New York, USA, April 06, 2023 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global 5G module market is predicted to grow at a stable CAGR of 70.8%, thereby garnering a revenue of $468,271.9 million by 2028. This holistic report provides an overarching overview of the nature of the 5G module market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2021-2028 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the working of the market.
Dynamics of the Market
Drivers: In the last few years, there have been numerous technological advancements related to 5G services which are expected to be the primary growth driver of the 5G module market in the forecast period. Along with this, integration of Internet of Things (IoT) with 5G services is predicted to push the market forward.
Opportunities: Increasing penetration of smartphones, tablets, and other electronic equipment is predicted to offer numerous growth and investment opportunities to the market in the forecast period. Moreover, the growing adoption of IoT by various industries is anticipated to help the market grow substantially in the analysis period.
Restraints: High investment cost, however, might prove to be a hindrance in the growth trajectory of the 5G module market.
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Impact of Covid-19 on the Market
The coronavirus pandemic negatively impacted numerous manufacturing and service industries and caused disruptions in global supply chains. The 5G module market, too, was affected greatly due to the pandemic. The lockdowns and travel restrictions slowed down the speed of launch of 5G services across the world. Moreover, governments, too, were focused on curbing the pandemic which reduced the rate of 5G penetration. These factors reduced the growth rate of the market.
Segments of the Market
The report has divided the 5G module market into certain segments based on application, end-user, and region.
Application: Internet of Vehicles Sub-Segment to Have the Fastest Growth Rate
By application, the internet of vehicles sub-segment is predicted to be the most lucrative and grow at a CAGR of 71.8% by 2028. Increasing demand for connected vehicles in the developed and the developing countries is predicted to boost the growth of this sub-segment.
End-User: Transportation and Logistics Sub-segment to Have the Highest CAGR
By end-user, transportation and logistics sub-segment is predicted to be the fastest growing in the forecast timeframe and grow at a CAGR of 72.2% by 2028. Use of high-speed 5G connectivity for comprehensive electronic traffic signaling systems for optimized traffic flow management is predicted to augment the growth rate of this sub-segment in the analysis timeframe.
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Asia-Pacific Region to be the Most Lucrative
By regional analysis, the 5G module market in the Asia-Pacific region is projected to become the most profitable sub-segment and grow at a CAGR of 72.1% by 2028. Presence of the key network providers in this region is predicted to be the main growth driver of the market in the forecast period.
Prominent Market Players
Some prominent market players of the 5G module market are
- Amazon
- Huawei
- Sierra Wireless
- Apple
- Telit
- AT&T
- Samsung
- Quectel
- Vodafone
These companies are coming up with various innovations using different business strategies like acquisitions, mergers, and collaborations to gain a prominent position in the market.
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For instance, in August 2022, Semtech, a mixed-signals and analog semiconductor supplier, announced the acquisition of Sierra Wireless, a leading communications equipment company. This acquisition will help Semtech to realign its operations with respect to the dynamic 5G sector efficiently in the next few years.
Finally, this report published by Research Dive, also summarizes many crucial aspects of the global market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
More about 5G Module Market:
- Future of the Contemporary World With 5G Module
- Global 5G Module Market’s Growth to Propel by 2028 with the Rising Implementation of 5G Module in Several Industrial Verticals
