Global 5G Module Market’s Growth to Propel by 2028 with the Rising Implementation of 5G Module in Several Industrial Verticals

The introduction of 5G technology is generating never-before-seen opportunities for individuals as well as businesses. Various business verticals are seeing 5G as a game-changer as it facilitates faster, more stable, and secure connectivity that is evolving everything from autonomous vehicles, smart grids for renewable energy to AI-enabled machines in factories. The integration of 5G and Internet of things (IoT) technology is more than merely a next-generation of wireless technology. It signifies a major change in the mobile ecosystem, resulting in a potent amalgamation of amazing speed, extended bandwidth, low latency, and amplified power efficacy that is motivating billions of more connections in the upcoming years.

Researchers have predicted that 5G connections are likely to increase from 10 million in 2019 to 1.8 billion by 2025. 5G is finally rolling out an accelerating speed in some countries in many IoT applications. With 5G module, the creation of a safer, smarter, and more sustainable future is emerging. The rising fame of IoT applications in a wide array of industries that need wide-area connectivity and the potential of IoT to deal with a huge number of connections has impelled the demand for gigantic IoT solutions. From assisting remote robotic surgeries and autonomous vehicles to enhancing crop management, 5G is expected to reinforce numerous industrial sectors worldwide. The 5G module greatly finds applications in various industries including healthcare, automotive, farming, manufacturing, media, and smart cities.

Latest Trends in the 5G Module Market

As per a report by Research Dive, the global 5G module market is expected to grow from $7,400.0 million in 2020 to $468,271.9 million by 2028. Asia-Pacific region is the leading user of 5G module and is expected to grow speedily in the 5G module market by garnering a revenue of $106,719.2 million by 2028.

Market players are considerably investing in research and development to cater the mounting demand for 5G module. Some of the leading players of the 5G module market are Huawei, Apple, AT&T, Vodafone, Samsung, Telit, Google, Quectel, Amazon, Sierra Wireless, and others. These players are concentrated on developing strategies such as mergers and acquisitions, partnerships, novel developments, and collaborations to achieve a prominent position in the global market.

For instance,

• In April 2021, Fibocom, a foremost provider of a variety of IoT modules to meet the connectivity needs of different IoT scenarios, globally launched 5G smart module SC161 based on Qualcomm QCM6350 to enable the wireless communication requirements of industries that need powerful computing power and local computation.
   
• In May 2021, Quectel Wireless Solutions, a foremost global provider of 5G, LTE, LTE-A, Smart Module, LPWA, GSM/GPRS, C-V2X, UMTS/HSPA(+) and GNSS modules, announced the launch of two novel 5G New Radio (NR) module series, the RG500S and RM500S to hasten commercial usage of 5G SA devices.
   
• In June 2021, MeiG Smart, a leading provider of smart modules and solutions and a global leader in supplying cellular modules and solutions, formally proclaimed the launch of its 5G smart module-SRM930 series based on Qualcomm Technologies, Inc.’s new 5G solution, the Qualcomm QCM6490.

COVID-19 Impact on the 5G Module Market

The abrupt rise of the coronavirus pandemic in 2020 has significantly impacted the global 5G module market. This is mainly due to the cessation of 5G advancements and launch during the pandemic period. Also, presence of several difficulties in the foundation of 5G infrastructure at several sites during the pandemic has hampered the market growth. However, as the global economy is recovering with the relaxation of pandemic, the 5G module market is expected to gain traction with a notable surge in the IoT application across the globe. This is likely to propel the 5G module market growth in the forthcoming years.