TDD dominated world’s spectrum auctions over the last five years

The Asia-Pacific region recorded the largest amount of spectrum auctioned between June 2021 and June 2026, with a total of 15,430 MHz, well ahead of Europe's 3,535 MHz and Latin America's 740 MHz, according to S&P Global Kagan's spectrum auction database.

The Asia-Pacific’s regional total was driven by time division duplex (TDD) spectrum, which reached 15,000 MHz, while frequency division duplex (FDD) accounted for 430 MHz. This means almost the entire Asia-Pacific total came from TDD-oriented releases, underlining how strongly the region has leaned toward capacity-led 5G spectrum allocation during the period.

Asia-Pacific's leadership in TDD spectrum reflects the region's emphasis on adding network capacity rather than expanding geographic coverage. Most of the spectrum released was in large contiguous blocks of 3.5 GHz and 26 GHz spectrum, where TDD is the preferred duplexing technology because it efficiently supports data-heavy 5G traffic and enables much wider channel bandwidths than FDD.

The regional comparison highlights an important distinction between volume and value. Asia-Pacific auctioned by far the most spectrum in MHz terms, but that does not mean it generated the highest unit values. Much of the region's lead came from very large TDD and mmWave releases, which added significant amounts of bandwidth but typically cleared at relatively low prices per MHz/pop. Unlike low- and mid-band spectrum, where limited supply drives intense competition, mmWave auctions often make thousands of megahertz available, reducing spectrum scarcity and bidding pressure.

mmWave has transitioned from being viewed as a universal 5G capacity layer to a specialized high-capacity technology. Mid-band spectrum has become the workhorse of 5G, while mmWave is increasingly reserved for dense venues, fixed wireless access and enterprise/private network deployments. The strongest commercial momentum remains in the United States, Japan, and South Korea, while many European markets have slowed spectrum awards or adopted more flexible licensing models in response to lower operator demand.

National spectrum valuations varied widely over the five-year period, reflecting differences in frequency, market structure, coverage obligations and operator demand. Spain's July 2021 700 MHz auction stands well above the rest of the group at $0.42 per MHz/pop, more than double the $0.18 recorded in India's 2022 700 MHz sale. The premium attached to these low-band licenses reflects their nationwide coverage value, particularly for expanding rural service and improving indoor penetration.