The wireless tower market has exhibited sustained growth, good operating leverage, and strong cash flow. The tower companies generate a majority of their turnover from leasing space on their towers. With most of the operating expenses of a tower being fixed, additional customers result in high cash flow for the tower companies.
Growth of tower industry is being driven by increase in wireless subscriptions. Subscriber demand of increased network coverage, improved voice quality, and non-voice services, has led to increase in revenues of wireless tower companies. The industry has been going through a phase of consolidation. Strategic acquisitions have given tower companies the capability to reduce operating costs and also offer a wide range of sites to the wireless carriers.
The three major tower companies are American Tower, Crown Castle, and SBA Communications. Many wireless companies also own and operate their towers. In this industry, the focus of competition is more towards acquiring customers for new site locations.
The report broadly includes the following
1. Wireless Towers: An Overview
Guyed Tower
Monopole Tower
Lattice Tower
2. Tower Companies – Business Model
3. Market Overview
3.1 Competitive Landscape
US Market Share
3.2 Consolidation Phase
3.3 Operating Metrics
Portfolio Comparison
Revenue per Tower: A Comparison
4. Growth Drivers
4.1 Wireless Subscription Growth
4.2 Wireless Capital Spending
5. Issues
6. Company Profiles
6.1 American Tower
6.2 Crown Castle
6.3 SBA Communications
List of Tables
Types of Wireless Towers
Revenue Model of a Tower
Crown Castle - Tower Acquisitions (1999-2007)
Crown Castle - Tower Occupancy Breakdown
SBA Communications Tower Acquisitions (2004-07)
List of Charts
US Tower Market Share by Companies (2007)
Tower Portfolio Comparison (2007-12E)
Revenue per Tower Comparison (2007)
Percentage of Tower in BTA’s – A Comparison (2007)
US Wireless Subscribers (2000-2010E)
Wireless Capital Spending Comparison (2002-2010E)
American Tower - Tower Revenue Mix by Segments (2007)
American Tower - Tower Revenue Mix by Customers (2007)
Crown Castle - Revenues by Customer (2007)
SBA Communications - Tenant Revenues by Customer (2007)
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