Private LTE Market is Emerging with 24.1% of CAGR, fueled by Introduction of 5G network by 2028

NEW YORK, UNITED STATES, February 9, 2022 /EINPresswire.com/ -- According to our latest market study on “Private LTE Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component (Solution and Services); Type (FDD, and TDD); End- user (Manufacturing, Energy & Utilities, Healthcare, Transportation, Mining, and Others), and Geography” the market was valued at US$ 3,153.1 million in 2020 and is projected to reach US$ 8,507.2 million by 2028; it is expected to grow at a CAGR of 13.6% during the forecast period. The report highlights key factors driving the market growth, and prominent players and their developments in the market.

Market Size Value in - US$ 2,892.8 Million in 2019
Market Size Value by - US$ 8,507.2 Million by 2028
Growth rate - CAGR of 24.1% from 2020-2028
Forecast Period - 2020-2028
Base Year - 2020
No. of Pages - 215
No. Tables - 110
No. of Charts & Figures - 80
Historical data available - Yes
Segments covered - Component , Type , End-user
Regional scope - North America; Europe; Asia Pacific; Latin America; MEA
Country scope - US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage - Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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Private LTE lays a manufacturing site's network so that the robotic devices do not have to strive for coverage. A private LTE network provides a higher quality of service for devices. It offers the users a network that is fully prepared for 5G. Many market players are implementing robotics in manufacturing facilities to improve and automate the manufacturing operations. Such initiatives require strong information security, along with exceptional network performance and bandwidth — both of which can be hampered by the fluctuating data usage of businesses and homes in the surrounding area.

COVID–19 Impact on Private LTE Market

The outbreak of COVID-19 has been affecting every business globally since December 2019. The continuous growth in the number of virus-infected patients has made governments to put a restriction on transportation of humans and goods. The manufacturing and construction industries, power plants, academic institutes, shopping complexes, office premises have experienced temporary shutdown in their activities because of precautionary measures taken to curb the spread of COVID-19. The factory shutdowns and border lockdowns have impacted manufacturing, supply, and sales of various industries. Companies such as CommScope have experienced disruption in their activities to manufacture and distribute products from their manufacturing/contract facilities. Also, due to pandemic situation, CommScope’s facilities in Suzhou, China were closed in the first quarter of 2020 owing to supply constraints. Verizon, Huawei, and Ericsson are the other companies that have witnessed disruption in their business activities due to temporary closure of manufacturing and ban on supply chain.

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Increasing Adoption of IoT in Manufacturing Sector
The increasing adoption of the Industry 4.0, industrial IoT, and automated technology are significantly fuelling the demand for private LTE market. The continuous advancements in connectivity is the key parameter positively influencing the market. Increasing connected devices in manufacturing sector are generating a huge amount of data, and these data need to be analyzed effectively for smooth business operations. The increasing investments in machine-to-machine (M2M) and traditional IoT have enabled a significant increase in the economies of scale that drive the adoption of private LTE across the sector.
The growing requirement for the transition of disparate, disconnected networks to smart connected systems in order to offer enhanced customer interaction and service delivery modes has led to the introduction of private LTE networks. Furthermore, a private LTE network eradicates the constraints associated with a conventional network system, such as Ethernet or Wi-Fi, by supporting both human and machine communication on one network.

Private LTE network, still in its stage of development, is comparatively niche and, in the past four years, has not seen much penetration. However, with the introduction of Industrial Internet of Things (IIoT), its deployment is expected to witness high growth opportunities during the forecast period. The primary driver of private LTE networks is growing adoption of isolated systems. In addition, increasing the global adoption of smartphones is expected to push market expansion in a positive direction during the forecast period. Furthermore, the government initiatives to provide improved public safety are projected to fuel the global demand for private LTE networks. Problems, however, such as the complexity of implementing a private LTE network might hamper the growth of the private LTE market during the forecast period.

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Strategic Insights:
Players operating in the Private LTE market focus on strategies, such as market initiatives, acquisitions, and product launches, to maintain their positions in the private LTE market. A few developments by key players of the private LTE market are:
-In April 2021, Epic has partnered with Ericsson to modernize its existing network and to avail 5G radio access network (RAN) to provide 5G services in Malta. The collaboration includes sharing of Ericsson Spectrum and Ericsson Antenna System which will be deployed in Epic’s network to provide smooth, fast, and cost-effective shift to 5G services in Malta.
-In December 2019, Huawei’s 5G RAN gNodeB and LTE eNodeB has passed 3GPP’s Security Assurance Specifications (SCAS) testing.

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