North America Private 5G Networks Market
Published On: Jun 2024
Published On: Jun 2024
At 38.7% CAGR, North America Private 5G Networks Market is Projected to be Worth US$ 8,211.43 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the North America private 5G networks market was valued at US$ 599.41 million in 2022 and is expected to reach US$ 8,211.43 million by 2030, registering a CAGR of 38.7% from 2022 to 2030. Increasing use of 5G small cells and rising digitalization across enterprises are among the critical factor attributed to the North America private 5G networks market expansion.
A small cell is a low-powered cellular base station that runs on many frequencies. Small cells, depending on their size, can have transmission ranges extending from 40 feet to a few kilometers. These tiny base stations communicate with the main cellular network by Ethernet, fiber, or wireless. In the consumer and commercial markets, indoor small cells are becoming more common. Small cells, in conjunction with distributed antenna systems and Wi-Fi networks, are increasingly enabling RF coverage. Companies are seeking to build their own private 5G network for corporate use cases will install some of these small cells. For example, according to Small Cell Forum, manufacturing, utility, energy, retail, and transportation industries are the largest investors in small cells due to their requirement to support wide geographic areas. Enterprises can establish a secure, reliable, low-latency, and high-speed private network on premises by combining a private 5G core with a small cell network. Airspan, Cisco, CommScope, Ericsson, NEC Corp, Nokia, and Samsung are among the prominent vendors in the 5G small cell market. Therefore, the adoption of 5G small cell is expected to remain a trend in the private 5G network market.
On the contrary, high deployment and maintenance cost hurdles the growth of North America private 5G networks market.
Based on component, the North America private 5G networks market is categorized into hardware, software, and services. The hardware segment held 53.8% market share in 2022, amassing US$ 322.59 million. It is projected to garner US$ 4,664.43 million by 2030 to expand at 39.6% CAGR during 2022-2030.
In terms of frequency, the North America private 5G networks market is bifurcated into sub-6GHz and mmwave. The sub-6GHz segment held 90.7% share of North America private 5G networks market in 2022, amassing US$ 543.72 million. It is projected to garner US$ 7,336.03 million by 2030 to expand at 38.4% CAGR during 2022-2030.
Based on end user, the North America private 5G networks market is segmented into manufacturing, energy and utilities, automotive, military and defense, government and public safety, and others. The manufacturing segment held 26.7% share of North America private 5G networks market in 2022, amassing US$ 160.14 million. It is projected to garner US$ 2,390.86 million by 2030 to expand at 40.2% CAGR during 2022-2030.
Based on country, the North America private 5G networks market has been categorized into the US, Canada, Mexico. Our regional analysis states that the US captured 82.7% share of North America private 5G networks market in 2022. It was assessed at US$ 495.47 million in 2022 and is likely to hit US$ 6,930.40 million by 2030, exhibiting a CAGR of 39.1% during 2022-2030.
Key players operating in the North America private 5G networks market are Cisco Systems Inc, Huawei Technologies Co Ltd, Nokia Corp, Telefonaktiebolaget LM Ericsson, T-Systems International GmbH, Verizon Communications Inc, Vodafone Group Plc, AT&T, Qualcomm Inc, and Amazon Web Services Inc, among others.
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