DUBLIN--(BUSINESS WIRE)--The "Narrowband IoT (NB-IoT) Chipset Market with COVID-19 Impact - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The NB-IoT chipset market is expected to grow from USD 461 million in 2020 to USD 2,484 million by 2025 at a CAGR of 40.0%
Increasing demand for wearable devices due to the COVID-19 outbreak, growth in connected devices, followed by widening penetration of IoT devices are the key drivers for the growth of this market.
Increasing participation of industry players in the development of NB-IoT and widening applications of NB-IoT technology are the other factors fueling the growth of this market. However, stiff competition from other LPWA technologies and privacy and security concerns are among the major factors restraining the growth of the NB-IoT chipset market.
Stand-alone deployment to witness the highest CAGR in the market during the forecast period.
In the stand-alone deployment type, NB-IoT is deployed in a dedicated frequency band. The stand-alone deployment type utilizes new bandwidth instead of sharing the existing LTE bandwidth. It is considered as an option when LTE is deployed in a higher band and GSM is still in use to provide coverage for basic services. Moreover, with the growth in the number of NB-IoT-connected devices, the standalone deployment technique, utilizing new bandwidth, is likely to be used.
Smart Meters to hold the largest market followed by smart parking in the NB-IoT chipset market.
The growing adoption of water, gas, and electricity smart meters; and favorable government reforms are boosting the implementation of smart meters across the world. Moreover, the demand for long battery life and low and intermittent data transmission has fueled the adoption of NB-IoT technology for smart metering devices. Moreover, increasing the adoption of NB-IoT technology for smart parking applications is accelerating its market growth. For instance, in January 2018, Deutsche Telekom (Germany) initiated the deployment of NB-IoT-enabled devices to improve the smart parking system across Hamburg.
Energy & utilities hold the largest market size during forecast period followed by infrastructure.
Energy & utilities is expected to hold the largest size of the NB-IoT chipset market by 2025. Massive adoption of NB-IoT-enabled smart meters is driving the growth of this market. Favorable federal mandates in various countries are further driving the growth of the NB-IoT-enabled smart meters. However, the disruptions due to the pandemic will result in a decline in annual smart meter shipments in 2020.
Most of the energy and water utilities have temporarily delayed smart meter installations and have re-allocated resources to field service operations to ensure continuity of services for end customers. Service providers and utilities have followed government regulations related to social distancing and lockdown throughout the pandemic. This has led to a reduction in the number of smart meter installations, especially in the first half of 2020.
North America to witness the highest CAGR in the overall market from 2020 to 2025.
The growing adoption of NB-IoT technology in the region and developed IT infrastructure is expected to boost the growth of this market in this region. Moreover, established LTE-M network and availability of dual-mode NB-IoT chipsets offering CAT-M1 and CAT-NB1/NB2 connectivity are expected to complement the growth of NB-IoT chipsets in the region.
T-Mobile (US), Verizon (US), AT&T (US), and Bell Canada (Canada) are expected to be the key NB-IoT services providers in the region. Furthermore, increasing participation of key industry players such as Qualcomm (US) and Nordic Semiconductor (Norway) to build dual-mode-only chipsets is expected to complement the growth of NB-IoT in Europe and North America.
Furthermore, the rising number of COVID-19 cases in North America is leading to the increasing demand for IoT in healthcare applications and provides opportunities for the growth of the NB-IoT chipset market in the region.
Market Dynamics
Drivers
- Increasing Demand for Wearable Devices Due to Covid-19 Outbreak
- Growing Adoption of Iot and Rise in Use of Connected Devices
- Rising Demand for Low-Power, Low-Cost, and Long-Range Connectivity Technologies
- Increasing Participation of Industry Players in Development of NB-IoT
- Widening Applications of NB-IoT Technology
Restraints
- Stiff Competition from Other Lpwa Technologies
- Privacy and Security Concerns
Opportunities
- Emerging Smart Cities and Smart Buildings
Challenges
- Long Tail Ecosystem Consisting of Chipsets, Modules, Devices, and Application Platforms
- Limited to Low-Speed Data Transmission Applications
- Disruptions in Logistics and Supply Chain Due to Covid-19
Case Studies
- Las Vegas Smart City
- China Mobile Deploys Electric Smart Metering
- U-Blox Brings NB-IoT in Brazil
- University of St. Andrews Developing New Smart Tags to Track Seals Using NB-IoT
Companies Mentioned
- Altair Semiconductor (A Sony Group Company)
- Commsolid (A Goodix Company)
- GCT Semiconductor
- Gemalto
- Huawei
- Intel
- Mediatek
- Nordic Semiconductor
- Qualcomm
- Quectel Wireless Solutions
- Riot Micro
- Samsung Electronics
- Sanechips Technology (ZTE Microelectronics)
- Sequans Communications
- Sercomm
- Sierra Wireless
- Simcom Wireless Solutions (A Sunsea Aiot Company)
- Telit
- U-Blox
- Xiamen Cheerzing IoT Technology
For more information about this report visit https://www.researchandmarkets.com/r/19bfpw
