Basecase is for RAN to Stay Flat
REDWOOD CITY, Calif. – July 23, 2025 – According to a newly published forecast report by Dell’Oro Group, the trusted source for market information about the telecommunications, security, networks, and data center industries, 5G has come a long way, but there is more work ahead. Worldwide Radio Access Network (RAN) revenues, excluding services, are projected to stay flat and reach $160 B in cumulative revenue over the 2025-2029 forecast period.
“After two consecutive years of steep declines that wiped out nearly $9 B of RAN equipment revenues globally, it is encouraging that market conditions are now stabilizing,” said Stefan Pongratz, Vice President for RAN market research at Dell’Oro Group. “At the same time, we should not get too excited and assume a swift recovery. Market conditions can fluctuate over the short term, partly due to the asynchronous nature of new technology deployments. However, these ebbs and flows don’t alter the fundamentals that shape the long-term trajectory,” continued Pongratz.
Additional highlights from the Mobile RAN 5-Year July 2025 Forecast Report:
- Worldwide RAN revenues, excluding services, are projected to grow at a -1 percent CAGR over the next five years, as rapidly declining LTE revenues will offset continued 5G investments.
- New technologies/architectures such as Open RAN, Cloud RAN, and AI RAN will play an important role going forward. But they are not expected to expand the RAN market.
- The flat baseline scenario implies upside risks if non-traditional RAN growth vehicles— including FWA, private wireless, public safety/mission critical, and MBB expansion to support changing end user requirements—accelerate the market more than expected.
- As the investment focus gradually shifts from coverage to capacity, one of the most significant downward risks is slowing mobile data traffic growth. Should mobile data traffic growth decelerate more than anticipated, and operators transition into a maintenance mode following the completion of 5G coverage, capex-to-revenue could decline more sharply than currently projected.
- 5G-Advanced positions remain unchanged. The technology will play an essential role in the broader 5G journey. However, 5G-Advanced is not expected to fuel another major capex cycle. Instead, operators will gradually transition their spending from 5G towards 5G-Advanced within their confined capex budgets.
- RAN segments that are expected to grow over the next five years include 5G NR, FWA, mmWave, Open RAN, vRAN, private wireless, small cells, Massive MIMO, and AI RAN.
Dell’Oro Group’s Mobile RAN 5-Year Forecast Report offers a complete overview of the RAN market by region – North America, Europe, Middle East & Africa, Asia Pacific, China, and Caribbean & Latin America, with tables covering manufacturers’ revenue and unit shipments for 5G NR, 5G NR Sub 7 GHz, 5G NR mmW, and LTE base stations. The report also covers Open RAN, Virtualized RAN, small cells, and Massive MIMO. To purchase this report, please contact us by email at dgsales@delloro.com.
Dell’Oro Group is a market research firm that specializes in strategic competitive analysis in the telecommunications, security, enterprise networks, and data center infrastructure markets. Our firm provides in-depth quantitative data and qualitative analysis to facilitate critical, fact-based business decisions. For more information, contact Dell’Oro Group at +1.650.622.9400 or visit www.delloro.com.
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