Where should I invest in 5G network infrastructure and equipment?

This comprehensive guide has been written by the person who has mapped the 5G infrastructure market in a clean and beautiful presentation

The 5G infrastructure and equipment market represents one of the most significant technology investment opportunities of the decade, with the global market projected to reach $131.77 billion by 2034, growing at a CAGR of 22.9%.

This guide delivers actionable insights for entrepreneurs and investors looking to capitalize on the 5G boom, from identifying high-growth segments to understanding emerging revenue models and evaluating investment vehicles.

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What are the main segments of the 5G infrastructure and equipment market and how are they evolving in 2025?

The 5G infrastructure and equipment market consists of five primary segments experiencing rapid transformation: communication infrastructure, core network technology, network architecture, spectrum bands, and end-user industries.

Communication infrastructure represents the physical backbone with small cells, macro cells, RAN (Radio Access Network), and Distributed Antenna Systems leading deployment. Small cells continue proliferating in urban and enterprise settings to boost capacity and coverage, while macro cells provide the foundational coverage layer.

Core network technology has evolved toward software-defined solutions including SDN (Software-Defined Networking), NFV (Network Function Virtualization), and MEC (Multi-access Edge Computing). RAN virtualization gains significant traction in 2025, enabling flexible, cloud-native deployments that reduce operational complexity.

Network architecture is transitioning from Non-Standalone (LTE-anchored) to Standalone deployments, which accelerate network slicing capabilities and private network services. Standalone architecture deployments now support advanced features like ultra-reliable low-latency communications and massive IoT connectivity.

Spectrum deployment spans Sub-6 GHz and millimeter-wave bands, with Sub-6 GHz remaining the backbone for broad coverage while mmWave expands in dense urban zones for capacity enhancement. The CBRS spectrum in the 3.5 GHz band has become particularly valuable for private enterprise networks.

Which global regions are seeing the fastest 5G infrastructure growth and what drives those trends?

Asia-Pacific leads global 5G infrastructure growth with the highest deployment rates, driven by massive government initiatives and large-scale rollouts in China and India.

China dominates the region with over 3.19 million 5G base stations deployed by October 2023 and plans to invest $215 billion in 5G network infrastructure by 2025. The country's "Made in China 2025" program stimulates domestic equipment manufacturing and accelerates digital transformation across the economy.

India emerges as a significant growth driver through government-backed initiatives like "Digital India" and "Make in India," with major operators like Reliance Jio and Airtel investing heavily in nationwide 5G rollouts. The government's 5G India 2020 forum promotes smart cities and industrial automation applications.

North America excels in monetization and advanced use cases rather than pure deployment numbers. The region leads in fixed wireless access (FWA) adoption, private network deployments, and enterprise 5G applications. U.S. 5G penetration reached 32% by Q4 2022 with 119 million wireless connections.

Europe focuses on coordinated spectrum strategy and private networks in manufacturing hubs, though millimeter-wave uptake remains slower than other regions. The European Commission's 5G for Europe Action Plan and Public-Private Partnership drive standardized deployment across member states.

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Who are the dominant players in 5G equipment manufacturing today and how are startups trying to disrupt them?

The 5G equipment manufacturing market remains highly concentrated with five dominant players controlling 94-95% of global RAN revenues: Huawei, Ericsson, Nokia, Samsung, and ZTE.

Huawei maintains the largest global market share at approximately 28.5%, though U.S. trade restrictions have limited its international expansion. The company continues expanding in markets like South Africa, Saudi Arabia, Turkey, Vietnam, and Brazil, partnering with operators like MTN and Rain to build thousands of 5G base stations.

Ericsson and Nokia compete closely for the second position, with Ericsson leading in North America and Nokia maintaining strong positions in Europe and Asia-Pacific. Both companies benefit from Huawei's restricted access to Western markets, gaining market share in regions prioritizing vendor diversification.

Samsung has captured significant share in South Korea and North America, providing equipment to major operators including AT&T, Sprint, Verizon, and Dish Network. The company focuses on virtualized base stations and Open RAN architectures to differentiate from traditional suppliers.

Startup disruptors target niche challenges that incumbents struggle to address efficiently. Celona leads private 5G enterprise solutions with over $135 million in funding, focusing on CBRS-based networks for manufacturing, healthcare, and logistics. Tarana Wireless addresses rural broadband economics with next-generation fixed wireless access, while AccelerComm develops satellite 5G solutions for non-terrestrial networks.

What emerging startups are innovating in 5G infrastructure or related hardware and software and what specific problems are they solving?

Emerging 5G startups focus on solving critical infrastructure gaps that established vendors cannot address cost-effectively, particularly in private networks, rural connectivity, and specialized applications.

Which of these startups are currently raising funds or recently closed a funding round in 2025 and under what terms or requirements?

Several major 5G startups have secured significant funding in 2025, reflecting strong investor confidence in the sector's growth potential.

Celona raised $60 million in Series C funding led by DigitalBridge Ventures in early 2025, bringing total funding to over $135 million. The company has deployed solutions with over 100 customers including BP, LyondellBasell, Stanford Health Care, and Tesla's Gigafactory Texas. Several mobile operators including Verizon, NTT DATA, and STC Group use Celona as part of their private cellular business offerings.

AccelerComm secured $15 million in June 2025 led by IP Group, including Parkwalk and Hostplus funds, with support from IQ Capital, Swisscom Ventures, and Bloc Ventures. The funding supports ongoing implementations with key customers including Lockheed Martin, which uses AccelerComm's solutions in their Advanced Regenerative 5G NR NTN Base Station for satellite deployment.

Tarana Wireless closed a $50 million up-round led by Digital Alpha in 2023, which extends into 2025 deployments focused on BEAD (Broadband Equity, Access, and Deployment) program compliance. The funding specifically targets rural fixed wireless access deployments requiring FCC BDC (Broadband Data Collection) reporting compliance.

Funding terms typically require performance milestones including pilot deployments, revenue-share models for BEAD financing, and compliance with federal broadband initiatives. Investors often mandate customer traction metrics, with companies like Celona requiring 100+ enterprise customers before Series C completion.

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What regulatory or technical barriers must be addressed when investing in 5G deployments across different regions or countries?

5G deployments face significant regulatory and technical barriers that vary dramatically across regions, requiring careful navigation for successful investment outcomes.

Spectrum licensing presents the most critical barrier, with fragmented CBRS and 6 GHz rules in North America contrasting sharply with harmonized spectrum bands in Asia-Pacific. The U.S. faces a strategic bottleneck due to lack of additional licensed mid-band spectrum access since the FCC's auction authority expired in March 2023, particularly limiting 3-5 GHz frequencies vital for balanced coverage and capacity.

Open RAN interoperability challenges slow multi-vendor deployments due to lack of unified standards across equipment manufacturers. While Open RAN promises vendor diversification and cost reduction, integration complexity can lead to deployment delays and increased costs, making operators cautious about transitioning from traditional single-vendor architectures.

Security and compliance requirements impose substantial barriers, particularly data sovereignty laws like EU GDPR and O-RAN security requirements for critical infrastructure. Many countries maintain restricted vendor lists, with several European nations limiting or banning Chinese equipment suppliers from critical network components.

Infrastructure sharing policies require complex negotiations with incumbent operators for neutral host arrangements or tower access rights. Zoning regulations and environmental approvals can significantly delay small cell deployments, particularly in dense urban areas where 5G coverage is most valuable.

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How are telecom operators and hyperscalers collaborating in the 5G rollout and where are the best opportunities to participate financially?

Telecom operators and hyperscalers are forming strategic partnerships that create multiple investment opportunities across infrastructure, edge computing, and managed services.

AWS Wavelength represents the most mature collaboration model, placing compute resources at telecommunications network edges to enable ultra-low latency applications. Investors can participate through infrastructure REITs focused on edge data centers and through consortium financing of distributed computing facilities.

Microsoft's Azure for Operators targets enterprise private 5G deployments, creating opportunities for system integrators and managed service providers. The collaboration with Telefónica to migrate one million 5G customers to AWS infrastructure demonstrates the scale of cloud-native transformation, with plans to move 40% of Telefónica's 45 million German customers by 2025-2026.

Investment opportunities span infrastructure financing, technology partnerships, and revenue-sharing arrangements. Edge computing sites require substantial capital investment but offer stable, long-term returns through multi-tenant hosting arrangements with both operators and hyperscalers.

Which vertical industries are investing heavily in private 5G networks and who are the solution providers enabling them?

Manufacturing leads private 5G adoption with a 20% market share in 2023, driven by requirements for real-time automation, industrial IoT connectivity, and smart factory implementations.

Automotive manufacturing represents the most advanced use case, with companies like BMW Group's Spartanburg plant, Tesla's Gigafactory Texas, GM's Factory ZERO assembly center, and Jaguar Land Rover's Solihull plant deploying comprehensive private 5G networks. These deployments support autonomous guided vehicles (AGVs), real-time quality inspection, and AI-driven production optimization.

Healthcare emerges as a high-growth vertical with deployments at Boston Children's Hospital, Cleveland Clinic's Mentor Hospital, and Mayo Clinic facilities. Private 5G enables remote surgery capabilities, real-time patient monitoring, and IoT-based predictive healthcare applications requiring ultra-reliable, low-latency connectivity.

Energy and utilities sectors invest heavily in private 5G for asset monitoring, smart grid management, and renewable energy integration. The Lower Colorado River Authority partners with Ericsson to deploy private LTE networks across 68 Texas counties, with 5G upgrades planned for enhanced grid security and real-time communications.

Transportation and logistics drive adoption through major deployments at DFW International Airport, Port of Virginia container terminals, and numerous warehouse automation projects by companies like UPS and Amazon. These networks support autonomous vehicles, drone inspections, and real-time cargo tracking.

Solution providers include established vendors like Nokia, Ericsson, and Cisco alongside specialized startups like Celona for enterprise deployments and Federated Wireless for spectrum management services.

What are the most promising revenue models in 5G infrastructure investment?

5G infrastructure investment offers multiple revenue models with varying risk-return profiles, from traditional capital expenditure approaches to innovative service-based monetization strategies.

Network-as-a-Service (NaaS) represents the most promising model, allowing enterprises to access private 5G networks without extensive infrastructure investments. Lumen Technologies' NaaS platform with Internet On-Demand exemplifies this approach, offering radical flexibility for customers to buy, use, and manage networking services on-demand. NaaS eliminates the need for large upfront capital expenditures while providing predictable recurring revenue streams.

Fixed Wireless Access (FWA) service monetization targets the $100+ billion broadband market, particularly in rural and underserved areas where fiber deployment economics are challenging. FWA providers can generate $50-100 per subscriber monthly revenue while significantly reducing infrastructure deployment costs compared to fiber-to-the-home installations.

Edge computing revenue sharing creates new income streams through AWS Wavelength-style deployments, where infrastructure providers earn both colocation fees and performance-based revenue shares from applications requiring ultra-low latency processing. Edge sites can generate $10,000-50,000 monthly revenue per location depending on tenant density and service levels.

CapEx-plus-leasing models enable equipment sale combined with maintenance leaseback arrangements, providing immediate capital returns while establishing long-term service relationships. This approach works particularly well for small cells and massive MIMO deployments where ongoing optimization services create additional value.

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What are the critical hardware components that are gaining investor attention in 2025?

Small cells represent the highest-growth hardware segment, driven by urban densification requirements and enterprise private network deployments across manufacturing, healthcare, and logistics sectors.

Massive MIMO antennas gain significant investor attention due to their ability to dramatically improve spectral efficiency in both sub-6 GHz and millimeter-wave bands. These systems can increase network capacity by 3-5x while reducing per-bit transmission costs, making them essential for high-density deployments in urban areas and enterprise campuses.

Edge computing nodes emerge as critical infrastructure components, with AWS Wavelength, Azure Edge Zones, and Google Cloud edge platforms requiring substantial hardware investments. These nodes must provide ultra-low latency compute capabilities while maintaining carrier-grade reliability and security standards.

Non-Terrestrial Network (NTN) equipment represents a rapidly growing category as satellite 5G deployments accelerate. Ground-station modems, satellite terminals, and space-hardened components are gaining investment traction as companies like SpaceX, AST SpaceMobile, and AccelerComm advance direct-to-device satellite connectivity.

Open RAN hardware components including Radio Units (RUs), Distributed Units (DUs), and Centralized Units (CUs) attract investment due to vendor diversification trends. The Open RAN market projects 32% CAGR growth through 2034, with Radio Units capturing 44% of the hardware segment share.

Network slicing and orchestration platforms require specialized hardware to support multiple virtual networks on shared infrastructure, enabling new revenue models through differentiated service level agreements.

What investment vehicles are accessible for an individual or small fund to gain exposure to 5G infrastructure?

Public equity markets offer the most accessible 5G infrastructure exposure through established equipment manufacturers and specialized ETFs focused on next-generation connectivity.

Direct public company investments include Nokia (NYSE: NOK), Ericsson (NASDAQ: ERIC), Qualcomm (NASDAQ: QCOM), and Samsung (KRX: 005930), providing exposure to equipment manufacturing and technology licensing revenue streams. These companies benefit from both infrastructure deployment growth and ongoing network maintenance revenues.

5G-focused ETFs provide diversified exposure without single-stock concentration risk. The Defiance Next Gen Connectivity ETF (FIVG) and Pacer NextG ETF (NXTG) offer professionally managed portfolios of 5G infrastructure companies, telecommunications equipment manufacturers, and related technology providers.

Venture capital access through established funds including DigitalBridge Ventures, Digital Alpha, IQ Capital, and IP Group provides exposure to high-growth startups like Celona, AccelerComm, and Tarana Wireless. These funds typically require $250,000-1 million minimum investments but offer access to pre-IPO companies with significant growth potential.

Direct startup investment platforms like EquityZen enable smaller investors to purchase pre-IPO shares in companies like Celona through secondary market transactions. AngelList syndicates allow individual investors to participate in startup funding rounds with investments as low as $1,000-10,000.

Infrastructure REITs focused on telecommunications assets, cell towers, and edge data centers provide steady dividend income while benefiting from 5G network densification trends. Companies like American Tower Corporation and Crown Castle International own essential infrastructure that benefits from increased 5G deployment regardless of equipment vendor selection.

What are the anticipated shifts or milestones in the 5G infrastructure space for 2026 and how should investment strategies adjust accordingly?

5G-Advanced (Release 18) commercial rollouts in 2026 will introduce enhanced capacity, non-terrestrial network integration, and AI-native network features that create new investment opportunities in next-generation hardware and software platforms.

Open RAN reaches commercial scale in North America and Europe during 2026, with multi-vendor deployments becoming mainstream rather than experimental. This shift reduces equipment costs by 20-30% while creating opportunities for specialized component suppliers and integration service providers. Investors should increase allocation toward Open RAN hardware vendors and system integrators positioned for large-scale deployments.

Network slicing monetization matures as enterprises adopt dynamic service offerings with differentiated SLAs. Manufacturing, automotive, and healthcare verticals will pay premium prices for guaranteed network performance, creating new revenue streams beyond traditional connectivity services. Investment strategies should focus on companies providing network orchestration platforms and slicing management software.

6G pre-standardization research accelerates with early partnerships in THz spectrum, AI-native architecture, and integrated sensing and communication systems. While commercial deployment remains years away, fundamental research investments in 2026 will determine competitive positioning for the next technology cycle.

Private 5G reaches mainstream adoption among small and medium enterprises as costs decline and deployment complexity reduces through Open RAN and cloud-native solutions. The addressable market expands from current large enterprise focus to broader business segment, creating opportunities for managed service providers and turnkey solution vendors.

Regulatory spectrum auctions in mid-band frequencies across Asia-Pacific and Europe present opportunities for new market entrants and spectrum investment funds, particularly as governments seek to increase competition and reduce infrastructure costs.

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Conclusion

Sources

1. SkyQuest Technology - 5G Infrastructure Market Report
2. Grand View Research - 5G Infrastructure Market Size & Share
3. 5G Americas - The State of 5G Growth 2025
4. Precedence Research - 5G Infrastructure Market Forecast
5. Fortune Business Insights - 5G Infrastructure Market Report
6. Fierce Network - Private Network Startups Analysis
7. Tech.eu - AccelerComm Raises $15M for Satellite 5G
8. Custom Market Insights - Private 5G Network Market
9. Precedence Research - Open RAN Market Analysis
10. Dell'Oro Group - RAN Market Expectations 2025
11. Light Reading - 5G Startup Funding Trends
12. IoT Analytics - Private 5G Market Trends
13. Telecoms.com - RAN Market Share Analysis
14. Boston Consulting Group - Accelerating 5G Economy
15. Ericsson - 5G for National Prosperity