The “North America 5G Equipment and Device Market Size, Segments, Outlook and Revenue Forecast 2022-2030 by Equipment vs Device, Testing Equipment, Network Infrastructure, Frequency, Device, End User, and Major Countries” report has been added to ResearchAndMarkets.com’s offering.
5G is the 5th Generation mobile network technology that delivers lower latency, which can enhance the functionality of corporate applications and other digital experiences including online gaming, videoconferencing, self-driving cars, etc.
According to this analysis, the North America 5G Equipment and Device Market is expected to record a positive CAGR of ~20% during the forecast period (2022-2030) and reach ~ US$ 320 Bn by 2030, driven by the growing demand for immersive content and enhanced broadband connectivity. The market for 5G devices is predicted to rise as connectivity, digital apps, and wearable technologies become more widely used. Additionally, modernizing current support infrastructures, such as modems, towers, and other support equipment, will open up a lot of doors for new players.
The 5G’s high bandwidth and low latency capacities deliver a better experience for consumers, which is likely to leverage the deployment of 5G networks. The Covid-19 pandemic had a positive impact on the North American 5G Equipment and Device Market owing to the vital role of the mobile industry that developed focus during the pandemic as people relied on mobile networks to stay connected and access life-enhancing services. In 2020, 4% of GDP in North America was generated from mobile technologies and services. The data traffic per smartphone increased from 8.4 GB/month in 2019 to 11.1 GB/month in 2020 due to the high uptake of unlimited data plans across the region.
The growing demand for immersive content and enhanced broadband connectivity is likely to leverage 5G’s high bandwidth and low latency capacities to deliver a better experience for consumers.
According to the GSM Association, North America report in 2022, the 5G in the US accounts for 3% of the technology mix in 2020, and is estimated to account for 68% of the technology mix by 2025.
US operators Verizon and AT&T are spending billions to deploy 5G in its C-band spectrum. Verizon is likely to spend about US$ 5 billion in 2022 and AT&T is expected to spend US$ 6 billion on its 5G deployment by 2023. With the rolling out of the C-band, the end user is likely to get faster speed.
Owing to the surge in demand for 5G technology because of its low latency, operators have started investing in 5G technology providing a growth opportunity for the market.
The deployment of the C-band spectrum is expected to drive the investment of US$ 293 billion for 5G by mobile operators in North America by 2025. It is expected to provide a middle ground for capacity and coverage of 5G networks.