New York, USA, April 04, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global 5G module market is expected to garner a revenue of $468,271.9 million by 2028, growing exponentially at a CAGR of 70.8% during the forecast period, 2021-2028. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the 5G Module Market
Drivers: Integration of IOT (internet of things) with 5G services significantly increase their performance and reliability. This factor is expected to drive the growth of the market during the forecast period. In addition, seamless connectivity and rapid information transmission in internet of things with the help of 5G network technology is expected to bolster the growth of the 5G module market during the forecast period.
Restraints: Extortionate investment cost in 5G is expected to hinder the growth of the market during the forecast period.
Opportunities: Growing prevalence of IOT in various end-use industries is predicted to create tremendous opportunities for the growth of the 5G module market during the forecast period.
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COVID-19 Impact on the 5G Module Market
The outbreak of COVID-19 has had a negative impact on the growth of the global 5G module market, owing to the prevalence of lockdowns in various countries across the globe. Stringent restrictions were imposed by the government on halting all the ongoing constructions and infrastructural projects across the globe, and hence the creation of 5G foundations came to a standstill during the pandemic. Huge number of manufacturers and telecommunication providers suffered as the spectrum auctions were also halted during the pandemic.
Segments of the 5G Module Market
The report has divided the market into various segments based on applications, end-users, and region.
Applications: Internet of Vehicles Sub-segment to Have the Fastest Growth Rate
The internet of vehicles sub-segment is expected to grow expeditiously at a CAGR of 71.8% during the forecast period. Surging demand for electric vehicles that are equipped with sensors, software, and other technologies to maximize safety and performance of cars is expected to drive the growth of the 5G module market sub-segment during the forecast period.
End-Users: Transportation & Logistics Sub-Segment to be Most Lucrative
The transportation & logistics sub-segment is expected to generate a revenue of $138,765.8 million during the forecast period. Increased efficiency of 5G connectivity will enable security authorities to supervise roads with the help of cameras, and gather pertinent data on security breaches and accidents. This factor is expected to stimulate the growth of the sub-segment during the forecast period.
Region: Asia-Pacific Region to Witness the Highest Growth Rate
The Asia-Pacific region is expected to grow exponentially at a CAGR of 72.1% during the forecast period. Immense mobile subscriber base in this region is expected to drive the growth of the market during the forecast period. In addition, huge presence of prominent network providers in this region is further expected to accelerate the growth of the regional 5G module market during the forecast period.
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Key Players of the 5G Module Market
The major players of the market include
- Sierra Wireless
- Telit
- Quectel
- Huawei
- Samsung
- Apple
- Amazon
- AT&T
- Vodafone
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in October 2020, Marvell Technology Group, a Delaware, US-based data infrastructure semiconductor solutions provider, acquired Inphi Corporation, an innovative company engaged in high-speed data movement, in order to accelerate Marvell’s leadership and growth in cloud and 5G infrastructure.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
5G Module Market Report Overview & Full TOC
Report Related links:
Future of the Contemporary World With 5G Module
