Growing Need for 6G Communication to Boost 6G Market Growth
New York, US, Oct. 11, 2022 (GLOBE NEWSWIRE) — 6G Market Analysis
According to a comprehensive research report by Market Research Future (MRFR), “6G Market Research Report: By Component, By Communication Infrastructure, By Device Usage, By End Use and By Region— Forecast till 2040, the market is anticipated to acquire a valuation of approximately USD 340 billion by the end of 2040. The reports further predict the market to flourish at a robust CAGR of over 58.1% during the assessment timeframe.
Growing Need for 6G Communication to Boost Market Growth
The growing need for 6G communication in the recently developed technologies like blockchain and IoT will boost market growth over the forecast period.
Key players profiled in the global 6G market report include:
- Samsung Electronics
- LG Electronics
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Usage of Holography in Communication to offer Robust Opportunities
The increasing use of holographic technology in communication will offer robust opportunities for the market over the forecast period. The concepts of interference and diffraction are used by holographic technology to capture and recreate accurate three-dimensional images of objects. When necessary, a head-mounted display and assistive technologies like AR/VR can be used to produce the ideal holographic display, which should be based on the naked eye. The 6G market is anticipated to grow quickly due to the growing usage of holographic technology in a variety of applications, including communication, telemedicine, office design, and entertainment games, which allows users to interact with projected content.
|6G Market Size By 2040||USD 340 Billion|
|CAGR From 2031 to 2040||58.1%|
|Key Market Opportunities|
|Key Market Drivers|
Restraints and Challenges
Excessive Power Consumption to act as Market Restraint
The 6G market is projected to face challenges in the near future as a result of 6G’s size, cost, and power consumption.
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The global 6G market is bifurcated based on end use, device usage, communication infrastructure, and component.
By component, infrastructure/hardware will lead the market over the forecast period.
By communication infrastructure, fixed will dominate the market over the forecast period.
By device usage, mobile devices will spearhead the market over the forecast period.
By end use, industrial will have the lions share in the market over the forecast period.
APAC to Lead 6G Market
Due to the region’s growing emphasis on satellite communication and technological improvements related to this sector, the Asia Pacific is will have the greatest revenue share in the worldwide 6G market. The first 6G test satellite launched into orbit by China has greatly increased market demand. For instance, in November 2020, China used a Long March 6 launch vehicle rocket to successfully launch a test satellite for 6G technology into orbit with candidates, together with about 12 other satellites. But 6G networks are adept at providing high-speed network access thanks to the development of a higher frequency spectrum. High throughput satellite communication services are also employed to achieve widespread coverage in rural and isolated places.
Nearly 50% of all 6G patent applications worldwide are attributed to China, with the remaining filings coming from other nations. In the worldwide 6G market, Asia Pacific is anticipated to rule and account for the largest revenue share. This is because many electronic manufacturers are present in the nations in this region. One of the biggest 6G markets in the world is in China, which also introduced the technology first. In the area, many mobile providers are cooperating and making investments in a variety of fields, including infrastructure sharing. The rollout of 6G in Asia Pacific has been fueled by numerous cross-industry partnerships that have strengthened the industrial ecosystem.
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The APAC region will have the greatest growth in the global 6G market due to the area’s increased emphasis on satellite communication and improvements in this industry. China has launched the world’s first 6G test satellite into orbit, greatly increasing market demand. For example, on November 6th, 2020, China successfully launched an experimental test satellite for 6G network, together with approximately 12 additional satellites, into orbit using a Long March 6 launch vehicle rocket. In addition, India’s Minister of Communication declared that the country plans to introduce 6G technology by 2024. However, by establishing a higher frequency spectrum, 6G networks are capable of providing high-speed network access; high throughput satellite communication services are also employed to achieve widespread coverage in remote and isolated locations. China is thought to be responsible for over half of all global 6G patent submissions, followed by other countries.
North America to Have Admirable Growth in 6G Market
North America is predicted to develop significantly in terms of revenue in the global market, owing to the region’s large presence of key companies, government efforts, and a variety of other factors. North American wireless technology leadership is being achieved by private sector activities, with a significant emphasis on 6G development in the region. Furthermore, growing innovation combined with a significant impact on consumer quality of life is likely to boost the expansion of the North America 6G market in the near future. Because of government initiatives, the large presence of important companies, and other factors in this area, North America will have a significant proportion of the global 6G market.
The region is well renowned for its rapid adoption of cutting-edge technologies like as the Internet of Things (IoT), wearable technology, and others. 6G is intended to solve the need for dependable and fast connectivity for these technologies. The United States is one of the region’s most important marketplaces. Market players are already creating applications to capitalize on 6G technology developments, justifying funding for digital transformation R&D, smart manufacturing, and wider government-agency adoption of 6G applications.
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Because of the substantial presence of important companies, government initiatives, and other factors in this area, North America will hold the maximum share of the worldwide 6G market, accounting for 34.8%. When it comes to promoting the next generation of communication technology, the United States is behind the curve. AT&T and Ericsson executives were elected to lead a US industry body’s effort to promote North America as a leader in 6G networks. ATIS launched the “Next G Alliance” in October 2020, an alliance comprised of Ericsson, Telus, AT&T, T-Mobile, Samsung, Verizon, Microsoft, and others that “will advance North American mobile technology leadership in 6G and beyond over the next decade.” All these factors will boost the global 6G market in this area in the future.
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