GLOBAL 5G NR MODULE MARKET (2024 - 2030)

The 5G NR Module Market was valued at USD 42.06 billion in 2023 and is projected to reach a market size of USD 251.39 billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 29.1%. 

The 5G NR module market has experienced significant growth in the past, driven by the demand for high-speed connectivity. Presently, the market continues to expand as the global deployment of 5G networks accelerates, fostering innovation and collaboration among key players. The market is poised for further growth, with increased integration into various industries and the ongoing development of 5G standards, edge computing, and artificial intelligence in the future. This transformative technology is expected to redefine connectivity across sectors like healthcare, manufacturing, and entertainment.

Key Market Insights:

In 2022, the hardware segment took the lead in the 5G New Radio (NR) market, driven by the increasing demand for advanced radio units like massive MIMO and beamforming. These technologies enhance coverage, capacity, and resource optimization, contributing significantly to the segment's growth.

Projected to exhibit the highest Compound Annual Growth Rate (CAGR), the Standalone (SA) segment stands out due to its advantages over Non-Standalone (NSA) counterparts. Faster network performance and lower latency are key factors propelling the growth of the SA segment in the 5G NR market.

The manufacturing segment is anticipated to experience the highest CAGR over the forecast period. The transformative potential of 5G NR technology for real-time monitoring and management of industrial processes is a pivotal factor, leading to increased efficiency and productivity in this sector.

5G NR Module Market Drivers:

5G Integration Boosts IoT and Drives Market Potential for 5G NR Modules:

The integration of the Internet of Things (IoT) with 5G services serves as a significant driver for the 5G NR module market. The advent of 5G enables enhanced performance and reliability for IoT devices, extending capabilities from sensors to actuators, robots, and drones. This integration facilitates distributed coordination, low latency, and dependable execution of tasks by humans. The ability of 5G technology to enable faster communication between IoT devices, smartphones, tablets, and other electronic equipment creates a substantial market potential for the 5G modules sector.

5G NR Module Market Driven by Surging Demand for Massive IoT Solutions in Diverse Industries:

As industries increasingly adopt IoT use cases that demand wide-area connectivity and the ability to handle a large number of connections, the 5G NR module market is driven by the growing need for massive IoT solutions. The trend towards massive IoT, characterized by intelligent connectivity in various settings, aligns with the capabilities of 5G networks. The ability of 5G to support the widespread deployment of intelligent IoT nodes positions it as a key driver for the 5G NR module market.

Technological Advancements Fuel Growth in the 5G NR Module Market:

Ongoing technological advancements contribute to the expansion of opportunities in the 5G NR module market. The demand for wide-area connectivity and the management of numerous connections across diverse industries fuel the growth of massive IoT solutions. While current cellular IoT standards like NB-IoT are in use, the evolution to 5G networks is anticipated to enable the widespread deployment of intelligent IoT nodes. This technological progression creates a robust platform for the adoption of critical communications services, further driving the demand for 5G NR modules.

5G NR Module Market Restraints and Challenges:

Navigating Regulatory Complexities, Infrastructure Costs, and Interoperability: The Multifaceted Challenges Facing the 5G NR Module Market:

The 5G NR (New Radio) module market is confronted with a myriad of challenges as it strives to harness the potential of fifth-generation wireless technology. One significant hurdle is the complex and evolving global regulatory landscape, with varying spectrum allocations and licensing requirements across different regions, impeding the seamless deployment of 5G modules. Additionally, the high initial infrastructure costs and the need for extensive network densification pose financial challenges for widespread adoption. Interoperability issues and standardization concerns also cast a shadow, as the industry grapples with multiple competing specifications and diverse hardware implementations. The demand for compact and energy-efficient modules further intensifies the challenge, requiring continuous innovation to meet the stringent size and power constraints. Navigating these obstacles demands a collaborative effort from stakeholders to establish common standards, address regulatory hurdles, and foster innovation to propel the 5G NR module market into a more robust and accessible future.

5G NR Module Market Opportunities:

The 5G NR (New Radio) module market is poised for a transformative era, offering unprecedented opportunities for technological advancement and connectivity. As the demand for higher data speeds, lower latency, and increased device connectivity continues to surge, the 5G NR modules open doors for enhanced communication capabilities. Industries such as healthcare, manufacturing, transportation, and smart cities stand to benefit from the ultra-fast and reliable connectivity that 5G NR modules enable, paving the way for innovations like remote surgery, autonomous vehicles, and efficient industrial automation. The vast potential for IoT (Internet of Things) applications further amplifies the market's prospects, as 5G NR modules facilitate the seamless integration of a multitude of devices into a connected ecosystem. With the promise of unlocking new dimensions in communication and technology, the 5G NR module market holds the key to a future characterized by unparalleled connectivity and innovation.

GLOBAL 5G NR MODULE MARKET REPORT COVERAGE:

5G NR Module Market Segmentation:

Market Segmentation: By Offering Outlook:

• Hardware
• Software
• Services

The Services segment holds the largest share, emphasizing its crucial role in 5G technology evolution. Interestingly, Hardware emerges as the fastest-growing segment during the forecast period, reflecting the rising demand for robust physical components to support 5G infrastructure expansion. This dual trend underscores the significance of both services and hardware in shaping the 5G NR market landscape.

Market Segmentation: By Architecture Outlook:

• Non – Standalone (NSA)
• Standalone (SA)

The largest in this segment is standalone (SA) and the fastest growing during the forecast period is also standalone (SA), emphasizing the industry's shift towards independent and self-sufficient 5G networks. This trend highlights the increasing importance of Standalone architecture in shaping the trajectory of the 5G NR market.

Market Segmentation: By Industry:

• Telecom & IT
• Manufacturing
• Automotive
• Healthcare
• Retail
• Others

Telecom & IT stands out as the largest segment, reflecting the significant adoption of 5G technology in the telecommunications and information technology sectors. The Healthcare sector emerges as the fastest-growing segment, indicating a rapid integration of 5G NR solutions to enhance medical services, connectivity, and data transfer within the healthcare industry. This trend underscores the diverse applications and expanding reach of 5G NR technology across various sectors.

Market Segmentation: Regional Analysis:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East and Africa

The largest in this segment is North America and the fastest growing during the forecast period is Asia-Pacific. The substantial expansion in this context can be attributed primarily to the significant presence of leading network providers and key market players. Furthermore, the Asia-Pacific region's expansive mobile subscriber base is fostering heightened competitiveness among businesses, compelling them to prioritize superior customer service. With a sizable customer base, diversity, and strategic leadership exhibited by countries like Singapore, South Korea, China, Australia, and Japan, the region is well-positioned to assert dominance in technologies such as 5G, edge computing, blockchain, and 5G core. The strategic importance of these regions reflects the varying degrees of 5G NR adoption, influenced by factors such as technological advancements, infrastructure investments, and the demand for high-speed connectivity. As the global 5G NR market continues to evolve, the regional distribution underscores the diverse opportunities and challenges shaping the industry.

COVID-19 Impact Analysis on the 5G NR Module Market:

The impact of the COVID-19 pandemic on the market was moderate, with disruptions in supply chains and delays in deploying 5G networks in certain regions. However, as the market gradually recovered, the pandemic spurred a heightened demand for 5G NR solutions. The surge in remote work and an increased reliance on connectivity and high-speed data transfer contributed to this demand. Consequently, there has been a notable increase in the need for 5G-enabled devices like smartphones, tablets, and laptops, along with a heightened requirement for network infrastructure to accommodate the escalated data traffic. These factors are expected to drive sustained market demand in the forthcoming years.

Latest Trends/ Developments:

Edge computing reduces latency, while Open RAN architecture promotes flexibility. Innovations focus on compact, energy-efficient designs, meeting demands for smaller form factors. Collaboration between telecom operators and industries explores sector-specific applications, highlighting the broad potential of 5G NR modules across diverse domains. These trends reflect the market's adaptability to the evolving technological landscape.

Key Players:

• Huawei Technologies Co., Ltd.
• Qualcomm Technologies, Inc
• Telefonaktiebolaget LM Ericsson
• Samsung
• Intel Corporation
• Cisco Systems Inc.
• Fujitsu
• NEC Corporation
• Verizon Communications Inc.
• Keysight Technologies
• Jan 2023: Quectel Wireless Solutions, a global provider of IoT and automotive solutions, has launched the AG59x series, a new line of automotive-grade 5G NR modules. These modules offer enhancements such as multi-gigabit cellular connectivity, direct C-V2X PC5 communications, improved location services, a high-performance multicore application processor, and enhanced security features.
• Feb 2023: Qualcomm has unveiled the industry's inaugural 5G NR-Light Modem-RF System, known as the Snapdragon X35 5G Modem-RF System. Engineered to drive a new generation of 5G devices, this system bridges the gap between high-speed mobile broadband devices and low-bandwidth NB-IoT devices.