Private 5G Network Market Cumulative Impact for COVID-19 Recovery Research Report 2029
The global Private 5G Network market was valued at US$1348 million in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 38.8% between 2022 and 2029, mainly due to the increased adoption of Unified Communication & Collaboration (UC&C) and video conferencing. Private 5G Network platforms offer enterprises a cost-efficient and time-saving way to connect, address, and deliver information to their audience.
AgileIntel’s global Private 5G Network market study is a 168 slide report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, component, and end-user industry perspective.
Private 5G Network was available for commercial use since 2020. Hence, the base year is 2021for the study with historical data till 2020.The data forecast has been provided for the years between 2022 and 2029.
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Insights on End-User Industry:
The Private 5G Network market is classified into manufacturing, transportation and logistics, enterprises and institutions, energy and utilities, smart cities, mining, defense, and others based on end-user industry.
The manufacturing sector accounted for a market size of US$263.6 million in 2021, which is expected to increase to US$5,107 million by 2029, at a CAGR of 41.7% during the forecast period. This strong growth is mainly due to the rising demand for private 5G services for various industrial use cases, such as Ultra-HD cameras, extended reality headsets, and Automated Guided Vehicles (AGVs). Additionally, the increasing demand for uninterrupted communication among machines is expected to drive segment growth over the long term.
The automotive segment is being driven by the surge in deployment of private 5G networks by leading automotive manufacturers such as Mercedes-Benz, Audi and Robert Bosch.
The demand for private 5G networks is expected to rise across enterprises and institutions primarily due to the growing need to securely manage data at their premises.
Additionally, the energy and utilities sector is expected to grow significantly due to the adoption of secured private networks for high-speed internet connectivity during energy generation and distribution.
Insights on Regional Growth:
North America is the largest market accounting for a 31% share during the forecast period. This can be attributed to the increasing investments in deploying private 5G network infrastructure by key service providers such as AT&T, Qualcomm Technologies and Verizon Communications, among others. Additionally, the increasing deployment of industrial sensors by automotive manufacturers such as Ford Motor and General Motors is expected to create considerable market opportunities in the region.
Meanwhile, the Asia Pacific is expected to witness the highest growth rate of 42% from 2021 to 2029, due to the presence of several manufacturers and a significant rise in investments to build automated factories in the region. Additionally, considerable investments to acquire the 5G spectrum in key countries such as China, Japan, South Korea, and Australia are also expected to contribute to the region’s growth.
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