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  4. > Distributed Antenna Systems Equipment & Services Market by Coverage, Ownership, Vertical, and Geography - Forecast to 2020

DAS refers to a network of antennas that enhances the range and capacity of cellular networks inside large facilities such as public venues (stadiums, malls, convention centers, and others), hospitals, hotels, resorts, office buildings, universities, and manufacturing facilities among others. It is also used to provide coverage outdoors in areas where network connectivity is low or cannot be provided by traditional cell towers, such as roadways, parks, oil refineries, and others.

This report provides an in-depth analysis of the global DAS market on the basis of different types of coverage, ownership, verticals, and geography. Different ownership models considered for this study are carrier, neutral host, and enterprise ownership model. The different verticals covered in the report include transportation, airports, industrial, healthcare, public venues, hospitality, enterprises, and higher education.

The report also covers the regulations required to be followed by buildings where DAS deployments are to be done, along with market dynamics, Porter’s five forces analysis, and value chain analysis. The DAS market dynamics are categorized under four headers, namely, drivers, restraints, opportunities, and challenges. The market-related forecasts have been done using these market dynamics.

The report also includes the detailed profiles of various companies currently active in this market. In addition to the company profiles, the report also provides the competitive landscape (CL) of the key players in the market. The CL covers market ranking analysis, mergers and acquisitions, collaborations, partnerships, new product developments, and other key growth strategies of each player. The key players covered in this report are AT&T (U.S.), American Tower Corp. (U.S.), Axell Wireless (U.K.), Comba Telecom (China), TE Connectivity (Switzerland), Solid Technologies (South Korea), and CommScope, Inc. (U.S.) among others.

The market has also been mapped on the basis of geography. It has been segmented into four regions, namely, the Americas, Europe, APAC, and RoW.

KEY TAKE-AWAYS
- The global distributed antenna systems market statistics with detailed classifications and splits based on the respective market size
- Market statistics for both equipment and related support & engineering services; Services market is divided on the basis of coverage and region.
- Impact analysis of market dynamics along with the factors currently driving and restraining the growth of the market
- Illustrative segmentation, analysis, and forecast of the major industry verticals along with regional markets to provide an overall view of the global DAS market
- Detailed competitive landscape with identification of the key players in the global market and an in-depth market share ranking analysis
- Competitive intelligence based on the company profiles, key player strategies, and key developments such as product launches and acquisitions
- Complete Porter’s five forces and value chain analysis of the distributed antenna systems market landscape along with the key stakeholders

Table Of Contents

Distributed Antenna Systems Equipment and Services Market by Coverage, Ownership, Vertical, and Geography - Forecast to 2020
TABLE OF CONTENTS

1 INTRODUCTION 13
1.1 OBJECTIVES OF THE STUDY 13
1.2 MARKET DEFINITION 13
1.3 MARKET SCOPE 14
1.3.1 MARKETS COVERED 14
1.3.2 YEAR 15
1.4 CURRENCY 15
1.5 STAKEHOLDERS 15
1.6 LIMITATIONS 16
2 RESEARCH METHODOLOGY 17
2.1 RESEARCH DATA 17
2.1.1 SECONDARY DATA 18
2.1.1.1 Key data from secondary sources 18
2.1.2 PRIMARY DATA 19
2.1.2.1 Key data from primary sources 19
2.1.2.2 Key industry insights 20
2.1.2.3 Breakdown of primaries 20
2.2 MARKET SIZE ESTIMATION 21
2.3 MARKET BREAKDOWN and DATA TRIANGULATION 23
2.4 RESEARCH ASSUMPTIONS 24
2.4.1 ASSUMPTIONS 24
3 EXECUTIVE SUMMARY 25
4 PREMIUM INSIGHTS 30
4.1 ATTRACTIVE MARKET OPPORTUNITIES IN THE GLOBAL DISTRIBUTED ANTENNA SYSTEMS (DAS) MARKET 30
4.2 APAC: DAS EQUIPMENT MARKET, BY VERTICAL AND COUNTRY 31
4.3 DAS EQUIPMENT MARKET, BY OWNERSHIP 32
4.4 DAS MARKET, BY INDOOR TYPE 32
4.5 DAS EQUIPMENT MARKET, BY VERTICAL 33
4.6 DAS MARKET, BY GEOGRAPHY 33
4.7 DISTRIBUTED ANTENNA SYSTEM LIFECYCLE 34
5 MARKET OVERVIEW 35
5.1 INTRODUCTION 36

5.2 MARKET SEGMENTATION 36
5.2.1 MARKET, BY COVERAGE 36
5.2.2 BY OWNERSHIP 37
5.2.3 BY VERTICAL 37
5.2.4 BY GEOGRAPHY 38
5.3 MARKET DYNAMICS 39
5.3.1 DRIVERS 40
5.3.1.1 Growth in mobile data traffic 40
5.3.1.2 Desire for continuous on-connectivity 41
5.3.2 RESTRAINTS 42
5.3.2.1 Complexity in installation 42
5.3.3 OPPORTUNITIES 43
5.3.3.1 Public safety applications 43
5.3.4 CHALLENGES 44
5.3.4.1 High labor costs 44
6 INDUSTRY TRENDS 45
6.1 VALUE CHAIN ANALYSIS 45
6.2 PORTER'S FIVE FORCES ANALYSIS 46
6.2.1 THREAT OF NEW ENTRANTS 47
6.2.2 THREAT OF SUBSTITUTES 48
6.2.3 BARGAINING POWER OF SUPPLIERS 49
6.2.4 BARGAINING POWER OF BUYERS 50
6.2.5 INTENSITY OF COMPETITIVE RIVALRY 51
6.3 LOCAL DAS REQUIREMENTS 52
7 MARKET, BY COVERAGE 53
7.1 INTRODUCTION 54
7.2 INDOOR DAS (IDAS) 56
7.2.1 ACTIVE DAS 60
7.2.2 PASSIVE DAS 61
7.3 OUTDOOR DAS (ODAS) 63
8 MARKET, BY OWNERSHIP 66
8.1 INTRODUCTION 67
8.2 CARRIER OWNERSHIP 68
8.3 ENTERPRISE OWNERSHIP 69
8.4 NEUTRAL HOST 70
9 MARKET, BY VERTICAL 72
9.1 INTRODUCTION 73
9.2 PUBLIC VENUES 74
9.3 HOSPITALITY 75
9.4 HEALTHCARE 76
9.5 TRANSPORTATION 77
9.6 AIRPORTS 80
9.7 HIGHER EDUCATION 81
9.8 ENTERPRISE 82
9.9 INDUSTRIAL 83
10 MARKET, BY GEOGRAPHY 86
10.1 INTRODUCTION 87
10.2 AMERICAS 90
10.3 EUROPE 93
10.4 ASIA-PACIFIC 95
10.5 ROW 98
11 COMPETITIVE LANDSCAPE 100
11.1 INTRODUCTION 100
11.2 MARKET RANKING OF PLAYERS, 2014 101
11.3 COMPETITIVE SITUATION AND TRENDS 102
11.3.1 NEW PRODUCT LAUNCHES, DEVELOPMENTS. AND SERVICE ANNOUNCEMENTS 103
11.3.2 COLLABORATIONS, AGREEMENTS, JOINT VENTURES, AND PARTNERSHIPS 104
11.3.3 MERGERS and ACQUISITIONS 105
11.3.4 OTHERS 106
12 COMPANY PROFILES 107
(Overview, Products and Services, Financials, Strategy and Development)*
12.1 INTRODUCTION 107
12.2 AMERICAN TOWER CORPORATION (ATC) 108
12.3 TE CONNECTIVITY LTD. 111
12.4 COMMSCOPE, INC. 114
12.5 COMBA TELECOM SYSTEMS HOLDING LTD. 117
12.6 ATandT INC. 120
12.7 BOINGO WIRELESS, INC. 123
12.8 SOLID, INC. 125
12.9 CORNING INC. 127
12.10 AXELL WIRELESS LTD. 129
12.11 CHINA MOBILE LTD. 131
12.12 CROWN CASTLE INTERNATIONAL (CCI) CORPORATION 133
12.13 DALI WIRELESS INC. 135
*Details on Overview, Products and Services, Financials, Strategy and Development might not be Captured in case of Unlisted Companies.
13 APPENDIX 137
13.1 INSIGHTS OF INDUSTRY EXPERTS 137
13.2 DISCUSSION GUIDE 138
13.3 INTRODUCING RT: REAL TIME MARKET INTELLIGENCE 140
13.4 AVAILABLE CUSTOMIZATIONS 142
13.5 RELATED REPORTS 142



LIST OF TABLES

TABLE 1 GROWTH IN MOBILE DATA TRAFFIC IS EXPECTED TO PROPEL THE GROWTH OF DAS 41
TABLE 2 COMPLEXITY IN INSTALLATION IS A KEY RESTRAINT 43
TABLE 3 4G/LTE CONNECTIVITY IS KEY OPPORTUNITY FOR DAS 43
TABLE 4 HIGH LABOR COSTS IS A KEY CHALLENGE FOR DAS 44
TABLE 5 DAS MARKET SIZE, BY COVERAGE, 2013-2020 (USD MILLION) 55
TABLE 6 DAS EQUIPMENT MARKET SIZE, BY COVERAGE, 2013-2020 (USD MILLION) 56
TABLE 7 DAS SERVICES MARKET SIZE, BY COVERAGE, 2013-2020 (USD MILLION) 56
TABLE 8 INDOOR DAS MARKET SIZE, BY TYPE, 2013-2020 (USD MILLION) 57
TABLE 9 INDOOR DAS EQUIPMENT MARKET SIZE, BY TYPE, 2013-2020 (USD MILLION) 58
TABLE 10 INDOOR DAS SERVICES MARKET SIZE, BY TYPE, 2013-2020 (USD MILLION) 58
TABLE 11 INDOOR DAS EQUIPMENT MARKET SIZE, BY OWNERSHIP,
2013-2020 (USD MILLION) 58
TABLE 12 INDOOR DAS EQUIPMENT MARKET SIZE, BY VERTICAL, 2013-2020 (USD MILLION) 59
TABLE 13 INDOOR DAS MARKET SIZE, BY REGION, 2013-2020 (USD MILLION) 59
TABLE 14 INDOOR DAS EQUIPMENT MARKET SIZE, BY REGION, 2013-2020 (USD MILLION) 60
TABLE 15 INDOOR DAS SERVICES MARKET SIZE, BY REGION, 2013-2020 (USD MILLION) 60
TABLE 16 ACTIVE: INDOOR DAS EQUIPMENT MARKET SIZE, BY VERTICAL,
2013-2020 (USD MILLION) 61
TABLE 17 PASSIVE INDOOR DAS EQUIPMENT MARKET SIZE, BY VERTICAL,
2013-2020 (USD MILLION) 62
TABLE 18 OUTDOOR DAS EQUIPMENT MARKET SIZE, BY OWNERSHIP,
2013-2020 (USD MILLION) 63
TABLE 19 OUTDOOR DAS EQUIPMENT MARKET SIZE, BY VERTICAL,
2013-2020 (USD MILLION) 64
TABLE 20 OUTDOOR DAS MARKET SIZE, BY REGION, 2013-2020 (USD MILLION) 64
TABLE 21 OUTDOOR DAS EQUIPMENT MARKET SIZE, BY REGION,
2013-2020 (USD MILLION) 65
TABLE 22 OUTDOOR DAS SERVICES MARKET SIZE, BY REGION, 2013-2020 (USD MILLION) 65
TABLE 23 DAS EQUIPMENT MARKET SIZE, BY OWNERSHIP, 2013-2020 (USD MILLION) 68
TABLE 24 CARRIER DAS EQUIPMENT MARKET SIZE, BY INDOOR TYPE,
2013-2020 (USD MILLION) 69
TABLE 25 ENTERPRISE: DAS EQUIPMENT MARKET SIZE, BY INDOOR TYPE,
2013-2020 (USD MILLION) 70
TABLE 26 NEUTRAL HOST: DAS EQUIPMENT MARKET SIZE, BY INDOOR TYPE,
2013-2020 (USD MILLION) 71
TABLE 27 DAS EQUIPMENT MARKET SIZE, BY VERTICAL, 2013-2020 (USD MILLION) 73
TABLE 28 MARKET SIZE OF DAS EQUIPMENT IN PUBLIC VENUES, BY REGION,
2013-2020 (USD MILLION) 74
TABLE 29 MARKET SIZE OF DAS EQUIPMENT IN PUBLIC VENUES, BY INDOOR TYPE,
2013-2020 (USD MILLION) 75
TABLE 30 MARKET SIZE OF DAS EQUIPMENT IN HOSPITALITY, BY REGION,
2013-2020 (USD MILLION) 75
TABLE 31 MARKET SIZE OF DAS EQUIPMENT IN HOSPITALITY, BY INDOOR TYPE,
2013-2020 (USD MILLION) 76
TABLE 32 MARKET SIZE OF DAS EQUIPMENT IN HEALTHCARE, BY REGION,
2013-2020 (USD MILLION) 76
TABLE 33 MARKET SIZE OF DAS EQUIPMENT IN HEALTHCARE, BY INDOOR TYPE,
2013-2020 (USD MILLION) 77
TABLE 34 MARKET SIZE OF DAS EQUIPMENT IN TRANSPORTATION, BY REGION,
2013-2020 (USD MILLION) 77
TABLE 35 MARKET SIZE OF DAS EQUIPMENT IN TRANSPORTATION, BY COVERAGE,
2013-2020 (USD MILLION) 78
TABLE 36 MARKET SIZE OF INDOOR DAS EQUIPMENT IN TRANSPORTATION , BY REGION, 2013-2020 (USD MILLION) 78
TABLE 37 MARKET SIZE OF OUTDOOR DAS EQUIPMENT IN TRANSPORTATION , BY REGION, 2013-2020 (USD MILLION) 79
TABLE 38 MARKET SIZE OF DAS EQUIPMENT IN TRANSPORTATION, BY INDOOR TYPE,
2013-2020 (USD MILLION) 79
TABLE 39 MARKET SIZE OF DAS EQUIPMENT IN AIRPORTS, BY REGION,
2013-2020 (USD MILLION) 80
TABLE 40 MARKET SIZE OF DAS EQUIPMENT IN HIGHER EDUCATION, BY REGION,
2013-2020 (USD MILLION) 81
TABLE 41 MARKET SIZE OF DAS EQUIPMENT IN HIGHER EDUCATION, BY INDOOR TYPE, 2013-2020 (USD MILLION) 81
TABLE 42 MARKET SIZE OF DAS EQUIPMENT IN ENTERPRISES, BY REGION,
2013-2020 (USD MILLION) 82
TABLE 43 MARKET SIZE OF DAS EQUIPMENT IN ENTERPRISE, BY INDOOR TYPE,
2013-2020 (USD MILLION) 82
TABLE 44 MARKET SIZE OF DAS EQUIPMENT IN INDUSTRIAL SECTOR, BY REGION,
2013-2020 (USD MILLION) 83
TABLE 45 MARKET SIZE OF DAS EQUIPMENT IN INDUSTRIAL SECTOR, BY COVERAGE,
2013-2020 (USD MILLION) 84
TABLE 46 MARKET SIZE OF INDOOR DAS EQUIPMENT IN INDUSTRIAL SECTOR, BY REGION, 2013-2020 (USD MILLION) 84
TABLE 47 MARKET SIZE OF OUTDOOR DAS EQUIPMENT IN INDUSTRIAL SECTOR, BY REGION, 2013-2020 (USD MILLION) 84
TABLE 48 MARKET SIZE OF DAS EQUIPMENT IN INDUSTRIAL SECTOR, BY INDOOR TYPE, 2013-2020 (USD MILLION) 85
TABLE 49 DAS MARKET SIZE, BY REGION, 2013-2020 (USD MILLION) 88
TABLE 50 DAS EQUIPMENT MARKET SIZE, BY REGION, 2013-2020 (USD MILLION) 88
TABLE 51 DAS SERVICES MARKET SIZE, BY REGION, 2013-2020 (USD MILLION) 89
TABLE 52 AMERICAS: DAS EQUIPMENT MARKET SIZE, BY COVERAGE,
2013-2020 (USD MILLION) 91
TABLE 53 AMERICAS: DAS EQUIPMENT MARKET SIZE, BY VERTICAL,
2013-2020 (USD MILLION) 91
TABLE 54 AMERICAS: DAS EQUIPMENT MARKET SIZE, BY REGION,
2013-2020 (USD MILLION) 92
TABLE 55 NORTH AMERICA: DAS EQUIPMENT MARKET SIZE, BY COUNTRY,
2013-2020 (USD MILLION) 92
TABLE 56 EUROPE: DAS EQUIPMENT MARKET SIZE, BY COVERAGE,
2013-2020 (USD MILLION) 94
TABLE 57 EUROPE: DAS EQUIPMENT MARKET SIZE, BY VERTICAL,
2013-2020 (USD MILLION) 94
TABLE 58 EUROPE: DAS EQUIPMENT MARKET SIZE, BY COUNTRY,
2013-2020 (USD MILLION) 95
TABLE 59 APAC: DAS EQUIPMENT MARKET SIZE, BY COVERAGE, 2013-2020 (USD MILLION) 96
TABLE 60 APAC: DAS EQUIPMENT MARKET SIZE, BY VERTICAL, 2013-2020 (USD MILLION) 97
TABLE 61 APAC: DAS EQUIPMENT MARKET SIZE, BY COUNTRY, 2013-2020 (USD MILLION) 97
TABLE 62 ROW: DAS EQUIPMENT MARKET SIZE, BY COVERAGE, 2013-2020 (USD MILLION) 98
TABLE 63 ROW: DAS EQUIPMENT MARKET SIZE, BY VERTICAL, 2013-2020 (USD MILLION) 99
TABLE 64 ROW: DAS EQUIPMENT MARKET SIZE, BY COUNTRY, 2013-2020 (USD MILLION) 99
TABLE 65 GLOBAL DAS EQUIPMENT MARKET RANKINGS, BY KEY PLAYER, 2014 101
TABLE 66 NEW PRODUCT LAUNCHES, DEVELOPMENTS,
AND SERVICE ANNOUNCEMENTS, 2015 103
TABLE 67 COLLABORATIONS, AGREEMENTS, JOINT VENTURES AND PARTNERSHIPS,
2014-2015 104
TABLE 68 MERGERS and ACQUISITIONS, 2015 105
TABLE 69 OTHERS, 2015 106


LIST OF FIGURES

FIGURE 1 DISTRIBUTED ANTENNA SYSTEM MARKET 14
FIGURE 2 RESEARCH DESIGN 17
FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 21
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 22
FIGURE 5 MARKET BREAKDOWN and DATA TRIANGULATION 23
FIGURE 6 ASSUMPTIONS OF THE RESEARCH STUDY 24
FIGURE 7 DAS EQUIPMENT MARKET, BY COVERAGE, 2015-2020 (USD MILLION) 26
FIGURE 8 DAS EQUIPMENT MARKET, BY INDOOR TYPE, 2015-2020 (USD MILLION) 26
FIGURE 9 DAS EQUIPMENT MARKET, BY VERTICAL, 2014 27
FIGURE 10 DAS EQUIPMENT MARKET, BY OWNERSHIP MODEL: CARRIER MODEL IS EXPECTED TO DOMINATE THE MARKET DURING THE FORECAST PERIOD 28
FIGURE 11 GLOBAL DISTRIBUTED ANTENNA SYSTEMS MARKET SHARE, BY REGION, 2014 29
FIGURE 12 THE GLOBAL DAS MARKET PRESENTS LUCRATIVE OPPORTUNITIES 30
FIGURE 13 PUBLIC VENUES AND INDUSTRIAL VERTICALS HELD THE MAJOR SHARE OF THE MARKET IN 2014 31
FIGURE 14 NEUTRAL HOST OWNERSHIP EXPECTED TO GROW AT THE HIGHEST RATE DURING THE FORECAST PERIOD 32
FIGURE 15 ACTIVE DAS IS EXPECTED TO BE THE LARGEST MARKET DURING THE FORECAST PERIOD 32
FIGURE 16 TRANSPORTATION VERTICAL EXPECTED TO GROW AT THE HIGHEST RATE DURING THE FORECAST PERIOD 33
FIGURE 17 APAC REGION IS EXPECTED TO REPLACE THE AMERICAS AS THE LARGEST MARKET FOR DAS BY 2020 33
FIGURE 18 DAS MARKET, BY COVERAGE 36
FIGURE 19 DAS MARKET, BY OWNERSHIP 37
FIGURE 20 DAS MARKET, BY VERTICAL 37
FIGURE 21 DAS MARKET, BY GEOGRAPHY 38
FIGURE 22 NEED FOR CONTINUOUS CELLULAR CONNECTIVITY: KEY DRIVER FOR DISTRIBUTED ANTENNA SYSTEMS 39
FIGURE 23 GLOBAL MOBILE DATA TRAFFIC, 2014-2019 40
FIGURE 24 STEPS IN THE INSTALLATION OF DISTRIBUTED ANTENNA SYSTEM (DAS) 42
FIGURE 25 VALUE CHAIN 45
FIGURE 26 PORTER'S FIVE FORCES ANALYSIS, 2014 46
FIGURE 27 GRAPHICAL REPRESENTATION OF PORTER'S FIVE FORCES ANALYSIS, 2014 47
FIGURE 28 THREAT OF NEW ENTRANTS, 2014 47
FIGURE 29 THREAT OF SUBSTITUTES, 2014 48
FIGURE 30 BARGAINING POWER OF SUPPLIERS, 2014 49
FIGURE 31 BARGAINING POWER OF BUYERS,2014 50
FIGURE 32 INTENSITY OF COMPETITIVE RIVALRY, 2014 51
FIGURE 33 DAS MARKET SIZE, BY EQUIPMENT and SERVICES, 2015-2020 (USD MILLION) 54
FIGURE 34 DAS EQUIPMENT MARKET SIZE, BY COVERAGE, 2015-2020 (USD MILLION) 55
FIGURE 35 INDOOR DAS EQUIPMENT MARKET SIZE, BY TYPE, 2015-2020 (USD MILLION) 57
FIGURE 36 ODAS MARKET SIZE, BY REGION, 2015-2020 (USD MILLION) 63
FIGURE 37 DISTRIBUTED ANTENNA SYSTEM OWNERSHIP MODELS 67
FIGURE 38 DAS EQUIPMENT MARKET SIZE, BY OWNERSHIP, 2015-2020 (USD MILLION) 67
FIGURE 39 DAS EQUIPMENT MARKET SIZE, BY VERTICAL, 2015-2020 (USD MILLION) 73
FIGURE 40 GEOGRAPHIC SNAPSHOT (2014) - CHINA EXPECTED TO BE A KEY MARKET
FOR DAS 87
FIGURE 41 AMERICAS MARKET SNAPSHOT 90
FIGURE 42 EUROPE MARKET SNAPSHOT 93
FIGURE 43 APAC MARKET SNAPSHOT 96
FIGURE 44 ROW: DAS MARKET, BY COVERAGE, 2015-2020 (USD MILLION) 98
FIGURE 45 PRODUCT INNOVATION WAS THE KEY GROWTH STRATEGY ADOPTED
BY MARKET PLAYERS (2014-2015) 100
FIGURE 46 BATTLE FOR MARKET SHARE: NEW PRODUCT LAUNCHES COMPRISE THE KEY STRATEGY 102
FIGURE 47 GEOGRAPHIC REVENUE MIX OF TOP 5 MARKET PLAYERS 107
FIGURE 48 ATC: COMPANY SNAPSHOT 108
FIGURE 49 ATC: SWOT ANALYSIS 110
FIGURE 50 TE CONNECTIVITY LTD.: COMPANY SNAPSHOT 111
FIGURE 51 TE CONNECTIVITY: SWOT ANALYSIS 113
FIGURE 52 COMMSCOPE, INC.: COMPANY SNAPSHOT 114
FIGURE 53 COMMSCOPE, INC.: SWOT ANALYSIS 116
FIGURE 54 COMBA TELECOM: COMPANY SNAPSHOT 117
FIGURE 55 COMBA TELECOM: SWOT ANALYSIS 119
FIGURE 56 ATandT: COMPANY SNAPSHOT 120
FIGURE 57 ATandT: SWOT ANALYSIS 122
FIGURE 58 BOINGO WIRELESS: COMPANY SNAPSHOT 123
FIGURE 59 SOLID, INC.: COMPANY SNAPSHOT 125
FIGURE 60 CORNING INC.: COMPANY SNAPSHOT 127
FIGURE 61 AXELL WIRELESS LTD.: COMPANY SNAPSHOT 129
FIGURE 62 CHINA MOBILE LTD.: COMPANY SNAPSHOT 131
FIGURE 63 CROWN CASTLE: COMPANY SNAPSHOT 133

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