NEW YORK, July 7, 2021 /PRNewswire/ -- As per the findings of a revised market research report by Persistence Market Research, the worldwide 5G network equipment market share reached a valuation of around US$ 1.6 Bn in 2020, and is anticipated to exhibit a CAGR of over 55% during the forecast period 2021-2031.
5G network equipment is designed with innovative features such as increased bandwidth, enhanced capacity on 5G spectrum, speed upgrades, and others capabilities. Reliability of such features will drive market growth over the coming years.
5G network equipment offers various benefits such as easy setup and assembly, increased speed and bandwidth, as well as improved user performance, efficiency, and workflow. Huge adoption of advanced applications such as augmented reality, Internet of things, autonomous vehicles, and various technological enhancements is expected to result in steady demand growth for 5G network equipment.
The South Asia & Pacific region is expected to create lucrative growth opportunities for players in the market, due to rise in digital IT infrastructure and shifting focus toward digital technologies in the region.
Growing trend of cost-effective 5G network equipment along with technological advancements is creating new growth opportunities for end users.
Key players in the market are focusing on acquisitions to complement their product portfolios, so as to cater to the needs of a variety of customers. Market participants are also focusing on providing products directly to end users to improve direct customer relations.
The market in the U.S. is projected to expand at a CAGR of 47% through 2031, while that in Germany at close to 50%.
Market growth in China, Japan, and India is expected to be much higher, at around 58.6%, 63.5%, and 75.1%, respectively.
"Rise in demand for 5G networks and effective utilization of cloud-RAN technology in order to deploy 5G network technology will propel demand growth of 5G network equipment," says a Persistence Market Research analyst.
Technology Advancements Creating New Growth Opportunities
Continuous developments and implementation of new technologies/products such as 5G technology and wireless technologies in 5G network equipment are creating opportunities for market players.
New 5G network equipment standards enable higher performance and promise convenience for users, as well as simplicity for provider and manufacturers. Advantages such as lower latency in 5G, growth in mobile data traffic, and growing adoption of virtual networking architecture in telecommunications are factors driving sales of 5G network equipment.
Increasing smartphone adoption and developing technology-friendly nature of the population in the Middle East, Africa, and Latin America regions, put forward a lucrative market for telecom infrastructure providers, which is largely untapped. With an effort to overcome the barriers to establish strong business alliances, a profitable business opportunity can emerge from these regions.
Persistence Market Research puts forward an unbiased analysis of the global market for 5G network equipment market, providing historical demand data (2016-2020) and forecast statistics for the period 2021-2031.
To understand the opportunities in the market, it has been segmented on the basis of products (small cells, AAU (active antenna units), BBU (baseband units), energy supply equipment, macro cells, RRU (remote radio units),RF filters, phase shifters, and others) and end use (commercial, industrial, government & defense, and residential), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Pacific, and MEA).
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