5G New Radio Market to be Worth $251.37 Billion by 2030: Grand View Research, Inc.

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Jul 11, 2023, 11:45 ET

SAN FRANCISCO, July 11, 2023 /PRNewswire/ -- The global 5G new radio market size is expected to reach USD 251.37 billion by 2030, registering a CAGR of 29.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. The 5G New Radio (NR) market is being driven by a number of factors, including the increasing demand for high-speed and low-latency connectivity, the growth of the Internet of Things (IoT) and Machine-to-Machine (M2M) communications, and the increasing adoption of cloud-based technologies. Additionally, the need for faster and more reliable communication networks to support emerging applications such as autonomous vehicles, augmented reality and virtual reality, and remote healthcare is also driving the growth of the 5G New Radio market.

Key Industry Insights & Findings from the report:

The hardware segment dominated the market in 2022 owing to the growing need for sophisticated radio units like as massive MIMO and beamforming, which provide higher coverage and capacity while also assisting in resource optimization, is a crucial element driving the segment growth.
The Sub-6 GHz segment dominated the market in 2022 owing to Sub-6 GHz spectrum bands ability to provide a strong combination of coverage and capacity, making them suited for offering high-speed connection to large numbers of users, is a primary driver driving sector expansion.
The Standalone (SA) segment is projected to expand at the highest CAGR owing to the advantages over Non-Standalone (NSA), including faster network performance and lower latency.
The Ultra-reliable Low-latency Communications (URLLC) segment is expected to grow significantly over the forecast period. The growing need for mission-critical applications requiring high reliability and low latency is propelling the URLLC segment in the 5G New Radio (NR) market
The manufacturing segment is projected to expand at the highest CAGR over the forecast period. The potential of 5G NR technology to provide real-time monitoring and management of industrial processes, which leads to higher efficiency and productivity, is a key element influencing the segment growth.
Asia Pacific dominated the regional market in 2022. The region has a sizable population and a rising number of mobile customers, which is fueling demand for innovative apps and high-speed internet services

Read full market research report, "5G New Radio Market Size, Share & Trends Analysis Report By Offering, By Operating Frequency, By Architecture, By Application, By Industry, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

5G New Radio Market Growth & Trends

The rising usage of massive Multiple-Input Multiple-Output (MIMO) technology which involves the use of a large number of antennas at both the transmitter and receiver ends, which can significantly increase the data throughput and improve network capacity is a significant factor contributing to the growth of the market. Additionally, there is a growing focus on the development of compact and lightweight radio units that can be easily deployed in a variety of settings, including urban and rural areas. This is particularly important for enabling the deployment of 5G networks in areas where traditional infrastructure is not readily available.

Increasing demand for the high speed mobile internet among consumers is also contributing to the market growth. As the need for high-speed mobile internet grows, 5G New Radio (NR) technology will become increasingly vital in meeting these expectations. 5G New Radio technology, with higher data transfer rates and lower latency, can provide a better user experience for mobile internet consumers. The growing popularity of Virtual Reality/Augmented Reality (VR/AR) applications is driving the demand for 5G New Radio technology, as these applications require high-speed data transfer rates and low latency to provide a seamless user experience. With its ability to support Enhanced Mobile Broadband (eMBB), 5G New Radio can enable high-quality VR/AR applications on mobile devices.

The outbreak of the COVID-19 pandemic had a moderate impact on the market. The pandemic had disrupted the supply chains and caused delays in the deployment of 5G networks in some regions. However, as the market started recovering, the pandemic has accelerated the demand for 5G NR solutions, as more people have been working remotely, and there has been an increased need for connectivity and high-speed data transfer. This has led to a rise in demand for 5G-enabled devices, such as smartphones, tablets, and laptops, and has also increased the need for network infrastructure to support the increased data traffic. Such factors are anticipated to create more demand for the market over the coming years.

5G New Radio Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 42.16 billion
Revenue forecast in 2030	USD 251.37 billion
Growth rate	CAGR of 29.1% from 2023 to 2030
Base year of estimation	2022
Historical data	2019 - 2021
Forecast period	2023 - 2030

5G New Radio Market Segmentation

Grand View Research has segmented the global 5G New Radio Market based on offering, operating frequency, architecture, application, industry, and region.

5G New Radio (NR) Market - Offering Outlook (Revenue, USD Billion, 2019 - 2030)

Hardware

Base Stations
Customer Premises Equipment (CPE)
Radio Units
Antennas
Others

Software
Services

5G New Radio (NR) Market - Operating Frequency Outlook (Revenue, USD Billion, 2019 - 2030)

Sub-6 GHz
mmWave

5G New Radio (NR) Market - Architecture Outlook (Revenue, USD Billion, 2019 - 2030)

Non-Standalone (NSA)
Standalone (SA)

5G New Radio (NR) Market - Application Outlook (Revenue, USD Billion, 2019 - 2030)

Enhanced Mobile Broadband (eMBB)
Ultra-reliable Low-Latency Communications (URLLC)
Massive Machine-type Communications (mMTC).

5G New Radio (NR) Market - Industry Outlook (Revenue, USD Billion, 2019 - 2030)

Telecom & IT
Manufacturing
Automotive
Healthcare
Retail
Others

5G New Radio (NR) Market - Regional Outlook (Revenue, USD Billion, 2019 - 2030)

North America

U.S.
Canada

Europe

UK
Germany
Spain

Asia Pacific

China
India
Japan
South Korea
Australia

Latin America

Brazil
Mexico

Middle East & Africa

Kingdom of Saudi Arabia (KSA)
UAE
South Africa

List of Key Players in the 5G New Radio (NR) Market

Huawei Technologies Co., Ltd.
Qualcomm Technologies, Inc
Telefonaktiebolaget LM Ericsson
Samsung
Intel Corporation
Cisco Systems Inc.
Fujitsu
NEC Corporation
Verizon Communications Inc.
Keysight Technologies

Check out more related studies published by Grand View Research:

Cognitive Radio Market - The global cognitive radio market size is expected to reach USD 24.69 billion by 2030 and is expected to expand at a CAGR of 18.6% from 2022 to 2030. The emergence of 5G technology and increasing demand for advanced wireless communication devices in the government and defense sector is expected to fuel the demand for cognitive radios in the forecasted period. The demand for cognitive radios has increased owing to its benefits, such as optimized radio frequency spectrum and integration with Artificial Intelligence (AI) and Machine Learning (ML), making the system more efficient. Furthermore, the ability to overcome radio spectrum scarcity to improve satellite communications and enhance service quality is resulting in the faster adoption of cognitive radios worldwide, consequently driving the market globally.
Software Defined Radio Market - The global software defined radio market size is anticipated to reach USD 47.74 billion by 2030, registering an estimated CAGR of 8.2% from 2022 to 2030, according to a new report by Grand View Research, Inc. Software defined radio (SDR) is a technology that aids in the transmission and reception of high-frequency signals over long distances. It offers benefits while resolving spectrum and wireless communication restrictions. Furthermore, the technology has progressed to the point that software defined radio systems with large bandwidth applications that provide high-quality services are now possible. Countries with a significant modern military presence like the U.S., Japan, Germany, South Korea, and Australia are upgrading their communication systems by integrating software defined radio as the new norm.
5G Infrastructure Market - The global 5G infrastructure market size is estimated to reach USD 95.88 billion by 2030, registering a CAGR of 34.2% from 2022 to 2030, according to a new study by Grand View Research, Inc. Significant investments by communication service providers to deploy 5G infrastructure across the globe to offer improved data services are estimated to drive the market. Additionally, robust innovation in next-generation 5G network equipment and deployment module will help in bringing down the overall deployment costs for service providers, thus boosting 5G infrastructure deployment during the forecast period.

Browse through Grand View Research's Next Generation Technologies Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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