Low Power Wide Area Network Market
Low Power Wide Area Network Market - Global Industry Assessment & Forecast
- By Technology Type SIGFOX, LoRaWAN, Weightless, Others
- By Deployment Model On premise, Cloud
- By Application Industrial, Smart Buildings, Smart Parking, Precision Agriculture, Others
- By End Users Healthcare, Agriculture, Logistics and Transportation, Manufacturing, Government, Others
- By Region North America, Europe, Asia Pacific, Middle East & Africa, Latin America
|Forecast Years:||2022 - 2028|
|Historical Years:||2016 - 2021|
|Revenue 2021:||USD 12.81 Billion|
|Revenue 2028:||USD 675.75 Billion|
|Revenue CAGR (2022 - 2028):||65%|
|Fastest Growing Region (2022 - 2028)||Asia Pacific|
|Largest Region (2021):||North America|
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Low Power Wide Area Network Market: By Connectivity Technology, Deployment type, Application, Vertical, and Region
Global Low Power Wide Area Network market is valued at USD 12.81 Billion in 2021 and is projected to attain a value of USD 675.75 Billion by 2028 at a CAGR of 65% during the forecast period, 2022–2028.
Low Power Wide Area Network Market Size, 2021 To 2028 (USD Billion)
Growing demand for IoT connectivity has led to the growth of Low Power Wide Area Network technology. The need for improving cellular coverage in remote regions and the availability of low-cost chipsets have further aided the growth of this market. Countries such as Japan and South Korea have mandated an extensive deployment of LPWAN networks which has fueled the adoption rates of this technology. Many technological advancements are expected to take place within this time frame which will result in a positive outlook for this market. Some of these advances include 450 Mbps data rate capabilities, compatibility with LTE-M/NB-IoT network standards & enhanced battery life.
Key Factors Driving Growth of LPWAN Market
Key factors responsible for growth in the demand for LPWAN are the expanding application areas, including smart metering, home energy management, building automation & security lighting. Also, with growing concerns regarding the insecurity of internet of things (IoT) devices and need for encrypted communication channels, LPWANs come as a technology that not only provides an effective solution but also ensures that data is transmitted over unlicensed spectrum bands such as sub-1 GHz or sub-3 GHz range where anyone can use it to develop their own network.
Enhancing privacy and access control: Sub 1 GHz and 3 GHz wireless carriers typically do not require a license and thus their operation is unrestricted globally. This creates opportunities for service providers to offer low-cost private networks using unlicensed frequencies without having to acquire any licenses from local authorities. The unlicensed nature of these bands puts certain restrictions on the power usage allowed by the devices. This enables LPWAN radios to provide better privacy and access control, as they can adjust transmission range limits based on local regulatory requirements.
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Growing Demand for LPWAN in Industrial Application to Drive Growth LPWAN Market
In the industrial Internet of Things (IIoT), a wireless sensor network is a must for collecting and transmitting data from a large number of sensors. Wireless sensor networks have been used in many applications such as factory automation, smart cities, home automation, agriculture, healthcare etc. The market size of IIoT is growing rapidly as the world has started using more and more IoT-based products to improve our everyday lives. In 2021 alone, around 30 Billion things will be connected to the internet. Companies are deploying thousands or even millions of LPWAN sensors for IIoT applications and therefore demand for deployment platforms and services has increased significantly over last few years which has enabled many start-ups to offer their products and services for commercializing LPWAN.
North America to Dominate LPWAN Market
North America, followed by Europe, are expected to dominate the LPWAN market throughout the forecast timeline. However, APAC is projected to grow at a higher rate on account of factors such as affordability of end-devices, ease of spectrum availability, reduced latency, and capability for capacity enhancement over time.
The U.S. is expected to hold the largest share of the North American LPWAN market during the forecast period owing to strong presence of players involved in development and commercialization of IoT enabled solutions. Also, U.S. alone contributes for more than half of the total telecom IoT revenue generated by North America. The rise in adoption of smart devices supported by exponential urbanization have boosted demand for IoT enabled wireless connectivity solutions' major verticals that include - transportation, smart cities, manufacturing industries, and utility metering.
The European region is expected to hold the second-largest market share in the LPWAN market due to factors such as growing demand for remote monitoring solution, increasing number of IoT enabled applications on account of shortage in broadband availability and low network cost.
LORIOT (Switzerland), Semtech Corporation (California), NWave Technologies (London), WAVIoT (US), SIGFOX (France), Ingenu (US), Actility (France), Weightless SIG, Link Labs (US), and Senet, Inc. (Portsmouth), Vodafone (U.K.), and Orange (France) are some of the major players in the global LWPAN market.
The Low Power Wide Area Network is Segmented as Follows:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
Frequently Asked Question
The global Low Power Wide Area Network valued at USD 12.81 Billion in 2020 and is expected to reach USD 675.75 Billion in 2028 growing at a CAGR of 65%.
The prominent players in the market are LORIOT (Switzerland), Semtech Corporation (California), NWave Technologies (London), WAVIoT (US), SIGFOX (France), Ingenu (US), Actility (France), Weightless SIG, Link Labs (US), and Senet, Inc. (Portsmouth), Vodafone (U.K.), and Orange (France).
The market is project to grow at a CAGR of 65% between 2021 and 2028.
The driving factors of the Low Power Wide Area Network include
- Expanding Application Areas, Including Smart Metering, Home Energy Management, Building Automation & Security Lighting
North America was the leading regional segment of the Low Power Wide Area Network in 2020.