Tower market to grow at 4.56% CAGR from 2019-24

The global telecom tower market is on track to grow at a CAGR of over 4.56% between 2019 and 2024, according to Research and Markets.

In a new report, the research firm stated that tower sharing has become one of the major growth drivers for the telecom industry as the tower leasing concept takes hold.

This leasing concept has enable mobile operators to invest heavily in developing their infrastructure in rural areas, which is in turn bringing in new revenues to tower operators.

Major market trends include expected significant growth in demand for lattice telecom towers, designed to manage heavy loads making them suitable for central communication hubs and backbone sites in disaster-prone areas.

The primary purpose of a lattice tower is to support more than one antenna for communication purposes.

The report also notes that the telecom tower market is currently highly competitive, with several major players dominating the market in terms of total share. These include India's Bharti Infratel, China Tower – the joint venture established to operate the towers of China's big three mobile operators, Helios Towers Africa and American Tower Corporation (ATC).

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