Press release
Low Power Wide Area Network (LPWAN) Market Expansion Continues, with Forecast Valuation of $136.63 Billion by 2029
Low Power Wide Area Network (LPWAN)
What Will the Low Power Wide Area Network (LPWAN) Industry Market Size Be by 2025?
The market size of the low power wide area network (lpwan) has seen exponential growth over recent years. The market, which is projected to grow from $16.24 billion in 2024 to $24.75 billion in 2025, will do so at a compound annual growth rate (CAGR) of 52.4%. The historical growth can be credited to its adoption in tracking and conserving wildlife, the emergence of Industry 4.0 initiatives, increased use of LPWAN-based security systems, the expansion in LPWAN-based asset monitoring, and its application in air quality monitoring.
What's the Long-Term Growth Forecast for the Low Power Wide Area Network (LPWAN) Market Size Through 2029?
Expectations are high for the low power wide area network (lpwan) market to significantly proliferate in the upcoming years, expanding to a worth of $136.63 billion by 2029, while sustaining a compound annual growth rate (CAGR) of 53.3%. The surge during the projected period is due to an increase in demand for IoT connectivity, preference for extensive reach, low-power connectivity solutions, the rise in smart farming, and widespread adoption of smart city strategies, as well as the proliferation of smart metering applications. Key trends during this timeframe encompass strategic alliances, the enhancement of agricultural IoT applications, merging of LPWAN with edge computing, growth in fleet management services, and amalgamation with renewable energy systems.
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What Are the Key Growth Drivers Fueling the Low Power Wide Area Network (LPWAN) Market Expansion?
The advancement of smart metering applications appears to be a strong catalyst for the expansion of the low power wide area network (LPWAN) market. These applications utilize sophisticated metering technology, often paired with IoT connectivity and data analytics, providing real-time energy consumption monitoring and management, thereby optimizing energy efficiency. Factors such as heightened demand for instantaneous energy consumption monitoring, optimization, efficiency, cost-effectiveness, and sustainability across different industries and domestic sectors are driving the growth of smart metering applications. The LPWAN offers efficient, long-range connectivity for smart meters, enhancing communication and prolonging battery life in such applications. Specifically, data from the Department for Business, Energy, and Industrial Strategy (BEIS), a UK government agency, revealed that in November 2022, there were 836800 domestic and 44900 non-domestic smart meter installations, reflecting an increase of 21900 and 16400 units from the second quarter of 2022 respectively. Thus, the increasing prevalence of smart metering applications is fueling the expansion of the low power wide area network (LPWAN) market.
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What Are the Key Trends Driving Low Power Wide Area Network (LPWAN) Market Growth?
In the low-power wide area network (LPWAN) sector, key players are honing in on creating more sophisticated products like next-generation LPWAN modules in an attempt to establish a competitive advantage. Essentially, these next-gen modules are state-of-the-art wireless communication tools that are designed to enhance connectivity, performance, and energy efficiency, particularly for Internet of Things (IoT) and smart devices. For example, Telit Cinterion, an IoT solutions company based in the US, debuted a range of 5G LPWA modules equipped with Sony's Altair ALT1350 chipset in February 2023. These new modules have superior data transfer speeds, low power usage, and are compact in size, making them versatile for numerous applications. Additionally, their design caters to the specific demands of the 5G LPWA expansive IoT market, featuring miniscule power consumption, an AI mechanism for edge processing, as well as indoor and outdoor positioning systems and a sensor hub for data gathering.
How Is the Low Power Wide Area Network (LPWAN) Market Segmented?
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
Subsegments:
1) By Long Range Wide Area Network (LoRaWAN): Private LoRaWAN Networks, Public LoRaWAN Networks
2) By Narrowband Internet Of Things (NB-IoT): Standalone NB-IoT, Integrated NB-IoT
3) By Sigfox: Sigfox Network Operator Services, Sigfox IoT Connectivity Solutions
4) By Other Technologies: Weightless, DASH7, Ingenu RPMA, LoRa (LPWAN) Variants
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Which Companies Are Leading the Charge in Low Power Wide Area Network (LPWAN) Market Innovation?
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
Which Regions Are Leading the Global Low Power Wide Area Network (LPWAN) Market in Revenue?
North America was the largest region in the low power wide area network (LPWAN) market in 2024. 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.
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