Dell’Oro Group reports stable RAN market revenue outside China in third quarter 2025

Preliminary data from Dell’Oro Group's third-quarter 2025 Radio Access Network (RAN) report indicate stable market conditions with total revenue holding steady outside China and increasing when excluding North America.

Market Overview

After two years of decline, the RAN market shows signs of leveling off. The report notes that revenue includes components such as baseband, radio hardware, and software, but excludes services.

Key Findings

Growth in the Europe, Middle East, and Africa (EMEA) region nearly offsets revenue declines in North America and the Asia Pacific. The top five suppliers by global revenue for early 2025 are Huawei, Ericsson, Nokia, ZTE, and Samsung.

Market concentration is increasing, with the top five suppliers accounting for 96 percent of the RAN market compared to 95 percent in 2024. Huawei and Ericsson improved their global RAN revenue shares, while Huawei and Nokia saw improvements specifically outside North America.

Forecast or Analyst Outlook

The short-term forecast projects that total RAN revenue will remain mostly stable in 2026. Stefan Pongratz, Vice President of RAN market research at Dell’Oro Group, stated, “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.” Pongratz added that while near-term investment expectations remain muted, some leading suppliers continue to express cautious optimism about future network evolution.

This Analyst Signals brief reflects a neutral, fact-based summary of the original research note.