CHICAGO, July 21, 2023 /PRNewswire/ -- The 5G from the space market is valued at USD 300 million in 2023 and is projected to reach USD 3,693 million by 2028, at a CAGR of 65.1% from 2023 to 2028 according to a new report by MarketsandMarkets™. The 5G from space market report includes hardware and services, including Satellite, User Terminal, and end-user service. The emergence of "5G from space" represents a transformative integration of satellite communication and non-terrestrial networks to provide enhanced connectivity and enable a wide array of applications across various sectors. By leveraging advanced satellite systems, such as low Earth orbit (LEO), 5G from space aims to extend the capabilities of terrestrial 5G networks to even the most remote and challenging environments.
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5G From Space Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $300 million |
Estimated Value by 2028 | $3,693 million |
Growth Rate | Poised to grow at a CAGR of 65.1% |
Market Size Available for | 2019–2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Components, Application, Vertical and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | The latency of 5G signals from space is higher than the latency of terrestrial 5G signals |
Key Market Opportunities | Growing adoption of the Internet of Things (IoT) |
Key Market Drivers | Development of new applications and services |
This integration enables the provision of high-speed, low-latency connectivity to support critical communications and applications in sectors such as telecommunication and cellular backhaul, media and entertainment, business and enterprise, retail and consumers, aviation, marine vessels, transportation, and logistics, as well as scientific research and development.
With the ability to establish reliable connections in areas where terrestrial infrastructure deployment is impractical or economically unviable, 5G from space holds great potential for bridging the digital divide and ensuring seamless communication in even the most demanding scenarios. Additionally, the integration of 5G from space with terrestrial networks enhances the overall resiliency and redundancy of communication systems, as satellite links can serve as a backup option during network outages or disasters, facilitating the swift restoration of connectivity and enabling critical decision-making processes in communication, command, and control centers.
Based on Components, the Service segment is estimated to account for the fastest growth of the 5G from space market from 2023 to 2028.
Based on Components, the Service segment is estimated to lead the 5G from the space market from 2023 to 2028 and is projected to grow further. As the demand for seamless and reliable connectivity increases across industries and sectors, the service segment plays a crucial role in providing comprehensive solutions and support to meet the evolving needs of customers.
Drivers of the service segment's growth is the deployment of advanced satellite-based communication services. With 5G from space, satellite operators and service providers can offer high-speed, low-latency connectivity to areas where terrestrial infrastructure is limited or unavailable. This opens up new opportunities for businesses and individuals in remote or underserved regions to access the benefits of 5G technology.
The service segment encompasses network management and system integration services. As organizations integrate 5G from space technologies into their existing infrastructure, they require expert guidance and support to ensure a smooth and seamless transition. Service providers offer expertise in network planning, optimization, and integration, enabling businesses to leverage the full potential of 5G from space solutions.
Based on verticals, the commercial segment is estimated to account for the fastest growth of the 5G from the space market from 2023 to 2028.
Based on verticals, The commercial segment within the 5G from space industry is experiencing notable growth, driven by the increasing demand for enhanced connectivity and advanced communication solutions across various industries from 2023 to 2028. growth of the commercial segment is the expansion of telecommunication. 5G from space technology enables telecom operators to extend their coverage and provide high-speed connectivity to remote and underserved areas. This has the potential to bridge the digital divide and unlock new economic opportunities in previously unconnected regions.
The transportation and logistics industry are embracing 5G from space to optimize operations, improve supply chain visibility, and enable smart logistics solutions. Connected vehicles, autonomous transportation systems, and real-time tracking capabilities are transforming the way goods are transported and managed.
As the demand for advanced connectivity and seamless communication continues to grow across the commercial sector, the commercial segment within the 5G from space market is expected to witness robust growth. It presents significant opportunities for businesses to innovate, improve operational efficiency, and deliver exceptional experiences to customers in a rapidly evolving digital landscape.
Based on Application, Massive Machine-Type Communications (mMTC) segment is estimated to account for the fastest growth of the 5G from space market from 2023 to 2028.
Based on Application, the 5G from the space market has been segmented into the Massive Machine Type Communications (MMTC) segment. The 5G from space market is experiencing notable growth due to the increasing demand for connectivity and communication solutions for the Internet of Things (IoT) devices on a massive scale.
The key driver behind the growth of the MMTC segment is the proliferation of smart city initiatives. With the increasing urbanization and the need for sustainable development, cities are adopting smart solutions that rely on IoT devices and sensors. These devices require reliable, low-power, and wide-area connectivity, which 5G from space can provide. By leveraging 5G from space technology, smart cities can optimize resource management, enhance public safety, and improve the overall quality of life for their citizens.
As the number of IoT devices continues to grow exponentially, the MMTC segment within the 5G from space market presents substantial growth opportunities. It empowers various industries to leverage the benefits of IoT and enables seamless communication and connectivity at a massive scale. The deployment of 5G from space technology in the MMTC segment is driving innovation, efficiency, and improved decision-making capabilities across sectors, contributing to the growth of the overall market.
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The North American market is projected to contribute the largest share from 2023 to 2028 in the 5G from space market.
Based on region, North America is expected to lead the 5G from the space market from 2023 to 2028. The North American segment is the region's advanced technological landscape. The United States, in particular, is at the forefront of 5G technology development and deployment. With a strong focus on innovation and research, North America has witnessed significant investments in 5G infrastructure and satellite communication systems, which form the foundation of 5G from space technology. This advanced technological ecosystem enables the region to harness the benefits of 5G from space, facilitating seamless and reliable connectivity for businesses and consumers.
The North American segment benefits from the region's substantial market for IoT applications and services. The proliferation of connected devices, smart homes, and industrial IoT solutions drives the demand for enhanced connectivity. 5G from space technology provides the necessary infrastructure to support these applications.
The 5G from space companies is dominated by a few globally established players such as Oneweb (UK), Omnispace (US), Qualcomm (US), Ericsson (Sweden), and Rohde & Schwarz (Germany), among others.
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