Capex cliff under densification mandate, across countries.

An incumbent low-cost extensive method is exhausted (land, frequency, capacity) and the regulator or physical reality forces a switch to a dense, capital-intensive substitute that costs many multiples per unit. Small operators absorb the gap because the per-unit subsidy or price does not move. The pattern shows up in different jurisdictions with country-specific deadlines, fines and vendor ecosystems — but operators face the same underlying squeeze. Filter by country or industry above.