Globally, the top 100 cellular tower companies own and operate over 1.7 million sites that host shared telecommunications infrastructure. These cell towers provide mobile communications coverage and connectivity primarily for wireless carriers while also supporting the needs of television & radio broadcast companies and public safety networks.

In total, the 10 largest owners and operators of cellular towers – including American Tower, Indus Towers, Summit Digitel, Cellnex, BSNL, edotco, Vantage Towers, Reliance Infratel, GD Towers, and Crown Castle – operate 58% of the 1.7 million sites held by the broader top 100 TowerCos in the world.

Dgtl Infra provides an overview of the largest 100 cellular tower companies worldwide, as measured by tower count. Subsequently, we dive deeper into the portfolios of each of the top 25 cell tower companies, detailing where their sites are located geographically, how many tenants place equipment on their towers, and who their key customers are. Note that tower owners and operators from China and Russia are excluded from our list.

Top 100 Cellular Towers Companies

#Tower CompanyOperating RegionsTowers
1American TowerGlobal222,858
2Indus TowersIndia204,212
3Summit Digitel InfrastructureIndia156,557
4Cellnex TelecomPan-Europe (12 Countries)111,688
5BSNL Tower CorporationIndia74,000
6edotco Group (Axiata Group)Pan-Asia (9 Countries)57,983
7Vantage TowersPan-Europe (8 Countries)46,100
8Reliance InfratelIndia43,540
9GD TowersGermany, Austria42,100
10Crown CastleUnited States40,049
11IHS HoldingAfrica, Latin America, Middle East39,739
12SBA CommunicationsUnited States, Latin America, Africa39,546
13MitratelIndonesia37,091
14SITES (Sitios Latinoamérica)Pan-Latin America (16 Countries)34,669
15Protelindo (Sarana Menara)Indonesia29,915
16MENA (Ooredoo, Zain, TASC)Qatar, Kuwait, Algeria, Tunisia, Iraq, Jordan28,600
17TOTEM (Orange)France, Spain27,100
18Phoenix Tower InternationalEurope, Latin America, United States24,000
19INWITItaly23,750
20GTL InfrastructureIndia22,847
21Opsimex (Telesites)Mexico, Costa Rica22,783
22Tower BersamaIndonesia22,026
23TAWALSaudi Arabia, Bulgaria, Croatia, Slovenia21,000
24Digital Telecom Infra FundThailand16,059
25Cornerstone (CTIL)United Kingdom15,100
26EdgePoint InfrastructureIndonesia, Malaysia, Philippines14,600
27Helios TowersPan-Africa, Middle East (9 Countries)14,024
28CETIN GroupCzech Republic, Bulgaria, Hungary, Serbia12,900
29Mobile Broadband (MBNL)United Kingdom12,000
30Global TowerTurkey, Ukraine, Belarus, Cyprus11,038
31Vertical BridgeUnited States11,000
32Telenor InfraNorway10,345
33NetWorkS!Poland10,000
34Lati (Millicom/Tigo TowerCo)Pan-Latin America (7 Countries)9,000
35Tower VisionIndia9,000
36Telia Towers ABFinland, Norway, Sweden8,500
37Ascend Telecom InfraIndia8,300
38TDF InfrastructureFrance8,191
39Golden Lattice (Zain KSA)Saudi Arabia8,069
40JTOWERJapan7,700
41Svenska UMTS-nät AB (SUNAB)Sweden6,000
42YTL CorporationMalaysia6,000
43Amplitel (Telstra InfraCo)Australia5,787
44Net4Mobility HBSweden5,600
45Highline do BrasilBrazil5,500
46OCK GroupVietnam, Myanmar, Malaysia5,300
47Frontier Tower AssociatesPhilippines4,541
48Summit Communications GroupBangladesh4,500
49U.S. Cellular / TDSUnited States4,356
50Indara Digital InfrastructureAustralia4,313
51Andean Telecom Partners (ATP)Chile, Colombia, Peru, Ecuador, Paraguay4,300
52TDC NETDenmark4,190
533G Infrastructure Services (3GIS)Sweden4,100
54Swiftnet (Telkom SA)South Africa4,008
55Diamond CommunicationsUnited States4,000
56TT-NetvaerketDenmark4,000
57Irrawaddy Green Towers (IGT)Myanmar4,000
58Africa Mobile Networks (AMN)Pan-Africa (14 Countries), Latin America3,939
59IBST (Inti Bangun Sejahtera)Indonesia3,383
60Belgium Tower Partners (BTP)Belgium3,340
61Wireless Infrastructure GroupUnited Kingdom3,300
62DNA TowerFinland3,264
63AP Towers / Apollo TowersMyanmar3,234
64QMC TelecomBrazil, Mexico, Colombia, Peru, Chile3,200
65Mexico Tower Partners (MTP)Mexico3,200
66Balitower (Bali Towerindo Sentra)Indonesia2,649
67EI TowersItaly2,500
68Everest InfrastructureUnited States, Australia, New Zealand2,500
69ConnexaNew Zealand2,350
70Rai WayItaly2,300
71Tillman InfrastructureUnited States2,300
72Miescor Infrastructure (MIDC)Philippines2,180
73Harmoni TowersUnited States2,000
74CTI TowersUnited States1,800
75Sacofa Sdn BhdMalaysia1,700
76Centuria, SIALatvia, Lithuania1,700
77Telenor Tower SwedenSweden1,532
78TowerCo of Africa (TOA)Madagascar1,500
79Fortysouth (Vodafone NZ)New Zealand1,500
80Brazil Tower Company (BTC)Brazil1,500
81Arqiva GroupUnited Kingdom1,450
82Torrecom PartnersPan-Latin America (10 Countries)1,400
83Waveconn (TPG Telecom)Australia1,400
84PhilTowerPhilippines1,350
85TowerCoUnited States1,300
86Torresec (Innovattel)Pan-Latin America (7 Countries)1,275
87InfratelZambia1,200
88Digita OyFinland1,100
89Unity Digital InfrastructurePhilippines1,100
90RailTel CorporationIndia1,050
91Pan African TowersNigeria1,000
92BNSF Railway CompanyUnited States1,000
93Octagon Towers (Peppertree)United States1,000
94Blue Sky TowersUnited States1,000
95Tower VenturesUnited States850
96Open Tower Company (OTC)Netherlands800
97BAI AustraliaAustralia774
98Continental TowersPan-Latin America (6 Countries)750
99EmitelPoland664
100Ceské Radiokomunikace (CRA)Czech Republic658
Total1.7m

1. American Tower

American Tower (NYSE: AMT) owns 222,858 towers globally, of which 42,528 are located in the United States & Canada and 180,330 reside in international markets. The company’s tower portfolio spans a total of 25 countries in the following geographies:

  • Domestic: United States, Canada
  • Europe: France, Germany, Spain
  • Latin America: Argentina, Brazil, Chile, Colombia, Costa Rica, Mexico, Paraguay, Peru
  • Asia-Pacific: Australia, Bangladesh, India, New Zealand, Philippines
  • Africa: Burkina Faso, Ghana, Kenya, Niger, Nigeria, South Africa, Uganda

In terms of property revenue, American Tower’s largest tenants are T-Mobile (17%), AT&T (13%), Verizon (12%), Airtel (8.6%), and Telefónica (7.5%).

2. Indus Towers

Indus Towers (formerly Bharti Infratel) is the largest tower company in India, owning and managing 204,212 telecom towers. The company has 353,462 tenants with equipment on its towers, equating to a tenancy ratio of 1.73x.

India’s three major wireless carriers, namely Reliance Jio, Bharti Airtel, and Vodafone Idea are all significant customers of Indus Towers.

3. Summit Digitel Infrastructure

Summit Digitel Infrastructure (formerly Reliance Jio Infratel), the second-largest tower company in India, operates 156,557 telecom towers, providing comprehensive pan-India 4G coverage. The company’s towers accommodate 165,735 tenancies, resulting in a tenancy ratio of 1.06x, which indicates the average number of tenants per tower.

These towers are predominantly utilized as the network backbone for Reliance Jio, the country’s largest wireless carrier. In this arrangement, Jio acts as a primary or ‘anchor’ tenant for Summit Digitel, maintained under a 30-year master service agreement (MSA).

Brookfield Infrastructure invested in Summit Digitel Infrastructure in August 2020.

4. Cellnex Telecom

Cellnex Telecom (BME: CLNX) manages 111,688 operational tower sites, with 151,792 tenants, which equates to a tenancy ratio of 1.36x. Geographically, these operational sites are located in 12 European countries: France, Italy, Poland, Spain, United Kingdom, Portugal, Switzerland, Austria, Netherlands, Sweden, Ireland, and Denmark.

Once all of Cellnex’s build-to-suit (BTS) agreements have been completed, the company’s portfolio will grow to around 135,000 tower sites across its 12 European markets. Additionally, Cellnex operates 9,125 small cells and distributed antenna system (DAS) nodes throughout Europe.

5. BSNL Tower Corporation (BTCL)

BSNL Tower Corporation (BTCL) is a wholly-owned subsidiary of the government-owned Bharat Sanchar Nigam Limited (BSNL), India’s fourth largest wireless carrier. Presently, BTCL operates 74,000 towers in India and has 79,000 tenants with equipment on its towers (mainly BSNL), equating to a tenancy ratio of 1.07x.

6. edotco Group

edotco Group is a regional tower company in Asia and a 63%-owned subsidiary of Axiata Group (KLSE: AXIATA). The company operates in nine countries, including Malaysia, Bangladesh, Sri Lanka, Cambodia, Myanmar, Pakistan, Laos, the Philippines, and Indonesia.

edotco has a portfolio of 57,983 towers and managed sites across Asia. Of this total, the company controls 34,160 owned towers and 23,823 managed sites. Also, edotco’s owned towers have a tenancy ratio of 1.66x, equating to 56,736 tenants with equipment on its owned towers.

7. Vantage Towers

Vantage Towers, a company backed by KKR and Global Infrastructure Partners (GIP), owns a consolidated portfolio totaling 46,100 macro sites in the 8 European countries of Germany, Spain, Greece, Czech Republic, Portugal, Romania, Hungary, and Ireland. In addition, Vantage Towers has a 33.2% stake in INWIT, which holds 23,525 towers in Italy, and a 50% stake in Cornerstone Telecommunications Infrastructure Limited (CTIL), which controls 15,100 towers in the United Kingdom.

Overall, Vantage Towers’ consolidated portfolio of 46,100 macro sites have 67,300 tenants, resulting in a tenancy ratio of 1.46x. Of these tenants, Vodafone represents approximately 80% of Vantage Towers’ revenue base, which has high customer concentration.

8. Reliance Infratel

Reliance Infratel is the tower division of Reliance Communications (RCom), a former wireless carrier in India which filed for bankruptcy in 2019. Presently, Reliance Infratel operates 43,540 towers in India and has 39,000 tenants with equipment on its towers, equating to a tenancy ratio of 0.9x. Notably, this tenancy ratio implies that many of Reliance Infratel’s towers are unoccupied.

9. GD Towers

GD Towers is the largest tower company in Germany and Austria, owning and managing 42,100 tower sites. The company is 51%-owned by DigitalBridge and Brookfield Infrastructure, with the remaining 49% held by Deutsche Telekom (ETR: DTE). Deutsche Telekom has established a 30-year master lease agreement (MLA) with GD Towers, whereby Telekom Deutschland and Magenta Austria are the anchor tenants.

Deutsche Telekom has committed to having GD Towers build 5,400 new macro sites for the anchor tenants through 2026, with approximately 5,200 in Germany and 200 in Austria.

10. Crown Castle

Crown Castle (NYSE: CCI) has a digital infrastructure portfolio, which resides entirely in the United States, consisting of 40,049 towers, 85,000 route miles of fiber, and 115,000 small cell nodes – 60,000 of which are on-air and 55,000 of which are under contract. The company’s towers have a tenancy ratio of 2.5x, equating to approximately 100,000 tenants with equipment on its towers.

In terms of site rental revenues, Crown Castle’s largest tenants are T-Mobile (35%), Verizon (20%), and AT&T (19%) – collectively comprising 74% of the company’s site rental revenues.

11. IHS Holding

IHS Holding (NYSE: IHS) has a portfolio of 39,739 owned and managed tower sites in 11 countries. Specifically, these sites have a tenancy ratio of 1.49x, equating to 59,196 tenants with equipment on the company’s towers.

IHS Holding’s sites span 7 countries in Africa, 3 countries in Latin America, and 1 country in the Middle East. Overall, the company’s top five markets by tower count include Nigeria (16,400 sites), Brazil (7,388 sites), South Africa (5,691 sites), Côte d’Ivoire (2,694 sites), and Cameroon (2,347 sites).

12. SBA Communications

SBA Communications (NASDAQ: SBAC) owns or operates 39,546 communication sites, 17,469 of which are in the United States and 22,077 that are located internationally. More specifically, the company’s international markets include Argentina, Brazil, Canada, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Nicaragua, Panama, Peru, South Africa, the Philippines, and Tanzania.

In terms of domestic site leasing revenue, SBA Communications’ largest tenants are T-Mobile (40%), AT&T (29%), and Verizon (19%). While the company’s largest tenants, based on international site leasing revenue, are Telefónica (23%), América Móvil (20%), and TIM S.A. (16%).

13. Mitratel

Mitratel (PT Dayamitra Telekomunikasi Tbk) operates 37,091 towers in Indonesia, which have 55,704 tenants, equating to a tenancy ratio of 1.50x. Within Indonesia, 15,505 (42%) of the company’s towers are located in the Java region, while 21,586 (58%) are in the ex-Java region.

Additionally, Mitratel has a fiber-optic portfolio that provides transport connectivity for towers. The company’s fiber-optic network spans 18,046 miles (29,042 kilometers) in total length.

14. SITES (Sitios Latinoamérica)

SITES (Sitios Latinoamérica) was spun-off from América Móvil, the largest wireless carrier in Latin America. The company operates 34,669 tower sites across 16 countries in Latin America, including Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Paraguay, Peru, Puerto Rico, and Uruguay.

SITES’ key markets are Brazil with 11,306 towers, Andean Region (Chile, Ecuador, Peru) with 8,819 towers, Central America with 7,626 towers, and AUP (Argentina, Uruguay, Paraguay) with 5,432 towers.

15. Protelindo (Sarana Menara Nusantara)

Protelindo (Sarana Menara Nusantara) operates 29,915 towers in Indonesia, which have 54,249 tenants, equating to a tenancy ratio of 1.81x. Within Indonesia, 53% of the company’s towers are located in the Java region, while 47% are in the ex-Java region.

Additionally, Protelindo’s fiber-to-the-tower (FTTT) segment has 110,790 miles (178,300 kilometers) of revenue generating fiber. Geographically, the network focus is in Java, Bali, and Sumatra to support data demand.

16. MENA (Ooredoo, Zain, TASC)

Ooredoo, Zain, and TASC Towers have merged their tower assets to create the largest tower company in the MENA region, valued at $2.2 billion, comprising 28,600 towers. The newly formed tower company will operate in Qatar, Kuwait, Jordan, Iraq, Algeria, and Tunisia.

Ooredoo and Zain will each retain a 49.3% stake in the new entity, while TASC’s founders will control the remaining shares and manage operations. The deal aims to transform the MENA (Middle East and North Africa) telecom sector, focusing on smart telco evolution, capital efficiency, and reducing the region’s carbon footprint.

17. TOTEM (Orange)

TOTEM is a European tower company and a subsidiary of Orange, a wireless carrier headquartered in France. The company operates 27,100 tower sites, including 19,500 sites in France and 7,600 sites in Spain. Overall, TOTEM’s tower portfolio has a tenancy ratio of approximately 1.35x, implying 36,600 tenants.

Additionally, Orange is pursuing a carve-out of its passive mobile infrastructure elsewhere within the company’s service footprint, starting with Romania, Slovakia, and Moldova.

18. Phoenix Tower International

Phoenix Tower International owns and operates more than 24,000 cellular towers. Geographically, the company’s cellular tower portfolio spans 24 countries throughout Europe, the United States, Latin America, and the Caribbean.

Phoenix Tower’s countries and territories of operation are: Bahamas, Barbados, Bolivia, British Virgin Islands, Chile, Colombia, Costa Rica, Cyprus, Dominican Republic, Ecuador, El Salvador, France, French West Indies, Germany, Ireland, Italy, Jamaica, Malta, Mexico, Nicaragua, Panama, Peru, Puerto Rico, and the United States.

19. INWIT

INWIT, Italy’s largest tower company, operates 23,750 cellular towers and has 53,300 tenants with equipment on its towers, equating to a tenancy ratio of 2.22x. Of these tenants, the majority of INWIT’s revenue derives from master service agreements (MSAs) with wireless carriers TIM (Telecom Italia) and Vodafone. With these two companies, INWIT has 40,200 anchor tenants on its cell towers.

Additionally, INWIT operates 7,800 small cells and distributed antenna system (DAS) nodes, as well as providing 2,000 backhaul connectivity links.

20. GTL Infrastructure

GTL Infrastructure operates 22,847 towers in India and has 22,247 tenants with equipment on its towers, equating to a tenancy ratio of 0.97x. However, of this total, only 10,670 of these towers are occupied, with the remaining 12,177 towers unoccupied. Therefore, GTL Infrastructure’s average tenancy ratio per occupied tower is 2.1x.

21. Opsimex (Telesites)

Telesites, the largest owner, operator, and developer of passive wireless infrastructure in Mexico, completed its merger with Operadora de Sites Mexicanos (Opsimex). Currently, the company operates a total of 22,783 towers across Mexico and Costa Rica. Of these, 22,476 towers are located in Mexico, and 307 sites are situated in Costa Rica.

Across both Mexico and Costa Rica, Opsimex has 28,920 tenants, equating to a tenancy ratio of 1.27x. The company was created as a result of the spin-off of cellular towers in Mexico by América Móvil, which remains Opsimex’s largest customer.

22. Tower Bersama

Tower Bersama operates 22,026 telecommunication towers in Indonesia, which have 41,428 tenants, equating to a tenancy ratio of 1.88x. Additionally, the company has 110 distributed antenna system (DAS) networks.

Regarding tenants, Tower Bersama’s cell sites serve all of Indonesia’s major telecommunications companies, including Telkomsel, Indosat Ooredoo Hutchison (IOH), and XL Axiata.

23. TAWAL

TAWAL owns a portfolio of more than 21,000 cell towers located across five countries: Saudi Arabia, Pakistan, Bulgaria, Croatia, and Slovenia. The company’s entry into the European market, specifically Bulgaria, Croatia, and Slovenia, is aimed at supporting the roll-out of 5G and mobile services. This expansion is facilitated through a 20-year master services agreement (MSA) with United Group and includes a roll-out plan for more than 2,000 additional “shareable” sites.

Saudi Telecom Company (stc), Saudi Arabia’s largest wireless carrier, founded TAWAL as an independent provider of telecommunications infrastructure.

24. Digital Telecommunications Infrastructure Fund

Digital Telecommunications Infrastructure Fund is Thailand’s largest tower company, which operates a portfolio of 16,059 cellular towers located in all 77 provinces of Thailand. Of this total, 9,727 towers are owned by the fund (True Tower and TUC Towers) and 6,332 towers, are managed by the fund, with the fund entitled to receive the net revenue (BFKT Towers and AWC Towers).

25. Cornerstone Telecommunications Infrastructure Limited (CTIL)

Cornerstone Telecommunications Infrastructure Limited (CTIL) is a 50%/50% joint venture between wireless carrier Telefónica (operating as O2 in the UK) and Vantage Towers. The company operates 15,100 cellular towers in the United Kingdom, which have approximately 29,000 tenants, equating to a tenancy ratio of 1.92x.

In January 2021, Telefónica and Vodafone each entered into new master service agreements (MSAs) with CTIL. These two companies agreed to use CTIL’s cell towers for an initial term of 8 years, with three 8-year renewal periods, and a 3-year exit period if not renewed.

READ MORE: What is a Cell Tower? Understanding How Cell Towers Work


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Adam Simmons covers Towers for Dgtl Infra, including American Tower (NYSE: AMT), Crown Castle (NYSE: CCI), SBA Communications (NASDAQ: SBAC), Cellnex Telecom (BME: CLNX), Vantage Towers (ETR: VTWR), IHS Holding (NYSE: IHS), and many more. Within Towers, Adam focuses on the sub-sectors of ground-based cell towers, rooftop sites, broadcast / radio towers, and 5G. Adam has over 7 years of experience in research and writing for Towers.

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