Low Power Wide Area Network (LPWAN) Market Analysis | 2031
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.
Low Power Wide Area Network (LPWAN) Market Analysis
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) Market Overview
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.
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Low Power Wide Area Network (LPWAN) Market: Strategic Insights
Market Size Value in US$ 986.0 Million in 2017 Market Size Value by US$ 28746.5 Million by 2025 Growth rate CAGR of 53.2% from 2018-2025 Forecast Period 2018-2025 Base Year 2017
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Low Power Wide Area Network (LPWAN) Market: Strategic Insights
| Market Size Value in | US$ 986.0 Million in 2017 |
| Market Size Value by | US$ 28746.5 Million by 2025 |
| Growth rate | CAGR of 53.2% from 2018-2025 |
| Forecast Period | 2018-2025 |
| Base Year | 2017 |
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Low Power Wide Area Network (LPWAN) Market Drivers and Opportunities
Real-Time Monitoring and Control of Assets to Favor Market
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.
Increase in Smart City Initiatives
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.
Low Power Wide Area Network (LPWAN) Market Report Segmentation Analysis
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.
- Based on connectivity technology, the market is divided into LoRaWAN, Weightless, Sigfox, NB-IoT, and Wi-SUN. The LoRaWAN segment held the largest market share in 2023.
- Based on services, the market is divided into professional and managed. The professional segment held a larger market share in 2023.
- In terms of application, the market is categorized into smart streetlight, smart metering, smart building, smart waste management, smart parking, and asset management and tracking. The smart metering segment held the largest market share in 2023.
- Based on end-users, the market is divided into smart city, oil and gas, healthcare, manufacturing, logistics and transportation, agriculture, and consumer electronics. The smart city segment held the largest market share in 2023.
Low Power Wide Area Network (LPWAN) Market Share Analysis by Geography
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.
Low Power Wide Area Network (LPWAN) Market Report Scope
Low Power Wide Area Network (LPWAN) Market News and Recent Developments
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:
- Sigfox, a French-born ultra-narrowband IoT network technology, officially joined the LoRa Alliance as a contributing member. This move came after Sigfox experienced a decline and fire sale in early 2022 and was acquired by Singapore-based Unabiz. The new parent company, along with LoRaWAN expert Rémi Lorrain, facilitated Sigfox's entry into the LoRaWAN camp. This development is significant considering the historical rivalry between Sigfox and LoRaWAN in the low-power wide-area network (LPWAN) space.
(Source: Sigfox, Press Release, July 2023)
- Semtech announced that it had successfully integrated Sigfox '0G' technology into its SX126x range of LoRa chipsets. This integration allows for compatibility with LoRaWAN and other LoRa-based networks. This development is part of Semtech's ongoing efforts to incorporate Sigfox technology at the chip level. Previously, Semtech successfully integrated Sigfox technology into its budget-friendly LCC68 transceiver and advanced LR series, which offers features such as multi-constellation GNSS and passive Wi-Fi scanning capabilities.
(Source: Semtech, Press Release, December 2022)
Low Power Wide Area Network (LPWAN) Market Report Coverage and Deliverables
The "Low Power Wide Area Network (LPWAN) Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Low power wide area network (LPWAN) market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Low power wide area network (LPWAN) market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Low power wide area network (LPWAN) market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the low power wide area network (LPWAN) market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Connectivity Technology ; Services ; Application ; End-user
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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