5G NTN Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The 5G NTN Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s 5G NTN Global Market Report 2024, The 5g ntn market size has grown exponentially in recent years. It will grow from $4.51 billion in 2023 to $5.71 billion in 2024 at a compound annual growth rate (CAGR) of 26.6%. The growth in the historic period can be attributed to mobile data traffic surge, demand for enhanced mobile broadband (embb), iot and smart devices proliferation, global standardization efforts, emergence of edge computing.

The 5g ntn market size is expected to see exponential growth in the next few years. It will grow to $14.93 billion in 2028 at a compound annual growth rate (CAGR) of 27.1%. The growth in the forecast period can be attributed to industry-specific use cases, massive machine type communication (mmtc), integration with satellite networks, advancements in network slicing, commercialization of private 5g networks. Major trends in the forecast period include satellite integration with 5g networks, leveraging high-altitude platforms (haps), advancements in edge computing, emergence of low earth orbit (leo) satellite constellations, industry-specific deployments.

The rise in connected devices is expected to propel the growth of the 5G NTN market. Any appliance that is connected to the Internet and may communicate with other devices on the network is referred to as a connected device. 5G-NTN technology provides faster download and upload speeds, reduced latency, and larger capacity than previous generations of mobile networks, making it ideal for supporting many connected devices. For instance, in January 2023, according to the report by the National Association of Insurance Commissioners, a US-based standard-setting and regulatory support organization, increasing numbers of connected devices are anticipated to go onto IoT platforms, whose value would increase to $13.3 billion in 2025. These technologies caused a sharp rise in the number of devices connected in 2021, and it is anticipated that this number will reach 500 million by the end of 2022. Therefore, the rise in connected devices is driving the growth of the 5G NTN market going forward.

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The 5g ntn market covered in this report is segmented –

1) By Component: Hardware, Solutions, Services

2) By Platform: UAS Platform, LEO Platform, GEO Platform, MEO Platform

3) By Application: Enhanced Mobile Broadband (EMBB), Ultra-Reliable Low-Latency Communication (URLLC), Massive Machine-Type Communications (MMTC)

4) By End-User: Maritime, Aerospace And Defense, Government, Mining, Other End-Users

Technological advancements are the key trend gaining popularity in the 5G NTN market. Major players in the 5G NTN market are focusing on producing innovative products to strengthen their market position. For instance, in February 2023, Samsung, a South Korea-based mobile device manufacturer, launched a new, secure, and standardized 5G non-terrestrial network. Samsung’s NTN technology will assist global telecom operators, mobile device manufacturers, and chip manufacturers in improving service interoperability and scalability. This technology will be integrated into Samsung’s Exynos modem solutions, speeding the commercialization of 5G satellite communications and opening the road for the 6G-powered Internet of Everything (IoE).

The 5g ntn market report table of contents includes: