It has been estimated that the global private LTE market would record an overwhelming valuation of $13 billion over 2020-2026, driven predominantly by the need for reliable and secure communication across connected devices. Not only this, rapid urbanization and industrialization have as well brought a need for adoption of advanced technologies for carrying out smart manufacturing and logistics. That said, in order to cater to this mounting trend of digital workspace and mass customization, firms are taking hold of deploying IIoT and private LTE networks for enhancing their productivity and performance with reduced human intervention.
Although, one of the main constraints faced by the global market is the high deployment cost associated with network upgrades. Nevertheless, new trends in the private LTE market have now enabled it to register a substantial peak over the forthcoming years.
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The mining sector is steadily shifting towards remote applications and autonomous technologies to perform crucial tasks. Autonomous or remotely controlled equipment functioning through private networks could help mine owners to minimize human fatalities and accidents. Back in 2017, the mining industry saw nearly 17 fatalities that could be avoided by remote-controlled instruments.
The mining sector is one of the important aspects of the global economy and is integral to the infrastructure development of the nation. Mining corporations use digital solutions to adapt to the fluctuating demand, address the rising safety & environmental concerns, and control the operational costs. These solutions help introduce new levels of agility and automation to the mining facilities. It is speculated that the mining sector could spend nearly USD 2.9 billion on private networking by 2022.
Companies operating in the private LTE market are emphasizing on strategic partnerships and new product innovation to expand their market share and serve customers operating in different niches. Taking December 2020 for instance, Verizon disclosed plans to debut in the private wireless market by introducing an LTE-based network platform for U.S businesses.
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Speaking on the regional front, North America had acquired a fair share in the overall private LTE market in 2019 and is further anticipated to dominate the market by 2026. This growth predominantly comes from elevating demand for smart connected systems across various industry domains including transportation, manufacturing, and urban planning.
Major Key Points from Table of Content:
Chapter 6 Private LTE Market, By Application
6.1 Key trends, by application
6.2 Public safety
6.2.1 Public safety market estimates and forecast, 2015-2026
6.3.1 Defense market estimates and forecast, 2015-2026
6.4.1 Mining market estimates and forecast, 2015-2026
6.5.1 Transportation market estimates and forecast, 2015-2026
6.6.1 Energy market estimates and forecast, 2015-2026
6.7.1 Manufacturing market estimates and forecast, 2015-2026
6.8.1 Others market estimates and forecast, 2015-2026
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