The low power wide area network (lpwan) global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Low Power Wide Area Network (LPWAN) Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The low power wide area network (LPWAN) market size has grown exponentially in recent years. It will grow from $10.55 billion in 2023 to $16.24 billion in 2024 at a compound annual growth rate (CAGR) of 53.8%. The growth in the historic period can be attributed to adoption in wildlife tracking and conservation, rise of Industry 4.0 initiatives, rise of LPWAN-based security systems, growth in LPWAN-based asset monitoring, utilization in air quality monitoring.
The low power wide area network (LPWAN) market size is expected to see exponential growth in the next few years. It will grow to $90.67 billion in 2028 at a compound annual growth rate (CAGR) of 53.7%. The growth in the forecast period can be attributed to the growing demand for IoT connectivity, demand for long-range, low-power connectivity, penetration into smart agriculture, increasing adoption of smart city solutions, growth in smart metering applications. Major trends in the forecast period include strategic collaboration, expansion of agricultural IoT applications, integration of LPWAN with edge computing, expansion into fleet management solutions, integration with renewable energy systems.
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Scope Of Low Power Wide Area Network (LPWAN) Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Low Power Wide Area Network (LPWAN) Market Overview
Market Drivers –
The growth in smart metering applications is expected to propel the growth of the low power wide area network (LPWAN) market going forward. Smart metering applications refer to the use of advanced metering technology, often integrated with IoT connectivity and data analytics, to monitor and manage energy consumption in real-time, optimizing energy usage and efficiency. Smart metering applications are growing due to increasing demand for real-time monitoring and optimization of energy consumption, driven by the need for efficiency, cost reduction, and sustainability in various industries and residential sectors. The low power wide area network (LPWAN) enables efficient and long-range connectivity for smart meters, optimizing communication and extending battery life in smart metering applications. For instance, in November 2022, according to the Department for Business, Energy, and Industrial Strategy (BEIS), a UK-based government department, in the third quarter of 2022, large suppliers installed 836800 domestic and 44900 non-domestic smart meters, which is 21900 and 16400 more than in the second quarter of 2022, respectively. Therefore, the growth in smart metering applications is driving the growth of the low power wide area network (LPWAN) market.
Market Trends –
Major companies operating in the low-power wide area network (LPWAN) market are increasing their focus on developing advanced products, such as next-generation LPWAN modules, to gain a competitive edge in the market. The next-generation LPWAN module refers to an advanced wireless communication device that offers improved performance, energy efficiency, and connectivity for applications like IoT (Internet of Things) and smart devices. For instance, in February 2023, Telit Cinterion, a US-based provider of IoT solutions, launched a 5G LPWA module portfolio with new modules featuring Sony’s Altair ALT1350 chipset. The new modules feature high-speed data transfer capabilities, low power consumption, and a compact form factor, making them suitable for a wide range of applications. These modules are designed to meet the unique requirements of the 5G LPWA massive IoT market, offering ultra-low power consumption, an AI engine for edge processing, indoor and outdoor positioning technologies, and a sensor hub for data collection.
The low power wide area network (LPWAN) market covered in this report is segmented –
1) By Technology: Long Range Wide Area Network (Lorawan), Narrowband Internet of Things (Nb-IoT), Sigfox, Other Technologies
2) By Deployment Model: On-Premise, Cloud
3) By Application: Smart Building, Smart Gas And Water Monitoring, Smart Waste Management, Smart Agriculture, Smart Parking, Other Applications
4) By End User: Healthcare, Oil And Gas, Industrial Manufacturing, Agriculture, Consumer Electronics, Transportation And Logistics, Other End Users
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Regional Insights –
North America was the largest region in the low power wide area network (LPWAN) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the low power wide area network (LPWAN) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the low power wide area network (LPWAN) market are Amazon Web Services Inc., Google LLC, Microsoft Corporation, Huawei Technologies Co. Ltd., Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Qualcomm Incorporated, Oracle Corporation, Nokia Corporation, Ericsson AB, Alibaba Cloud, Semtech Corporation, Inogen Inc., Nwwave Technologies, MultiTech Systems Inc., Sig Sauer Inc., Moeco, Kerlink SA, Link Labs Inc., LoRa Alliance, Senet Inc., Astrocast SA
Table of Contents
1. Executive Summary
2. Low Power Wide Area Network (LPWAN) Market Report Structure
3. Low Power Wide Area Network (LPWAN) Market Trends And Strategies
4. Low Power Wide Area Network (LPWAN) Market – Macro Economic Scenario
5. Low Power Wide Area Network (LPWAN) Market Size And Growth
…..
27. Low Power Wide Area Network (LPWAN) Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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