Press release
Low Power Wide Area Network (LPWAN) Market Global Size, Share, Revenue and Forecast 2024-2033
Low Power Wide Area Network (LPWAN) Market
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.
Market Overview -
Low power wide area networks (LPWANs) refer to wireless communication technologies designed to enable long-range connectivity with low power consumption, making them ideal for Internet of Things (IoT) applications. LPWANs facilitate the transmission of small amounts of data over long distances, often in remote or challenging environments.
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Smart Metering Applications Driving The Expansion Of The Low Power Wide Area Network (LPWAN) Market
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.
Competitive Landscape -
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
Technological Advancements In Smart Meters And AI Integration For Enhanced Efficiency
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.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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