Rising demand for specific and well-defined network capabilities is driving private LTE market revenue growth
The global private LTE market size is expected to reach USD 10.77 Billion in 2028 and register a revenue CAGR of 12.8% over the forecast period, according to the latest report by Reports and Data. Major factors driving market revenue growth is rising demand for unique and better-quality network and convergence of 5G and private LTE (Long-Term Evolution).
Rising demand for high-speed wireless network connectivity is driving revenue growth of the global market. Private LTE networks are detached from macro networks and deployed for IoT applications. It also improves network connectivity in critical areas such as healthcare centers, industrial sites, and offshore oil & gas rigs, which require seamless and fast network connection, as well as offers higher bandwidth, better spectrum efficiency, and low latency.
High demand for improved outdoor network coverage in various end-use industries is boosting revenue growth of the market. LTE is a wireless wide-area network technology and can operate at much longer distances from its base stations, while performing better than Wi-Fi. Companies involved in businesses such as mines, shipyard, oil rigs, and RV parks, among others require installation of few small cells to provide wide coverage area. Moreover, private LTE is safer than public connections, which means it is less prone to attack vectors and thus fewer cyberattacks.
COVID-19 pandemic created need for companies to employ work from home model, which resulted in need for secure, faster, and reliable networks. Thus, high demand for private LTE rose significantly during the pandemic due to implementation of lockdown and work from home trend created increasing demand for high-quality and reliable connectivity, which is further expected to drive market revenue growth.
Major companies profiled in the global market report include Nokia Corporation, Ericsson, Huawei Technologies Co., Ltd., NEC Corporation, Verizon, Cisco Systems, Samsung Electronics, Luminate Wireless, Inc., Future Technologies, and Redline Communications.
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Some Key Highlights from the Report
- In May 2021, Anterix signed a partnership agreement with Motorola Solutions to facilitate private LTE network deployment by utility companies as part of their initiative for electric grid modernization. Anterix’s low-band licensed spectrum can offer utility companies the ability to deploy private LTE network platform which can help them evolve to an advanced grid.
- Frequency division duplex segment accounted for a significantly large revenue share in 2020 as it uses different bands for transmitter and receiver sides, thus making it easier to manage symmetric traffic, such as voice applications in broadband wireless networks. Frequency division duplex requires fewer base stations, which results in reduced cost associated with installation and maintenance.
- Revenue from the services segment is expected to grow at a faster rate during the forecast period. These services enable organization to integrate all systems into one unique network. These also allow organizations to connect across all business functions, along with relevant information related to several high-quality services such as intelligent design, operations, and maintenance.
- Government and public safety segment is expected to witness robust revenue CAGR during the forecast period. With introduction of the Internet of Things (IoT) technology and machine learning in various industries and increase in number connected devices, organizations are facing more and more data and network security issues.
- Mining segment accounted for significantly large revenue share in 2020. Mining operations generally face several issues in connectivity because these operations often operate in remote areas with little to no cellular coverage and have complicated conditions and demands, such as extending communications underground.
- Market in North America accounted for largest revenue share in 2020, due to presence of well-established infrastructure, increased adoption of advanced technologies, and rise in demand in various end-use industries, such as mining, utilities, healthcare, and manufacturing. Presence of established market players is also contributing to market revenue growth.
For the purpose of this report, Reports and Data has segmented the global private LTE market based on technology, component, deployment model, end use, and region:
Technology Outlook (Revenue, USD Billion; 2018–2028)
- Frequency Division Duplex
- Time Division Duplex
Component Outlook (Revenue, USD Billion; 2018–2028)
- Integration And Deployment
- Support And Maintenance
- Managed Services
- Mobile Core Network
Deployment Model Outlook (Revenue, USD Billion; 2018–2028)
End Use Outlook (Revenue, USD Billion; 2018–2028)
- Energy And Utilities
- Government and Public Safety
- Oil and Gas
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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