The U.S. private LTE and 5G network market size is estimated to touch USD 5.68 billion by 2027, according to a new report by Million Insights. The market is projected to grow at 17.0% CAGR over the forecast duration. The report emphasizes on 5G industry regulations, private network use cases, upcoming trend and the LTE networks. Furthermore, the report offers market estimation, in-depth analysisand potential customers from major industry verticals such as heavy machinery, manufacturing, healthcare, retail, food & beverages, smart cities, pharmaceuticals and others. Factors such as the advent of industry 4.0, smart cities construction and increasing adoption and integration of IoT applications are driving the market growth.
Industrial automation has gained traction in the United States following the advent of industry 4.0. Smart technologies used in the industries include 5G, Industrial IoT and high-resolution cameras to facilitate various operations. In addition, sensors deployment has been on the rise in manufacturing industries. Thus, above-mentioned factors are estimated to proliferate the demand for high-speed internet connectivity, as a result, projected to supplement U.S. private LTE & 5G networkmarket growth.
The demand for a private network is gaining traction over a public network in various industrial applications owing to enhanced security, low latency, high-speed and reliability. Various end-user industries are already equipped with a private network. With the help of system integrators, they can easily upgrade their network system to 5G at a low cost. 5G technology is projected to transform the way industries are witnessing automation today. However, COVID-19 pandemic is expected to delay the installation of 5G infrastructure, thereby, hindering the market growth to some extent.
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Further key findings from the report suggest:
• COVID-19 has led to a shortage of workforce in the healthcare sector, as a result, the industry is witnessing increased adoption of private network & 5G technology to provide telehealth and remote monitoring services using high-speed connectivity.
• The government of the United States has banned Chinese 5G technology equipment providers. This has resulted in an increased challenge for domestic players to cater to the increasing need.
• In 2019, the manufacturing segment held approximately 20% share in the market. Further, the segment is likely to witness significant growth over the forecast duration.
• The transportation & logistics segment is anticipated to register considerable growth owing to the surging number of warehouses in the United States.
Million Insights has segmented the U.S. private LTE and 5G network market based on component, frequency, spectrum and vertical:
U.S. Private LTE & 5G Network Component Outlook (Revenue, USD Million, 2019 - 2027)
• Radio Access Network (RAN)
• Core Network
• Backhaul & Transport
• Installation & Integration
• Data Services
• Support & Maintenance
U.S. Private LTE & 5G Network Frequency Outlook (Revenue, USD Million, 2019 - 2027)
• Sub-6 GHz
U.S. Private LTE & 5G Network Spectrum Outlook (Revenue, USD Million, 2019 - 2027)
• Unlicensed/ Shared
U.S. Private LTE & 5G Network Vertical Outlook (Revenue, USD Million, 2019 - 2027)
• Electrical & Electronics
• Food & Beverages
• Heavy Machinery
• Clothing & Accessories
• Transportation & Logistics
• Vehicle to Everything (V2X) Connectivity
• Energy & Utilities
• Public Safety
• Enterprises & Campus
• Public Venues
• Oil & Gas
• Smart Cities
List of Key Players of U.S. Private LTE & 5G Network Market
• AT&T INC.
• Broadcom Inc.
• Cisco Systems, Inc.
• Nokia Corporation
• Samsung Electronics Co., Ltd.
• Telefonaktiebolaget LM Ericsson
• T-Mobile USA, INC
• Verizon Communications