5G NTN Market to Grow With 28% CAGR Through This Decade, Says P&S Intelligence

NEW YORK, June 27, 2023 /PRNewswire/ -- By 2030, the global 5G NTN market value is projected to be USD 25,184 million, growing at a CAGR of 28%, according to the recent market research study published by P&S Intelligence.

This can be credited to the rising need for low-latency, high-speed connectivity in suburban and urban settings, growing 5G infrastructure, increasing count of government initiatives for improving 5G's reach to consumers, and augmenting mobile data traffic.

LEO Satellites To Experience Significant Development 

In the coming few years, the LEO satellites category would experience growth at the highest rate, because of the need for better network coverage, increasing investment by tech giants and the government, and the rising popularity of 5G satellite communications.

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Additionally, LEO satellites with 5G connectivity can advance services such as cutting-edge drone operations and container tracking.

Aerospace & Defense Sector's Need for 5G NTNs Will Grow Fastest

In the coming few years, the aerospace & defense category will showcase the highest CAGR. This is mainly because of the heavy government investment in the defense industry, growing pace of technological improvements for higher strike accuracy and personnel protection, and rising digitalization rate.

Furthermore, the mushrooming demand for a better speed and dependability in internet connectivity inside aircraft and the increasing need for reliable communication for military operations on land and water generate prospects for the industry.

Solution Demand Is More than Hardware and Services

In 2022, the solutions category dominated the component segment, and it is projected to be dominant throughout the projection period. This can be credited to the growing requirement of telcos to offer enhanced 5G connectivity at a lower operational cost and the rising number of companies providing solutions to test the dependability, effectiveness, and affordability of the system before it is introduced in space. 

North America Has Widest 5G NTN Coverage

In 2022, North America held the largest 5G NTN market share, and it is also projected to be dominant throughout the projection period. This is mainly because of the existence of a large count of players providing 5G communication solutions and the appreciable coverage of this network technology in the continent.

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The U.S. is the higher revenue generator for the continent, credited to the surge in the federal support for space communications, high investment by key players in R&D to provide high-speed communication solutions, and wide acceptance of the 5G technology in the nation.

Moreover, the growing aerospace & defense industry, mainly because of the high government expenditure, drives the advance of the regional industry.

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SOURCE P&S Intelligence