5G New Radio Market Size To Reach $251.37 Billion By 2030

5G New Radio Market Growth & Trends

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..

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.

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5G New Radio Market Report Highlights

• 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

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) Offering Outlook (Revenue, USD Billion, 2019 - 2030)

• Hardware

  • Base Stations

  • Customer Premises Equipment (CPE)

  • Radio Units

  • Antennas

  • Others

• Software

• Services

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

• Sub-6 GHz

• mmWave

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

• Non-Standalone (NSA)

• Standalone (SA)

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

• Telecom & IT

• Manufacturing

• Automotive

• Healthcare

• Retail

• Others

5G New Radio (NR) 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