Capex intensity: inter-country trends and analysis

Global telecoms capex started to contract in 2023, and it will continue to do so until 2030, but there are surprisingly large differences between countries in terms of capex intensity, and of how capex has been allocated.

This report uses data from 13 countries, plus the EU as a whole, to analyse the reasons for the inter-country differences in industry capex intensity (including capex by non-operators) and in operator-only capex, highlighting the extent of the impact of delayering.

It also analyses differences between capex per capita (raw and adjusted for differences in GDP per capita), focusing on 5G and FTTP. It describes how and why the main waves of investment have played out along different timelines in different countries.

The report draws on Analysys Mason’s Telecoms capex worldwide: trends and forecasts 2019–2031.