According to a report published by ResearchAndMarkets.com named "Telecom Tower Market - Forecasts from 2021 to 2026," the telecom tower market is expected to grow at an annual growth rate of 6.04% over the next five years. With this growth, the market size of the industry will grow from US$74.038 billion in 2020 to US$105.262 billion in 2026.
The telecom tower infrastructure relied upon finding a reasonably priced property to install the tower and construct the tower for telecom companies. The profits come via rent or lease of the tower. This way of operation has been sustained for a fair amount of time in the tower business. The revenue has grown with mobile technology advancement and major improvements like 4G and 5G services as more andmore people are getting onboarded to mobile services. However, despite such advances globally, there are 3 billion people across the globe, still unconnected.
Due to the changing market demand, the telecom tower companies are now undertaking digital transformation, like building a better tower to fiber connectivity to handle more bandwidth, triggered by 5G networks, more presence in rural areas, and other services apart from basic telephony.
Amid the COVID pandemic, the telecommunication sector took a dip initially but thrived as it was the only means to remain connected to the outside world and serve as a medium for ecommerce and virtual business meetings, and attend online classes, etc. The tower firms are witnessing demands from newer areas that did not have proper network coverage before. However, the industry's overall revival is expected when the supply chains to build the infrastructure normalizes and there is enough workforce by the year-end.