Back at the turn of the century, people thought that cellular use was really starting to peak and it would maybe even level off. After all, everybody had a cell phone, and Nokia was still among the market leaders. Then it all changed in 2007 when Apple introduced the smartphone, and mobile data demand has skyrocketed every year since. Now with the 5G Internet of Things world right around the corner, the growth could be ready to take off again.

In a new Cowen research report, well-regarded analyst Colby Synesael attended the recent towers HetNet Conference, and he came back with metrics and a perspective about the size of the market for the towers that could be huge for some of the top stocks in the industry. Heterogeneous networks, or a HetNet, is a network with complex interoperation between macrocell, small cell and in some cases Wi-Fi network elements used together to provide a mosaic of coverage, with hand-off capability between network elements. A recent study from ARCchart estimates that HetNets will help drive the mobile infrastructure market to account for nearly $57 billion in spending globally by 2017.

Cowen feels it could be huge for three top stocks in the tower business, and the rated all three at Outperform.

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American Tower

Shares printed an all-time high last November and almost have traded back to it after being down to sideways for almost a year. American Tower Corp. (NYSE: AMT) is one of the largest global real estate investment trusts (REITs), as well as a leading independent owner, operator and developer of multi-tenant communications real estate with a portfolio of approximately 97,000 communications sites. It is on track to own and operate 100,000 cell towers by the end of 2015, in both U.S. and international operations. It is also reported that the company is already processing about 900 applications in its pipeline to add additional carriers to the newly acquired Verizon towers.

The company posted strong double-digit growth in revenue and cash flow thanks to growing both its tower portfolio and the number of tenants on each tower. In fact, growth in its domestic rental and management segment, which delivered almost 22% year-over-year revenue growth could be set to surge even higher next year. Core revenue growth, which adjusts revenue for a number of items, including foreign currency fluctuations, one-time charges and revenue from new properties, was up 6%.

American Tower investors are paid a 1.8% distribution. The Cowen price target for the stock is $134. The Thomson/First Call consensus price target $116.21. The shares closed Tuesday at $103.28.

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Crown Castle

This is another top tower company that offers incredible growth and income possibilities. Crown Castle International Corp. (NYSE: CCI) provides wireless carriers with the infrastructure they need to keep people connected and businesses running. With approximately 40,000 towers and 15,000 small cell nodes supported by approximately 16,000 miles of fiber, Crown Castle is the nation’s largest provider of shared wireless infrastructure with a significant presence in the top 100 U.S. markets.

The company also posted strong earnings per share that beat the consensus estimate. However, GAAP net income decreased roughly 3% year over year. Net revenue in the quarter increased 2.8% year over year, much better than the consensus forecast. Crown Castle also delighted shareholders with a 7.9% increase in its quarterly cash dividend on common stock.

Crown Castle shareholders receive a very nice 4.05% dividend. The Cowen price target is $94, but the consensus target is $95.35. The shares closed most recently at $87.64.

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SBA Communications

This rounds out the trio of top tower companies. SBA Communications Corp. (NASDAQ: SBAC) owns and operates wireless communications tower structures, rooftops and other structures that support antennas used for wireless communications in the United States and its territories, Canada, Central America and Brazil.

The company leases antenna space to wireless service providers on towers that it owns or operates, and manage rooftop and tower sites for property owners under various contractual arrangements. As of December 31, 2014, the company owned 24,292 towers and managed or leased approximately 5,000 actual or potential towers. It also provides a wide range of site development services.

SBA will release third-quarter earnings Wednesday, and aggressive investors may want to buy a small position in front of the release. Numerous top Wall Street analysts predict that the revenues will be very solid, and estimates have risen recently, which is a very bullish sign.

The $139 Cowen price target is higher than the consensus target of $135.47. The stock closed Tuesday at $120.12.

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The mobile data demand growth is only going to continue to accelerate, and these three top companies are the best way for aggressive accounts to play a space that should just stay on fire.

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