Private LTE Market to Accrue Substantial Proceeds from the Energy Sector, Global Industry to Register An Exponential CAGR Of 28% from 2018 to 2024

The Private LTE Market growth is attributed to the massive surge in connected devices that generate the need for secure and reliable communication between devices. To overcome network connectivity issues faced by the connected industrial systems, the private LTE networks play an important role.
Over the last few years, most of the mobile network providers have shifted to LTE services from 2G and 3G coverage to improve existing communications. The surging digitalization and modernized mobile services have also substantially enhanced data services. Recently in India, the nation's largest telecom company, Airtel has decided to switch to LTE network services to boost data speed. This move will turn out to be rather beneficial for Airtel as it already has a widespread, far-reaching network coverage. The shifting focus of telecom service providers to LTE to phase out older networks is slated to fuel private LTE industry share. According to Global Market Insights Inc. Private LTE Market is poised to surpass a revenue collection of USD 11 billion by the end of 2024.
Based on component the market is segmented into Infrastructure (Evolved Packet Core, Backhaul, eNodeB), Device (Smartphones, Handheld Terminals, Vehicular Routers, IoT Modules). As per the infrastructure type, EPC segment held a dominant private LTE market share amounting to around 40% in 2017. As mobile networks are becoming more complex with the introduction of LTE networks and multiple radio access technologies, the demand for EPC solution to manage network payload will increase over the forecast timeline. The eNode install base is projected to increase over 330,000 units by 2024. Increasing deployment of private LTE networks for public safety applications is expected to majorly influence the growing installations of eNode base stations over the forecast timeline.
The IoT modules segment in private LTE market is projected to grow at a CAGR of around 35% over the forecast timeline. The rapid adoption of these modules is supported by the growing IoT and M2M applications that require such devices that allow physical objects to connect to wireless networks. The growing usage of IoT platforms in smart city application will also drive the growing adoption of IoT modules.
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Application is segmented into Public Safety, Defense, Mining, Transport, Energy, Manufacturing. The energy sector is projected to grow with an impressive CAGR of over 35% in the private LTE market between 2018 and 2024. As the remote and rugged industrial environments demand robust Machine-to-Machine (M2M) and IoT communications, the dedicated private LTE network provides the required reliability, capacity, and real-time performance to connect critical M2M and IoT applications. These networks are gaining popularity in the electrical utilities sector, enabling operators to have a direct control of networks for a smart distribution grid.
The public safety agencies are shifting toward the private LTE networks to meet the demands for bandwidth-intensive applications. To effectively respond to the emergency situations, these agencies and the Emergency Service Providers Organizations (ESPOs) are deploying their own dedicated networks to deliver secure mission-critical voice, video, and data.
The Asia Pacific private LTE market is projected to witness the highest growth rate of over 60% from 2018 to 2024. The market growth is attributed to the factors, such as increased smartphone penetration and the rise in M2M communications, supported by the penetration of IoT platforms across various industry verticals such as transportation, healthcare, and manufacturing. This increases the demand for private IoT networks enabling enterprises to incorporate diverse devices for increased reliability and security. The market growth is also driven by several efforts taken by the government authorities and telecom companies for the deployment of LTE technology in mission-critical applications. For instance, in June 2018, the South Korean government committed an investment of USD 1.6 billion to set up a nationwide public safety network based on LTE technology by 2020.
North America private LTE market is estimated to hold the largest market share of over 40% by 2024 due to the growing need for high-speed and low latency network for mission-critical communications and industrial IoT applications.
Some of the prominent players operating in the private LTE market are Nokia, Qualcomm, Huawei, Ericsson, ZTE, Future Technologies, Verizon, Cisco, Netnumber, Druid Software, Casa Systems, Ruckus Networks, SpiderCloud, PDV Wireless, General Dynamics Mission Systems, Boingo, Samsung, Motorola, Sierra Wireless, AT&T, Rivada Networks, and Tait.