PR Newswire
Market drivers include improved reliability and resilience, full territory coverage, enhanced security, and reduced complexity
BOULDER, Colo. , Nov. 16, 2023 /PRNewswire/ -- A new report from Guidehouse Insights explores the market for Private LTE wireless technology (PLTE) in five industrial verticals: power and utilities, oil and gas, mining, transport, and manufacturing.
Smart grids and power plants, smart mining, smart factories, smart ports, smart airports, smart refineries, and digital oilfields can all benefit from this networking technology, which is emerging as the gold standard for complex, critical industrial communications. According to a new report from Guidehouse Insights, the global market for PLTE infrastructure, installation, and ongoing maintenance services in the five subject verticals will top $2.1 billion in 2024 and grow at an estimated compound annual growth rate (CAGR) of 23.2% through 2033. At that point the global market is projected to be worth more than $14 billion .
"PLTE is gaining momentum among industrial verticals worldwide as leaders recognize the robustness and flexibility this family of communications protocols offers for smart use cases," says Richelle Elberg , principal research analyst with Guidehouse Insights. "PLTE simplifies the networking function within a large organization, and the protocol will provide a smooth transition to future wireless standards such as 5G and 6G."
Barriers to industrial PLTE deployments can include cost, complexity, a lack of internal expertise, and regulatory barriers to spectrum acquisition. Nonetheless, the drivers for PLTE use in critical Industry 4.0 verticals are many. PLTE provides owner/operators with improved reliability and resilience, full territory coverage (or at least of critical sites), enhanced security, and reduced complexity, as a wide range of use cases can be supported, according to the report.
The report, Private LTE Networking for Industry 4.0 , describes the market outlook for PLTE in five industrial verticals: power and utilities, oil and gas, mining, transport, and manufacturing. It presents the market drivers and barriers, critical use cases supported, and summarizes the necessary spectrum considerations to understand for PLTE deployments. It maps the industrial PLTE ecosystem and describes the competitive landscape. Finally, it includes analyses for the global market for PLTE infrastructure deployment, and the outlook for installation services and ongoing network maintenance. An executive summary of the report is available for free download on the Guidehouse Insights website .
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today's rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at
www.guidehouseinsights.com
.
About Guidehouse
Guidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. By combining our public and private sector expertise, we help clients address their most complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that help our clients outwit complexity and position them for future growth and success. The company has more than 17,000 professionals in over 55 locations globally. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit
www.guidehouse.com
.
* The information contained in this press release concerning the report, Private LTE Networking for Industry 4.0 , is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
For more information, contact:
Cecile Fradkin
for Guidehouse Insights
+1.646.941.9139
cfradkin@scprgroup.com
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