Private LTE Market Expected to Reach $13B by 2026
Monday, January 11, 2021 | Comments

A recent study from market research firm Global Market Insights found the demand for private LTE market is anticipated to grow at an incremental rate based on increasing adoption of connected devices that require a reliable and secure communications network. Rapid urbanization and industrialization are driving the need for advanced communications technologies that are capable of handling smart logistics and manufacturing.

In order to keep up with the latest digital trends, workplaces are undertaking upgrade activities such as implementing private LTE and industrial internet of things (IoT) networks. These upgrades can help enhance performance and productivity while ensuring minimal human intervention. Considering such aspects, Global Market Insights estimates that the private LTE market might reach $13 billion by 2026.

A rising number of investments and developmental activities conducted by federal governments to promote the idea of smart cities could massively benefit the business outlook for private LTE providers over the predicted timeframe. However, high deployment costs pertaining to network upgrades could pose as one of the major dampening factors for the private LTE market.

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 have been 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 rising safety and environmental concerns, and control 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 $2.9 billion on private networking by 2022.

In a recent turn of events, Canada based telecommunications company Shaw Communications, announced in October that it establishing a partnership with Nokia for the placement of Canada’s first industrial grade private LTE network for Teck Resources’ mining systems. The RACE21 program is developed to transform the ways company mines by harnessing innovation and technology. The network is also likely to offer more connectivity and coverage at Teck’s Elkview Operations in British Columbia.

Rising adoption of smart connected systems across numerous industry verticals like transportation, urban planning and manufacturing could enhance the deployment of private LTE networks across North America. The region controlled a major portion of the market share in 2019 and is predicted to maintain this trend by 2026.

Local agencies are also showing interest in expanding their private LTE networks. For example, Nokia along with Omega Wireless is working on launching a 600 MHz private LTE network project that will support numerous critical applications for the New York Power Authority NYPA). The program intends to test the value of Nokia’s industrial-grade private LTE solution on Omega’s band 71 spectrum.

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