According to the new research report published by The Insight Partners, titled “Low Power Wide Area Network (LPWAN) - Global Analysis and Forecast to 2025”, the global Low Power Wide Area Network (LPWAN) market is expected to reach US$ 28,746.5 million in 2025, registering a CAGR of 53.2% during the forecast period 2018-2025.
In 2017, North America accounted for the largest revenue share of more than one-third of the total market share, followed by Europe.
The growth in the Asia Pacific region is highly attributed to the increasing adoption of IoT across the industry verticals among the various countries such as India, China, Australia, Japan, and others.
The business throughout the various industries including agriculture, manufacturing, oil & gas among others has lately realized the need to transform their agile back-end infrastructure to efficiently manage and comply with the evolving IoT initiatives and solutions. At present, the majority of the IoT devices are using the already existing network connections such as Zigbee, cellular, Wi-Fi and other proprietary technologies. In 2017, Sigfox, global LPWAN leader, concentrated on its growth strategy on strengthening its network in major regional markets and intensifying its partner ecosystem in the U.S. This strategy enabled Sigfox U.S.A. to achieve more than 50% increase in its coverage and a 45% surge in its partner ecosystem. Within two years after entering the market, the company expanded its coverage in 24 out of the 25 key metropolitan markets, which includes 25% of the U.S. population. In 2018, Sigfox U.S.A. announced its plans to further spread and strengthen its coverage, with an emphasis on main regions, including Seattle metro, greater Chicago land, Las Vegas, the greater San Francisco Bay area, and New York City to Boston corridor. Rising deployment of LPWAN in the U.S. is anticipated to propel the growth of LPWAN market.
The global Low Power Wide Area Network market has been segmented based on end-user, i.e. smart cities, oil & gas, healthcare, manufacturing, logistics and transportation, agriculture, consumer electronics, and others. The smart city segment is expected to hold the prominent market share during the forecast period due to the increasing government initiatives for smart city projects across the globe.
Key findings of the study:
North America is anticipated to account the largest market share of Low Power Wide Area Network market and is expected to register a CAGR of 53.6%
Based on the end-user, the smart city segment is expected to witness high year on year growth during the forecast period
Countries such as China, Japan, and ASEAN countries are witnessing high demand for Low Power Wide Area Network due to the increasing adoption of IoT.
Europe holds the second largest market share. Europe is also one of the technologically advanced regions across the globe. Currently, 85% of Europe GDP is generated in cities with 78% of the total population residing in an urban area. Many of the European cities are in a phase of shifting towards a low carbon, resource efficient and competitive economy. Growing lifestyle and is one of the richest economies makes Europe early adopter of smart city developments. Furthermore, Megacities in the UK, Germany, and France are considered to be the nodes of growth of smart parking, before it expanded to other parts of Europe. Europe is a pioneer in deploying the maximum number of smart parking systems in its major countries. Numerous smart city projects planned in the European continent drive the adoptions of Low Power Wide Area Network (LPWAN) in the region. Europe is one of the leading regions in terms of planning smart cities, and as many as 250 smart cities have been planned to be executed in the European continent. This would result in the implementation of LPWAN thus, propelling the growth of the Low Power Wide Area Network (LPWAN).
The key companies profiled in this report includes NWave Technologies, Sigfox, Semtech Corporation, Loriot.IO, Link Labs, Waviot, Ingenu, Inc., Actility, Weightless SIG, Senet, Inc., among others.
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