Chicago, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The global 5G NTN Market size is projected to grow from USD 4.2 billion in 2023 to USD 23.5 billion by 2028 at a CAGR of 40.7% during the forecast period, according to a new report by MarketsandMarkets™. 5G NTN stands out for its capability to manage low-latency, high-bandwidth data, presenting opportunities for applications requiring instantaneous responsiveness.
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153 - Tables
39 - Figures
190 - Pages
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5G NTN Market Dynamics:
Drivers:
- Adoption of software-centric approach
- Need to address extreme coverage extension.
- 3GPP evolution toward NTN interworking and integration
Restraints:
- Need for radio components to be grounded.
Opportunities:
- Impact of NR-NTN integration on 5G connectivity.
- Need for NTN in evolution toward 5G and 6G
- 5G NB-IoT NTN to contribute to global high speed
List of Key Players in 5G NTN Market:
- Qualcomm Technologies
- Inc. (US)
- SoftBank Group Corporation (Japan)
- Thales Group (France)
- Rohde & Schwarz GmbH & Co KG (Germany)
- Keysight Technologies
- Inc (US)
- MediaTek Inc. (Taiwan)
- SES S.A. (Luxembourg)
- EchoStar Corporation (EchoStar) (US)
- SpaceX (US)
- AST & Science
- LLC (US)
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Moreover, in remote landscapes such as mountains or deserts, traditional terrestrial networks frequently encounter challenges. The utilization of satellites and High-Altitude Platforms (HAPs) in 5G NTN proves instrumental in overcoming these hurdles, effectively bridging the connectivity gap. This innovative approach offers essential connectivity for rural communities, emergency responders, and industries involved in resource extraction.
By component, the services segment is expected to register the highest CAGR in the 5G NTN market during the forecast period.
The 5G NTN market encompasses various service providers catering to the diverse needs of the 5G NTN infrastructure. These services offer a strategic advantage by alleviating vendors from the burdensome tasks of deploying and maintaining the necessary equipment, saving both time and resources. The adoption of 5G NTN services is crucial for achieving scalability, ubiquity, and uninterrupted service continuity. Additionally, the 5G NTN market extends its offerings to include satellite IoT services, facilitating the connection between smartphones and satellites for both data and voice services.
By end-use industry, maritime is estimated to hold a larger market share in 2023.
While the marine industry significantly contributes to the global economy, achieving seamless connectivity remains a challenge, and the digitalization of ocean-related services lags. A critical requirement for this sector is high-speed connectivity at sea to facilitate communication among ships, vessels, and cargo. Several industry players are now providing 5G NTN products and services tailored for the marine industry, offering affordability along with reliable tracking and monitoring capabilities. On September 2023 ZTE Corporation achieved a significant milestone by completing the 5G NTN deployment for the industry's first marine scenario in Zhoushan, Zhejiang province, in collaboration with China Telecom Zhejiang Co., Ltd., China Telecom Satellite Communications Co., Ltd., China Telecom R&D Institute, and SpaceIoT.
Based on region, North America holds the largest market size during the forecast period.
North America is expected to hold the largest share of the overall 5G NTN market. The US has a high adoption of 5G NTN technology in this region. Anticipated growth in demand for 5G NTN solutions is propelled by increased investments in wireless technology by companies in these countries. Efforts to provide reliable and cost-effective solutions further contribute to the escalating demand for 5G NTN in the US and Canada. The surge in 5G connectivity solutions across the region is driven by the pervasive need for internet connectivity, especially in areas where terrestrial connectivity is lacking. As a result, the North American market continues to witness a notable uptick in the adoption of 5G NTN solutions to address the growing demand for connectivity in diverse geographical locations.
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Key players in the 5G NTN market are Qualcomm Technologies, Inc (US), SoftBank Group Corporation (Japan), Thales Group (France), Rohde & Schwarz GmbH & Co KG (Germany), SES S.A. (Luxembourg), Keysight Technologies, Inc (US), MediaTek Inc. (Taiwan), EchoStar Corporation (EchoStar) (US), SpaceX (US), AST & Science, LLC (US), Inmarsat Global Limited (UK), OneWeb (UK), GateHouse SatCom A/S (Denmark), Omnispace, LLC (US), Nelco Limited (US), Skylo Technologies (US), ZTE Corporation (China), Globalstar, Inc (US), Intelsat US LLC (US), Spirent Communications (Spirent) (UK), Telefonaktiebolaget LM Ericsson (Sweden), Nokia Corporation (Finland), and Telefonica S.A. (Spain), Viasat Inc, (US), Telesat (Canada), Satelitiot (Barcelona), Kuiper Systems LLC (US ), and SpaceIoT (China). These players not only have a comprehensive and diverse product portfolio but also have a strong geographic presence. These players can focus on developing innovative 5G NTN market technologies and offerings owing to the emergence of new application areas for 5G NTN markets. These companies offer several product offerings and have operations worldwide. They rely on their R&D capabilities and diversified product and service portfolios to increase their market share. These companies focus on product launches, collaborations, acquisitions, contracts, and partnerships to strengthen their footprint through product innovations and extend their business reach.
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