Global 5G Non-Terrestrial Network (NTN) Market Report 2023-2030: Industry Market Soars on High-Speed Connectivity Demand and Infrastructure Growth
DUBLIN, Sept. 6, 2023 /PRNewswire/ -- The "5G NTN Market Size and Share Analysis by Component, Platform, Application, End-Use Industry, Location - Global Industry Demand Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global 5G NTN market size is projected to be USD 25,184 million by 2030, growing at a CAGR of 28.0%.
The rapid expansion of the 5G Non-Terrestrial Network (NTN) market is driven by a confluence of factors. As the need for high-speed connectivity intensifies, along with the growing infrastructure of 5G, increasing mobile data traffic, and the demand for low-latency connectivity in both urban and suburban environments, the market experiences a substantial upward trajectory. Additionally, governmental efforts to enhance 5G accessibility for consumers contribute significantly to this growth.
In the near future, Low Earth Orbit (LEO) satellites are poised to exhibit the most rapid growth within this dynamic market landscape. The surge is attributed to the imperative for enhanced network coverage, substantial investments by technology giants and governmental bodies, and the burgeoning integration of 5G capabilities in satellite communications. The utilization of LEO satellites extends beyond network coverage, also encompassing innovative applications such as advanced drone operations and container tracking.
Within this burgeoning market, the aerospace & defense sector is projected to witness the swiftest growth. Key drivers for this expansion include substantial governmental investments in defense, ongoing technological advancements for enhanced personnel protection and strike accuracy, and the increasing pace of digitalization.
Moreover, the surging demnd for high-speed and reliable internet connectivity during air travel, coupled with the escalating requirement for seamless communication in land and naval military operations, further create favorable prospects for the industry's evolution.
In 2022, the solutions category claimed the largest share of revenue, and this dominance is projected to persist throughout the forecast period. This prominence can be attributed to operators' growing need to offer superior connectivity through 5G-based technologies while minimizing operational costs. The rising number of key players providing test solutions to assess system reliability, efficiency, and affordability before deployment further bolsters this category. Robust investments in these testing procedures propel the demand for related solutions.
Geographically, North America emerged as the leader in the 5G NTN market in 2022 and is poised to maintain its dominance throughout the projection period. This dominance finds its roots in the proliferation of emerging players offering 5G communication solutions and the widespread adoption of 5G technology across the continent.
The United States, a pivotal contributor to North America's revenue, is marked by substantial federal support for space communications, significant investments in research and development by key players, and wide-scale acceptance of 5G technology. Additionally, the burgeoning aerospace & defense sector, driven by elevated government expenditures, further fuels regional market advancement.
In summation, the robust growth of the 5G NTN market is a result of the escalating need for high-speed connectivity, the expansion of 5G infrastructure, the surge in mobile data traffic, the quest for low-latency connectivity in diverse settings, and the concerted governmental efforts to enhance 5G accessibility.
For more information about this report visit https://www.researchandmarkets.com/r/b6or38
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