DUBLIN--(BUSINESS WIRE)--The "Low Power Wide Area Network (LPWAN) Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 To 2029" report has been added to ResearchAndMarkets.com's offering.
The global low power wide area network (LPWAN) market is estimated to grow at an exponential CAGR of 84.3% during the forecast period (2021-2029). Growing adoption of IoT and M2M applications are considered as the major drivers for LPWAN market.
With the rise in development of IoT technology, the demand for LPWAN technology in sectors such as transportation, healthcare, automation, electronics and others are bound to increase. High adoption of M2M interfaces such as connected devices etc. are also incorporating LPWAN technology in it. By 2020, Internet-connected devices have grown approximately to 30 billion - 45 billion globally.
Smart Building Applications for LPWAN Market to Dominate
The global low power wide area network market has been segmented on the basis of technology, services, deployment, application and vertical. The Application segment is further sub segmented into Smart Waste Management, Smart Buildings, Smart Parking, Smart Streetlight, Livestock Monitoring and Others.
Smart Buildings leads the application segment in terms of revenue in the global low power wide area network market with over 28% market share in 2020. IoT devices are deployed in both commercial and residential buildings to make energy and resource allocation efficient with enhanced security. LPWAN helps in efficient deployment of the IoT devices by providing an affordable data transmission network hence LPWAN is being largely adopted in smart buildings.
Moreover, high investment in the smart city development is expected to play an important role in IoT adoption. Global Smart Cities Primer Picks, Bank of America Merrill Lynch (BAML) anticipates smart city technology and management investment to reach more than $3.48 trillion by 2026 globally.
Moreover, other applications of LPWAN includes, smart gas and water metering and office security market are anticipated to be the fastest growing market with a CAGR of 23.3% during the forecast period.
Large Scale Deployments in Europe Leading to Lion's Share of Market Revenues
Geographically, the global low power wide area network market has been segmented into North America, Europe, Asia Pacific and Rest of the world (RoW).
Europe leads the global low power wide area network market by capturing largest market share in terms of revenue of 34.66% in 2020. Europe LPWAN market is primarily driven large scale deployment of low power wide area network in the courtiers of European region.
Moreover, Asia Pacific is anticipated to be the fastest growing region with a CAGR of 86.9% during the forecast period. Increasing deployment of LPWAN coupled with high investment in the smart city infrastructure possess a huge potential for the growth of LPWAN in the Asia Pacific region.
SigFox's due Advantage over Geographical Coverage Area makes it the Most Deployed Technology
SigFox in the connectivity technology segment leads the global LPWAN market by capturing largest market share of approximately 42.5% in terms of revenue in 2020. SigFox market is expected to grow at CAGR of 84.1% during the forecast period.
SigFox is one of the most widely adopted technology in the LPWAN market as with the use of GigFox technique objects in large geographical area can be connected with lower power loss as compare to LoRaWAN and 3GPP technology, which is the primary reason for significant adoption of sigFox technology in connected device.
Further, SigFox is regarded as the first modern technology for the LPWAN and operates in the ISM band used for the connect low-energy objects such as electricity meters, washing machines and smart watches. Further, large funding to the company that uses SigFox technique also contributes to growth of SigFox market.
Level of Competition to Moderate with Increasing Market Consolidation
Product launch is the primary strategy adopted by companies in LPWAN market. New and advanced products help to improve company's market visibility while competing effectively with the key competitors already present in the market. There are notable investments in the low power wide area network (LPWAN) that aids the growth of global low power wide area network (LPWAN) market.
Private organizations along with the governments of many countries are inclined towards the development in LPWAN and pertaining to this, all these bodies are highly involved in the investments considering the LPWAN and IoT sector. The major companies include Actility, Sigfox, Ingenu and others, whilst the UK Government, Australian Government etc. are also proactively involved in the investments for LPWAN.
The intensity of bargaining power of Global Low Power Wide Area Network (LPWAN) Market is expected to move from high to moderate level over the forecast period 2021 to 2029 as major players are focusing on merger and acquisitions, collaborations, research and development and strategic partnerships for enhancing market presence and market share.
The key companies in this market include Semtech Corporation (California), LORIOT (Switzerland), NWave Technologies (London), SIGFOX (France), WAVIoT (Texas), Actility (France), Ingenu (San Diego), Link Labs (Maryland), Weightless SIG, and Senet, Inc. (Portsmouth). The dominant players in the market include Semtech, NWave, SIGFOX and WAVIoT.
Market Dynamics
-
Drivers & Market Impact
- Increased Demand for Long Range Connectivity Between Devices
- Increasing Adoption of IoT and M2M Applications
- Low Power Consumption
- Low Cost of LPWAN Technology
-
Restraints
- Heavy Data Traffic
- Lack of Governance & Standardization
-
Opportunities
- Emerging Smart Cities and Smart Buildings
- Deployment of Intelligent Devices
- Rising Need for Connectivity in Large Industries
-
Challenges
- Lack of Standardization
- Privacy and Security Issues
Companies Profiled
- Actility
- Ingenu Inc.
- Link Labs
- Loriot AG
- NWave Technologies
- Semtech Corporation
- Senet
- SIGFOX
- WAVIoT
- Weightless SIG
For more information about this report visit https://www.researchandmarkets.com/r/pkno7l
