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5G Application and Service Market in Energy Sector to Reach US$21.6 Billion by 2026: MIC

Published: Sep 30,2019

Taipei-based government-backed IT research institute MIC (Market Intelligence& Consulting Institute) of III (Institute for Information Industry) held a forum on September 25-27, 2019, to reveal our findings on 5G services and applications.

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“Global 5G applications in the energy sector are estimated to increase to US$21.6 billion in 2026, up from US$4.84 billion in 2020, with a CAGR of 28.4% from 2020 to 2026,” says Dai-you Gan, industry analyst of MIC’. “The top three 5G applications in the energy sector are inspection drones, dedicated communications networks, and electric vehicle charging stations which are expected to reach US$5.47 billion, US$3.93 billion, and US$3.31 billion, respectively.”

“The global market value of inspection drones is estimated at US$300 million in 2020. Thus far, the US, Brazil, Sweden, and China have started to set up their own 5G LTE dedicated networks so the global market value of 5G dedicated communications networks is expected to reach US$1.3 billion next year. On the other hand, Tesla, ABB, Siemens, and Schneider Electric have also launched their own 4G EV charging stations.”

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