Press release
Increasing Consumer Adoption to Fuel Demand for LoRa Gateway Module Market
The application segment is further segmented into industrial automation, home automation, smart agriculture, smart city, asset tracking, and others. Moreover, the rapid adoption of LoRa gateway modules in various industries, which include manufacturing, energy & utilities, automotive, and healthcare, is expected to drive the LoRa gateway module market.
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Increasing Industrial Automation to Push LoRa Gateway Module Adoption
The rapid expansion of IoT and growth in the demand for smart devices are among factors driving the LoRa gateway module (long range wireless network technology) market. Moreover, the adoption of advanced and innovative technologies pertaining to LoRa gateway modules is expected to create potential growth opportunities for the LoRa gateway module market during the forecast period.
Increasing penetration of IoT is boosting awareness about the advantages associated with the implementation of the same among end-users, which, as a result, is expected to positively impact the LoRa gateway module market. Moreover, the expanding cellular IoT and increasing advent of 5G are also among factors boosting the demand for LoRa gateway modules. In addition, the increasing number of smart city projects and the increasing penetration of smart devices are driving the LoRa gateway module market.
The adoption of LoRa gateway modules in the manufacturing industry is increasing due to the increasing demand for automation in manufacturing industries and the rising trend of Industry 4.0. Continuous investments by various countries in the automation of industrial infrastructure and the fulfilment of the current connectivity solutions for industries have encouraged vendors around the globe to focus on offering cellular connectivity with completely new concepts provided by new providers and alliances, which include LoRa. The demand for LoRa gateway module is thus observing a constant rise at a rapid pace, particularly across the manufacturing industry sectors.
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The global LoRa gateway module market is likely to record a total incremental opportunity of more than US$ 3 billion during the forecast period of 2018 to 2028. In the global LoRa gateway module market report, Persistence Market Research has segmented the global LoRa gateway module market by application, industry, and region.
Regional Outlook: LoRa Gateway Module Market
North America and Europe are among the largest markets in the global LoRa gateway module market owing to the presence of various key players and the early adoption of advanced technologies pertaining to LoRa gateway modules. Moreover, the rapid expansion of the IoT market and high government spending for LoRa technology are also among factors propelling the LoRa gateway module market.
The LoRa gateway module markets in East Asia and South Asia are expected to witness growth with a significant CAGR during the forecast period owing to the rising penetration of smart devices and increasing digitalization in various countries of the region. Furthermore, the increasing adoption of advanced technologies for smart agriculture and smart city applications is creating potential growth opportunities for the LoRa gateway module market.
Moreover, a continuous increase in the number of companies providing LoRa gateway modules and technology in the countries of East and South Asia is expected to positively influence the growth of the LoRa gateway module market during the forecast period.
Competition Landscape - LoRa Gateway Module Market
Some of the key players covered in the global LoRa gateway module market research report include Semtech Corporation, Shenzhen Rakwireless Technology Co., Ltd., Microchip Technology, Inc., Multi-Tech Systems, Inc., Murata Manufacturing Co., Ltd., Libelium Comunicaciones Distribuidas S.L, IMST GmbH, GlobalSat WorldCom Corporation, Embit s.r.l., LINK LABS, Laird Technologies, Inc., Nemeus, and HOPE Microelectronics CO., Ltd.
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