achieve US$ 670.3 Billion by 2034, with 34% CAGR

The global 5G fixed wireless access market is valued at US$ 35.9 billion in 2024 and is forecasted to advance rapidly at 34% CAGR from 2024 to 2034, as revealed in a recently updated industry research report published by Fact.MR, a market research and competitive intelligence provider.

In recent years, advanced fronthaul/backhaul solutions have been increasingly adopted to address issues related to compatibility with conventional networks. This is estimated to enable smoother transitions while increasing the deployment of 5G fixed wireless access solutions.

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Growing focus on overcoming challenges associated with high component costs in the millimeter-wave spectrum is anticipated to facilitate the development of economic manufacturing solutions and techniques for non-line-of-sight problems. More telecom companies are deploying towers and leveraging opportunities created with increased demand for modern technology for enhancing network coverage and effectiveness.

Key Takeaway from Market Study
The market for 5G fixed wireless access solutions is approximated to reach a value of US$ 670.3 billion by 2034. Worldwide demand for 5G fixed wireless access services of sub-6 GHz capacity is forecasted to increase at a CAGR of 32.8% and reach a market value of US$ 368.7 billion by the end of 2034.

North America is anticipated to capture 24.3% share of global market revenue by 2034-end. Demand for 5G fixed wireless access services in South Korea is evaluated to increase at 34.9% CAGR from 2024 to 2034. The residential sector is approximated to account for 33% of the global market share by 2034.

"Growing requirements for high-speed internet access and increasing use of innovative technologies, including IoT, etc., contributing to 5G fixed wireless access market growth," says a Fact.MR analyst.

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Some of the leading providers of 5G fixed wireless access solutions are Nokia, Inseego Corp., Samsung Electronics, Qualcomm Technologies, Inc., Huawei Technologies Co. Ltd., Intel Corporation, Ericsson, MediaTek Inc., Mimosa Networks, Inc., Verizon Communications Inc., and COMMSCOPE.

Preference for High-speed Internet Broadband Services Stimulating Demand for 5G Fixed Wireless Access Services in Residential Sector Worldwide demand for 5G fixed wireless access solutions in the residential sector is anticipated to accelerate at 33.2% CAGR and reach a value of US$ 221.2 billion by 2034-end.

Rising preference for smart home technology, remote work and telecommuting, and demand for high-speed internet broadband are driving demand for 5G fixed wireless access services. The growing dependency of more individuals on internet-based services for work, communication, and entertainment is contributing to increased requirements for 5G fixed wireless access services.

Country-wise Insights
Fact.MR, a market research and competitive intelligence provider, has recently updated its report, indicating that North America is projected to contribute 24.3% of the global market revenue by 2034. The increasing investment in 5G infrastructure is driving the demand for 5G fixed wireless access solutions. For instance, the deployment of fiber-optic cables, small cells, and other network components is expected to broaden the application scope of these solutions.

The United States is anticipated to hold a 45.6% share of the market in North America by 2034. The presence of well-established market players in the country is expected to contribute to growth prospects. Additionally, rising favorable initiatives taken by market players and the government to reduce the digital divide are likely to strengthen growth opportunities.

In February 2021, Qualcomm Technologies announced the launch of an updated feature of Gen 2 of the Qualcomm Fixed Wireless Access Platform. This advancement is expected to boost the adoption and deployment of 5G fixed wireless access solutions.

China is forecasted to capture a 47.5% share of East Asian market revenue by 2034. Various initiatives in the country aimed at developing smart cities are expected to generate demand for 5G fixed wireless access services. The rising adoption of modern technologies and ongoing development in various end-use sectors are set to positively impact market growth.

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Competitive Landscape
Several market players are undertaking various initiatives to strengthen their positions across more regions. They are making continuous efforts to offer unique services, which are projected to make the global market highly competitive.

For instance:
In June 2021, Ooredoo and Nokia launched reliable and super-fast 5G and 4G fixed wireless access solutions across Oman.

In August 2021, Ericsson partnered with Mediacom Communications to extend broadband services in rural America through fixed wireless access. Ericsson's RAN solutions allow Mediacom to provide FWA services up to 9 miles from each tower location. These initiatives are anticipated to enable Mediacom to offer cost-effective broadband solutions to underserved homes in rural communities.

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This release was published on openPR.