In 2020, the global 5G in aviation market size was approximately $0.35 billion. In 2021, it grew to $0.54 billion. By 2028, it is projected to reach an impressive $9.92 billion. The compound annual growth rate (CAGR) during the period from 2021 to 2028 is estimated to be 47.03%. However, due to the impact of COVID-19, there was a decline in demand for 5G aviation services across all regions during the pandemic. Despite this setback, the market is expected to recover and return to pre-pandemic levels, with a year-on-year growth of 25.40% in 2020 compared to the average growth from 2017 to 2019.
Informational Source:
https://www.fortunebusinessinsights.com/industry-reports/5g-in-aviation-market-101778
Key Companies Covered in 5G in Aviation Market are:
he global 5G in aviation market size is projected to reach USD 4.2 billion, surging at a CAGR of 53.46% during the forecast period. Increasing need to replace 4G LTE with 5G technology in aviation is foreseen to be one of the central factors driving the growth of this market. Aviation industry is expanding at breakneck speed and 5G technology is slated to play a crucial role in charting its development. Introduction of 5G in this industry is aimed at establishing a robust connectivity infrastructure that would facilitate seamless communication between aircraft and their ground control systems. Moreover, high-speed internet on planes would enable people to conduct business activities whilst they are flying, saving them precious time and energy. More importantly, 5G will be instrumental in strengthening the integration of Internet of Things (IoT) technology in the aviation domain, a feat that would be difficult to attain with 4G LTE. This would greatly augment the 5G in aviation market growth till 2026.
According to a new report published by Fortune Business Insights, titled “Global 5G in Aviation Market Size, Share & Industry Analysis, By Platform (5G Airport and 5G Aircraft), Technology (FWA, URLLC/MMTC, and eMBB), Communication Infrastructure (Small Cell, Radio Access Network (RAN) and Distributed Antenna Systems (DAS)), 5G Services (Airport Operations, and Aircraft Operations), and Regional Forecast, 2019-2026”, the market value stood at USD 0.2 billion in 2019. The report shares profound insights into the various drivers, dynamics, and other factors that will shape the development of this market during the forecast period. Besides this, the report also provides an elaborative overview of the overall industry outlook that will also influence the market. Lastly, the research contained in the report will aid businesses to take important strategic decisions in a well-informed manner.