The Low Power Wide Area Network (LPWAN) market size is expected to grow from US$ 9.50 billion in 2023 to US$ 321.44 billion by 2031; the market is anticipated to record a CAGR of 55.3% from 2024 to 2031. The exponential growth in smart city infrastructure is likely to remain a key trend in the market.
The growth of the low-power WAN market is primarily driven by factors such as an increase in demand for smart city initiatives and a rise in the need for real-time monitoring and control of assets. These factors contribute to the development and implementation of low power wide area network (LPWAN), which enables efficient and cost-effective connectivity for a wide range of applications in smart cities and asset management systems.
Low-power wide-area network (LPWAN) is a wireless technology that enables long-distance communication at low bit rates. It is specifically designed to connect low-power devices over considerable distances while maintaining slow data speeds. LPWANs provide a low-cost, low-power, and wide-area connection, making them beneficial for devices that require long battery life and the ability to send data over large distances. The LPWAN market is expected to grow rapidly in the coming years due to the increasing demand for low-power, wide-area connectivity for Internet of Things (IoT) devices. Various industries, including agriculture, healthcare, logistics, and transportation, are implementing LPWAN technology.
LPWAN technology offers an ideal solution for businesses seeking to effectively monitor and manage their assets, including industrial equipment, agricultural machinery, and vehicles. Businesses can monitor the condition of their machinery in real time, which enables them to proactively identify and address potential issues before they escalate, mitigating the risk of unexpected downtime and costly repairs. Additionally, businesses can track the location of their vehicles, optimize routes, and monitor driver behavior, resulting in enhanced operational efficiency and cost savings.
Smart city initiatives aim to enhance city services and improve residents' quality of life. These initiatives rely on LPWAN (Low Power Wide Area Network) technology, which provides affordable and energy-efficient wireless connectivity for a large number of devices. LPWAN enables various applications, including vehicle-to-vehicle and vehicle-to-infrastructure communication, which are crucial for smart city solutions.
Key segments that contributed to the derivation of the Low Power Wide Area Network (LPWAN) market analysis are connectivity technology, services, application, and end-users.
The geographic scope of the Low Power Wide Area Network (LPWAN) market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. North America dominated the low power wide area network market in 2023, owing to its strong industrial base, government support for innovation, and high purchasing power. The growth in this region is mainly driven by the increasing demand for mobile and wearable devices and the growing need for IoT devices. However, Asia-Pacific is projected to experience the highest growth rate, fueled by factors such as growing industrialization and rising demand for automation and digitalization. LPWAN technology is particularly well-suited for IoT applications in industries such as smart cities, agriculture, logistics, and healthcare.
The regional trends and factors influencing the Low Power Wide Area Network (LPWAN) Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Low Power Wide Area Network (LPWAN) Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 9.50 Billion |
| Market Size by 2031 | US$ 321.44 Billion |
| Global CAGR (2024 - 2031) | 55.3% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Connectivity Technology
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Low Power Wide Area Network (LPWAN) Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Low Power Wide Area Network (LPWAN) Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The low power wide area network (LPWAN) market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
(Source: Sigfox, Press Release, July 2023)
(Source: Semtech, Press Release, December 2022)
The "Low Power Wide Area Network (LPWAN) Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The global Low Power Wide Area Network (LPWAN) market is expected to reach US$ 321.44 billion by 2031.
The key players holding the majority of shares in the global Low Power Wide Area Network (LPWAN) market are Nwave Technologies, SIGFOX, Semtech Corporation, LORIOT.IO, and Link Labs, Inc.
The increase in demand for smart city initiatives is anticipated to play a significant role in the global Low Power Wide Area Network (LPWAN) market in the coming years.
The real-time monitoring and control of assets offered by LPWAN are some factors that propel the global Low Power Wide Area Network (LPWAN) market.
The Low Power Wide Area Network (LPWAN) market size is expected to grow from US$ 9.50 billion in 2023 to US$ 321.44 billion by 2031; it is anticipated to expand at a CAGR of 55.3% from 2024 to 2031.