Report : Europe Private 5G Networks Market Forecast to 2030 - Regional Analysis - By Component (Hardware, Software, and Services), Frequency (Sub-6 GHz and mmWave), and End User (Manufacturing, Energy and Utilities, Automotive, Military and Defense, Government and Public Safety, and Others)
At 40.9% CAGR, Europe Private 5G Networks Market is Projected to be Worth US$ 10,511.58 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Europe private 5G networks market was valued at US$ 678.26 million in 2022 and is expected to reach US$ 10,511.58 million by 2030, registering a CAGR of 40.9% from 2022 to 2030. Increasing deployment of time-sensitive networking in automotive industries and increasing demand for IoT are among the critical factor attributed to the Europe private 5G networks market expansion.
Time-sensitive networking (TSN) is a set of protocols for predictable, low-latency communication across Ethernet networks. As a result, it is suited for use in applications requiring real-time communication, such as autonomous driving and advanced driver assistance systems (ADAS). For automotive applications, private 5G networks have certain advantages over standard public cellular networks. They can offer more bandwidth, lower latency, and more reliability. This is due to the fact that private 5G networks are dedicated to a particular user or organization and do not have the same congestion difficulties as public networks. The combination of TSN and private 5G networks is creating new opportunities for the automotive industry. For example, TSN can be used to enable real-time communication between various sensors, actuators, and control systems in an autonomous vehicle. This is crucial for ensuring the safety and reliability of autonomous driving systems. TSN technologies are emerging. For instance, the IEEE Standards Association advances new TSN application profiles as adoption increases in the automotive industry. Therefore, the growing interest in TSN in the automotive industry is an opportunity for growth in the private 5G network market. As the automotive industry continues to develop and deploy autonomous vehicles and ADAS systems, the demand for private 5G networks is expected to continue to grow.
On the contrary, high deployment and maintenance cost hurdles the growth of Europe private 5G networks market.
Based on component, the Europe private 5G networks market is categorized into hardware, software, and services. The hardware segment held 55.4% market share in 2022, amassing US$ 375.63 million. It is projected to garner US$ 6,097.22 million by 2030 to expand at 41.7% CAGR during 2022-2030.
In terms of frequency, the Europe private 5G networks market is bifurcated into sub-6GHz and mmwave. The sub-6GHz segment held 93.6% share of Europe private 5G networks market in 2022, amassing US$ 635.17 million. It is projected to garner US$ 9,747.27 million by 2030 to expand at 40.7% CAGR during 2022-2030.
By end user, the Europe private 5G networks market is segmented into manufacturing, energy and utilities, automotive, military and defense, government and public safety, and others. The manufacturing segment held 25.8% share of Europe private 5G networks market in 2022, amassing US$ 174.80 million. It is projected to garner US$ 2,965.40 million by 2030 to expand at 42.5% CAGR during 2022-2030.
Based on country, the Europe private 5G networks market has been categorized into Germany, the UK, France, Spain, Italy, and the Rest of Europe. Our regional analysis states that Germany captured 34.3% share of Europe private 5G networks market in 2022. It was assessed at US$ 232.58 million in 2022 and is likely to hit US$ 3,910.68 million by 2030, exhibiting a CAGR of 42.3% during 2022-2030.
Key players operating in the Europe private 5G networks market are Cisco Systems Inc, Huawei Technologies Co Ltd, Nokia Corp, Telefonaktiebolaget LM Ericsson, T-Systems International GmbH, Verizon Communications Inc, Vodafone Group Plc, AT&T, Qualcomm Inc, and Amazon Web Services Inc, among others.
- In May 2023, Schneider Electric, Capgemini, and Qualcomm Technologies have announced their collaboration on a first-of-its-kind 5G-enabled automated hoisting solution. The three companies have joined efforts on the design and installation of the solution at Schneider Electric's hoisting Lab in Grenoble, France.
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