What Is The Scope Of The Global Low-Power Wide-Area Network (LPWAN) Market?
Low-power wide-area network (LPWAN) is a wireless communication technology that facilitates long-range connectivity while consuming minimal power, allowing devices to exchange data efficiently over significant distances. These technologies can transmit data over several kilometers, making them suitable for applications spread across wide geographical areas, such as agricultural monitoring or smart city infrastructure.
Low-Power Wide-Area Network (LPWAN) Global Market Report 2024 provides data on the global low-power wide-area network (lpwan) market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The low-power wide-area network (lpwan) market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Low-Power Wide-Area Network (LPWAN) Market?
The low power wide area network (LPWAN) market has grown exponentially in recent years. It will expand from $10.56 billion in 2023 to $17.09 billion in 2024, reflecting a CAGR of 61.8%. This rapid growth has been driven by increasing demand for IoT connectivity, cost-effective long-range networks, industrial automation, smart agriculture applications, longer battery life, and the growing use of LPWAN in smart cities. The market is expected to reach $117.88 billion by 2028, growing at a CAGR of 62.1%, with factors such as smart agriculture adoption, expanding industrial applications, long-range connectivity needs, innovative business models, and sustainability efforts fueling this growth. Trends expected in the forecast period include the growing adoption of LPWAN in IoT, advancements in LPWAN technologies, long-range connectivity solutions, integration with 5G networks, and advancements in battery technology.
What Are The Leading Drivers Of Growth In The Low-Power Wide-Area Network (LPWAN) Market?
The increasing adoption of smart meters is expected to drive the growth of the low-power wide-area network (LPWAN) market. Smart meters, which monitor electricity and gas usage in homes and businesses, are becoming more common due to their ability to track energy consumption precisely and simplify billing. LPWAN technologies enhance smart meters by providing low-power, long-range, and cost-effective communication, which improves data management and operational efficiency. For example, in 2021, 27.8 million smart meters were in use in households and small businesses in Great Britain, with 23.6 million operating in smart mode, representing a 50% share of all meters. Consequently, the rising adoption of smart meters is driving the LPWAN market.
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How Are The Segments Defined Within The Global Low-Power Wide-Area Network (LPWAN) Market?
The low-power wide-area network (LPWAN) market covered in this report is segmented –
1) By Component: Platform, Service
2) By Technology Type: SIGFOX, Long Range Wide Area Network (LoRaWAN), Weightless, Other Technologies
3) By Deployment Model: On-Premise, Cloud
4) By Application: Smart Gas And Water Metering, Asset Tracking, Smart Buildings, Smart Parking, Precision Agriculture, Smart Waste Management, Livestock Monitoring, Other Applications
5) By End-User: Healthcare, Agriculture, Logistics And Transportation, Manufacturing, Government, Other End-Users
How Are New Trends Expected To Influence The Growth Of The Low-Power Wide-Area Network (LPWAN) Market?
In the low-power wide-area network (LPWAN) market, companies are working on solutions like SaaS chip-to-cloud services to enhance network efficiency, scalability, and integration for IoT applications. This technology connects IoT hardware to cloud services for seamless data exchange and analysis. In June 2022, Semtech Corporation launched LoRa Cloud Locator, a SaaS service using the LoRa Edge geolocation platform. This service enables indoor and outdoor asset tracking, offering lower power consumption and reduced costs compared to traditional GNSS methods.
Which Region Drives The Highest Growth In The Low-Power Wide-Area Network (LPWAN) Market?
North America was the largest region in the low-power wide area network (LPWAN) market in 2023. 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.
