Dell’Oro Group reports stable RAN revenue and MCN growth outside China in 2025

Initial estimates from Dell’Oro Group indicate that total revenue from Radio Access Network (RAN) components, excluding services, remained stable outside China over the first three quarters of 2025 and showed an increase when North America was excluded.

This trend reflects ongoing conditions in 5G network development, where near-term investment levels have not widely increased, yet some suppliers anticipate a need for sustained funding to support network evolution beyond basic connectivity.

The RAN market revenue covers baseband units, radio hardware, and related software. During the third quarter of 2025, growth in the Europe, Middle East, and Africa region nearly offset revenue declines observed in North America and the Asia Pacific. The top five suppliers worldwide for the period from first to third quarter 2025 were Huawei, Ericsson, Nokia, ZTE, and Samsung, collectively accounting for 96% of the market, slightly up from 95% in 2024.

Dell’Oro Group highlighted improvements in revenue shares for Huawei and Ericsson globally, and for Huawei and Nokia outside North America within the same timeframe. Projections for 2026 anticipate RAN revenue to remain largely stable.

Stefan Pongratz, Vice President of RAN market research at Dell’Oro Group, said, “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.” He added, “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.”

Separately, Dell’Oro Group reported that Mobile Core Network (MCN) market revenue increased 14% year-over-year outside China in the third quarter of 2025, as operators continue transitioning to 5G Standalone (SA) cores. This report noted 72 operators deploying 5G SA and that twelve Mobile Network Operators (MNOs) have advanced with 5G-Advanced networks. Among these operators are those from China, the UAE, Hong Kong, Singapore, Australia, the U.S., Malaysia, and Kuwait.