Selbyville, Delaware, Dec. 10, 2020 (GLOBE NEWSWIRE) --
According to latest report “Private LTE Network Market by Component (Product [Infrastructure, Device], Service [Training & Consulting, Integration & Maintenance, Managed Service]), Application (Public Safety, Defense, Mining, Transport, Energy, Manufacturing), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of private LTE network will cross $13 billion by 2026. The rapid growth of connected devices has raised the need for secure and reliable communication, supporting the global market growth.
Rapid industrialization and urbanization have resulted into the acceptance of advanced technologies for carrying about smart manufacturing and logistics. To meet the growing trend of digital workplace & mass customization, manufacturing firms are adopting industrial IoT and private LTE networks for augmenting their productivity & performance with reduced human intervention.
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The high deployment cost in case of network upgrades is one of the disadvantages of these networks. LTE network employs Multiple Input Multiple Output (MIMO) technology that generates the need to use additional antennas at the network base stations for data transmission. As a result, the users need to invest in new cell phones to make use of new network infrastructure.
The mining sector in the private LTE network market is growing at a significant rate and plays an important role in economy and infrastructure development of the nation. Mining is essential for harvesting valuable metals; however, it carries a certain level of risk as many mines are located in remote locations or deep underground, which are not easily accessible. In 2017, the mining industry witnessed around 17 fatalities, which could have been avoided with the use of remotely controlled or autonomous equipment operating in private network; hence, the adoption of private LTE networks in the mining industry is rising at a considerable rate as these solutions enable the mining corporations to use digital technologies to control the operational costs, adapt to the fluctuating demand, and address the increasing environmental & safety concerns. These solutions bring new levels of automation and agility to the mining facilities. The mining sector is projected to spend around USD 2.9 billion on private networking by 2022, creating strong opportunities for LTE operators and vendors.
North America private LTE network market will observe substantial growth till 2026. The growing demand for smart connected systems across various industry verticals, such as manufacturing, transportation, and urban planning, is expected to increase the demand for private LTE networks in the region.
Some of the prominent players operating in the private LTE network market are AT&T, Boingo, Casa Systems, Cisco, Druid Software, Ericsson, Future Technologies, General Dynamics, Huawei, Motorola, NetNumber, Nokia, PDV Wireless, Qualcomm, Rivada Networks, Ruckus Networks, Samsung, Sierra, SpiderCloud Wireless, Tait, Verizon, and ZTE. These companies are focusing on strategic partnerships to enhance their private LTE capabilities.
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Some major findings of the private LTE network market report include:
- The continuous development and investments made by regional governments for smart cities have been driving the market value.
- By deploying their own high-speed private networks, they can improve the security of business applications, enhance operational efficiency, and reduce CAPEX costs.
- The energy segment in the private LTE network market is growing at the fastest rate during the forecast period. The increasing volumes of distributed energy flow in many regions worldwide have resulted in the requirement of a dynamic infrastructure for handling unpredictable and bidirectional power flows.
Table of Contents (ToC) of the report:
Chapter 3 Private LTE Network Market Insights
3.1 Introduction
3.2 Industry segmentation
3.3 Impact of COVID-19 outbreak
3.4 Private LTE ecosystem analysis
3.5 Advantages of LTE for private wireless networks
3.6 Working/Architecture of Private LTE
3.7 Technology & innovation landscape
3.7.1 Internet of Things (IoT)
3.7.2 5G network
3.7.3 MulteFire technology
3.7.4 Citizens Broadband Radio Service (CBRS)
3.8 Regulatory landscape
3.9 Industry impact forces
3.9.1 Growth drivers
3.9.2 Industry Pitfalls and Challenges
3.10 Porter’s Analysis
3.11 PESTEL analysis
3.12 Growth potential analysis
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https://www.gminsights.com/toc/detail/private-lte-market
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.