Research firm says worldwide RAN revenue, excluding services, increased at a low single-digit year-over-year rate during the quarter
In sum – what to know:
Stable conditions – Worldwide RAN revenue rose at a low single-digit rate in Q1 2026, marking the fifth consecutive quarter of relatively stable market performance within a narrow year-over-year range.
Regional divergence – Growth in EMEA and APAC offset continued weakness in North America and China, highlighting uneven recovery patterns across global telecom markets.
Limited upside – Dell’Oro expects 5G Advanced, AI-RAN and private wireless to grow, but forecasts overall RAN revenue will expand at only a 1% CAGR as operators prioritize capex efficiency.
Worldwide radio access network (RAN) revenue remained broadly stable during the first quarter of 2026, continuing a trend of limited market volatility that has persisted for more than a year, according to new data from Dell’Oro Group.
The research firm said worldwide RAN revenue, excluding services, increased at a low single-digit year-over-year rate during the quarter, marking the fifth consecutive quarter in which the market remained within a relatively narrow range of minus 4% to plus 4%.
Dell’Oro attributed the performance primarily to regional market dynamics rather than a fundamental shift in operator investment behavior.
The research firm attributed the improved conditions primarily to a favorable regional mix and easier comparisons in markets that experienced sharp declines. The report added that RAN remains growth-constrained, and operators are increasingly preparing for a slower mobile broadband growth environment.
According to the report, growth in EMEA and parts of the Asia-Pacific region helped offset weaker activity in North America. China also remained under pressure during the quarter.
Dell’Oro said the ranking of the world’s largest RAN suppliers remained unchanged based on trailing four-quarter revenue. Huawei retained the top position, followed by Ericsson, Nokia, ZTE, and Samsung.
Stefan Pongratz, vice president for RAN market research at Dell’Oro Group, told RCR Wireless News that operators are currently in a relatively comfortable position regarding network coverage and capacity, reducing the urgency for aggressive RAN investment cycles.
“The operators are in a good position from a coverage and capacity perspective. Until this changes, operators will prioritize their capex accordingly,” Pongratz said.
The analyst noted that the RAN market historically experiences periods of stronger and weaker investment intensity depending on new spectrum availability, technology transitions, and demand for additional capacity.
“We expect that 5G Advanced, AI RAN, private wireless will grow as a share of overall RAN over the next couple of years,” Pongratz said.
“The base case forecast is for stable RAN and capex trends, resulting in further improvements in capital intensity ratios before 6G investments commence towards the end of the forecast period,” Pongratz added.
Global telecom capital expenditure is expected to decline in 2026 as operators adopt a more cautious investment approach, even as long-term demand linked to artificial intelligence (AI) continues to build, according to a previous report from Dell’Oro Group.
The firm estimates that telecom capex remained broadly flat in 2025 in nominal U.S. dollar terms across approximately 50 service providers, representing around 80% of global spending. This stability came despite a 4% year-on-year increase in telecom equipment revenues, supported in part by cloud providers, which Dell’Oro estimates accounted for roughly half of that growth.
