5G From Space Market Attractive Opportunity, Industry Growth
Chicago, Aug. 30, 2023 (GLOBE NEWSWIRE) — The 5G From Space Market by Components (Hardware and Services), Application(Enhanced Mobile Broadband (Embb), Ultra Reliable and Low Latency Communication (Urllc), Massive Machine-Type Communications (Mmtc)), Vertical and Region – Forecast to 2028“, From a global connectivity standpoint, 5G from space technology has the potential to bridge the digital divide by extending high-speed internet access to remote and underserved areas. Traditional terrestrial networks often struggle to reach these regions, but with satellites deployed in low Earth orbit (LEO), 5G from space can provide seamless connectivity on a global scale.
Scope of the Report
|Estimated Market Size in 2023||USD 300 Million|
|Projected Market Size in 2028||USD 3,693 Million|
|Market size available for years||2020–2028|
|Base year considered||2022|
|Forecast units||Value (USD Million)|
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5G From Space Market Dynamics
Driver: Development of new applications and services
The potential for innovative applications and services is a key driver behind the demand for 5G from Space Industry. Unlike existing satellite technologies, 5G from space has the capability to support advanced functionalities that were previously not feasible. This opens up possibilities such as real-time video streaming to aircraft and ships, allowing for enhanced communication and entertainment options. Additionally, the high-speed and low-latency connectivity provided by 5G from space can enable autonomous driving in remote areas, transforming transportation and expanding the reach of self-driving technologies. The ability of 5G from space to unlock these new applications and services is a significant motivating factor for businesses and industries seeking to leverage the potential of advanced satellite connectivity.
Key Market Players in 5G From Space Market
- Oneweb (UK),
- Qualcomm (US),
- Ericsson (Sweden), and
- Rohde & Schwarz (Germany)
“Browse in-depth TOC on “5G From Space Market Trends, Market Value, Market Forecast, Market Growth“
196 – Tables
43 – Figures
207 – Pages
Restraints: Global chip shortage
The global chip shortage has emerged as a significant constraint for the 5G from the Space market. The shortage has presented challenges in the manufacturing of satellites, making it more difficult to meet the demand for satellite deployment. The limited availability of essential chips has led to delays and increased costs associated with building satellite constellations. As a result, the industry is grappling with supply chain disruptions and uncertainties, hindering the pace of progress in expanding the 5G from Space infrastructure. The chip shortage serves as a major constraint, impacting the market’s growth potential and posing obstacles to the timely and cost-effective implementation of satellite-based 5G connectivity solutions.
Opportunities: Growing adoption of the Internet of Things (IoT)
The growth of the Internet of Things (IoT) presents significant opportunities for 5G from space. As the IoT market expands at a rapid pace, 5G from space can play a crucial role in connecting and supporting IoT devices. The high-speed and reliable connectivity offered by 5G from space opens up new possibilities for seamless communication and interaction among IoT devices, enabling efficient data exchange and real-time decision-making.
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Challenges: The latency of 5G signals from space is higher than the latency of terrestrial 5G signals.
The latency, or the time delay in transmitting data, is generally higher for 5G signals from space compared to terrestrial 5G signals. This increased latency can pose difficulties for applications that require real-time responsiveness, such as real-time gaming, virtual reality, or remote control of critical systems. The higher latency can result in noticeable delays and affect the overall user experience in these applications. While efforts are underway to minimize latency in satellite communications through technological advancements and optimization techniques, addressing this challenge remains a priority to ensure that 5G from space can effectively support latency-sensitive applications and meet the expectations of users who require instant and seamless interactions.
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