RAN Market Update: Stabilization Continues as EMEA Offsets Regional Declines

According to a new report from Dell’Oro Group, preliminary 3Q 2025 results indicate continued stabilization in the Radio Access Network (RAN) market. After two years of steep declines, initial estimates show that total RAN revenue (including baseband, radio hardware, and software, but excluding services) was flat outside of China and increased when excluding North America.

"The nearly stable results for the 1Q25-3Q25 period bolster the flat growth thesis we have communicated for some time, reflecting the current state of the 5G network," said Stefan Pongratz, VP of RAN Market Research, Dell'Oro Group.

"While near-term RAN expectations remain muted, some of the leading RAN suppliers are still cautiously optimistic that more investments are needed over the long-term to ensure the networks evolve from a connectivity pipe into an intelligence grid," Pongratz added.

Key report findings:

• Growth in EMEA was nearly enough to offset declining revenue in North America and the Asia Pacific regions.
• The top 5 RAN suppliers—based on worldwide revenues for the 1Q25-3Q25 period—are Huawei, Ericsson, Nokia, ZTE, and Samsung.
• Market concentration increased with the top five suppliers accounting for 96% of the 1Q25-3Q25 RAN market, up from 95% in 2024.
• Huawei and Ericsson's worldwide RAN revenue share improved for the 1Q25-3Q25 period relative to 2024.
• Huawei and Nokia's RAN revenue share outside of North America improved for the 1Q25-3Q25 period relative to 2024.
• The short-term outlook remains unchanged, with total RAN revenue expected to remain mostly stable in 2026.

Dell’Oro Group’s RAN quarterly report provides a comprehensive overview of the RAN market, with tables covering manufacturers' and market revenue for multiple RAN segments including 5G NR Sub-7 GHz, 5G NR mmWave, LTE, macro base stations and radios, small cells, Massive MIMO, Open RAN, and vRAN. The report also tracks the RAN market by region and includes a four-quarter outlook.

Source: Dell’Oro Group

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