5G Equipment Market is likely to reach $23.9 Billion by 2032: AT&T Inc., Verizon Communications

The global 5G Equipment Market was valued at $6.4 billion in 2022, and is projected to reach $23.9 billion by 2032, growing at a CAGR of 14.5% from 2023 to 2032. Increase in adoption of advanced technologies such as Internet of Things (IoT) across the globe and rise in digitalization, positively impact the growth of the market. In addition, rise in demand of 5G technology to enhance operation & productivity is anticipated to propel the growth of the market during the forecast period. Furthermore, increase in adoption of emerging technologies such as software-defined networking (SDN), network functions virtualization (NFV), and edge computing is anticipated to enhance the market growth in the upcoming years. However, security concern & costs budget and lack of standards hamper the 5G equipment market growth. Furthermore, growth in deployment of virtualized software among enterprises including data center and service provider drives the growth of the market. In addition, growing internet penetration and rise in government initiatives are expected to provide lucrative growth opportunities for the market expansion.

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5G technology offers significant advancements, such as faster speed, lower latency, improved connection density and wider coverage, thus enabling implementation of IoT, augmented reality & virtual reality (AR/VR) applications, factory automation, and other applications where security, reliability, quality of service and efficiency are critical. While the 5G industry is preparing businesses to experience digital transformation with equipment manufacturers, playing a crucial role in developing high performance components to support reliable implementation. However, major challenges to be addressed by manufacturers include managing extreme thermal conditions within increasing smaller encapsulated components and delivering high performance at low power. These challenges can be overcome through the use of high-performance materials. Such factors are expected to provide the lucrative opportunities for the 5G equipment market forecast. The global 5G Equipment Market was valued at $6.4 billion in 2022, and is projected to reach $23.9 billion by 2032, growing at a CAGR of 14.5% from 2023 to 2032.

Regional Analysis:

By region, North America dominated the market share in 2022 for the 5G equipment industry. As this region companies are contributing significantly to the development of 5G equipment, including radio units, antennas, and other infrastructure components. In addition, North America region has advanced technology ecosystem, along with numerous R&D centers, that foster innovative and cutting-edge solutions for the 5G equipment market. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. Rise in digitalization toward business process is anticipated to provide lucrative growth opportunities for the market in the Asia-Pacific region. For instance, Huawei, a Chinese company, launched a new solution, Telco Cloud Networking. The solution will assist carriers in providing innovative services that will empower 5G, IoT, and Virtual Reality (VR), which is anticipated to provide lucrative opportunities for the growth of the Asia-Pacific region.

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By product, the small cell segment held the highest market share in 2022, accounting for more than two-fifths of the 5G equipment market revenue, and is estimated to maintain its leadership status during the forecast period. Increase in network densification, rise in mobile data traffic, and the emergence of citizens broadband radio service (CBRS) band boost the growth of the segment. However, the macro cell segment is expected to attain the largest CAGR of 17.0% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. The major advantage of using macro cell in 5G is that it can provide 5G services to a large geographic area. 5G macro cells also use Massive MIMO technology, which allows large transmission and reception of data.

The key players profiled in this report include

Cisco Systems, Inc.
Samsung Electronics
NEC Corporation
Huawei Technologies Co., Ltd.
AT&T Inc.
Verizon Communication
Qualcomm Technologies
Telefonaktiebolaget LM Ericsson
ZTE Corporation,
Nokia Corporation

The report provides a detailed analysis of these key players in the 5G equipment market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Based on product, the global 5G equipment market size was dominated by the small cell segment in 2022 and is expected to maintain its dominance in the upcoming years. Increase in trend of remote work due to the outbreak of the COVID-19 pandemic is driving the deployment of 5G equipment among industries across the globe. This, in turn, is expected to boost growth of the segment. In addition, increase in network densification, rise in mobile data traffic, and the emergence of citizens broadband radio service (CBRS) band also boost the growth of the small cell segment. However, the macro cell segment is expected to witness the highest growth during the forecast period. The major advantage of using macro cell in 5G is that it can provide 5G services to a large geographic area. 5G macro cells also use Massive MIMO technology, which allows large transmission and reception of data.

However, economic uncertainties and budget constraints faced by businesses and governments during the pandemic may have influenced investment decisions in 5G deployment. In addition, travel restrictions hindered the deployment of 5G networks in some regions. As the global economy recovers, the 5G equipment industry is expected to rebound, spurred by continued digital transformation efforts and a renewed focus on resilient, high-capacity communication networks. Further, the pandemic has served as a catalyst, emphasizing the critical role of 5G technology in fostering connectivity and enabling businesses and communities to thrive in a rapidly changing world. For instance, in September 2023, Siemens launched a private 5G infrastructure developed in-house for industry users. The solution enables industrial companies to build their own local 5G networks that provide optimal support for automation applications. 5G is crucial for applications such a mobile robots, autonomous logistics, and driverless transport systems in factories. Consequently. this 5G infrastructure provides users sole control over the data in their 5G network, and they can custom-configure the network for their applications.

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By end-use, the retail sector held the highest market share in 2022, accounting of nearly three-fourths of the 5G equipment market revenue, and is estimated to maintain its leadership status during the forecast period. Rise in demand of advanced and portable devices is expected to optimize the business capabilities of retail sector. However, the non-retail sector is projected to attain the highest CAGR of 17.3% from 2023 to 203, due to rise in demand for 5G technology in the enterprises.

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