Low Power Wide Area Network (LPWAN) Market Growth Drivers and Forecast by 2031

The Low Power Wide Area Network (LPWAN) market size is expected to grow from US$ 9.50 billion in 2023 to US$ 321.44 billion by 2031; the market is anticipated to record a CAGR of 55.3% from 2024 to 2031. The exponential growth in smart city infrastructure is likely to remain a key trend in the market.

Low Power Wide Area Network (LPWAN) Market Analysis

The growth of the low-power WAN market is primarily driven by factors such as an increase in demand for smart city initiatives and a rise in the need for real-time monitoring and control of assets. These factors contribute to the development and implementation of low power wide area network (LPWAN), which enables efficient and cost-effective connectivity for a wide range of applications in smart cities and asset management systems.

Low Power Wide Area Network (LPWAN) Market Overview

Low-power wide-area network (LPWAN) is a wireless technology that enables long-distance communication at low bit rates. It is specifically designed to connect low-power devices over considerable distances while maintaining slow data speeds. LPWANs provide a low-cost, low-power, and wide-area connection, making them beneficial for devices that require long battery life and the ability to send data over large distances. The LPWAN market is expected to grow rapidly in the coming years due to the increasing demand for low-power, wide-area connectivity for Internet of Things (IoT) devices. Various industries, including agriculture, healthcare, logistics, and transportation, are implementing LPWAN technology.

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Low Power Wide Area Network (LPWAN) Market: Strategic Insights

Low Power Wide Area Network (LPWAN) Market Drivers and Opportunities

Real-Time Monitoring and Control of Assets to Favor Market

LPWAN technology offers an ideal solution for businesses seeking to effectively monitor and manage their assets, including industrial equipment, agricultural machinery, and vehicles. Businesses can monitor the condition of their machinery in real time, which enables them to proactively identify and address potential issues before they escalate, mitigating the risk of unexpected downtime and costly repairs. Additionally, businesses can track the location of their vehicles, optimize routes, and monitor driver behavior, resulting in enhanced operational efficiency and cost savings.

Increase in Smart City Initiatives

Smart city initiatives aim to enhance city services and improve residents' quality of life. These initiatives rely on LPWAN (Low Power Wide Area Network) technology, which provides affordable and energy-efficient wireless connectivity for a large number of devices. LPWAN enables various applications, including vehicle-to-vehicle and vehicle-to-infrastructure communication, which are crucial for smart city solutions.

Low Power Wide Area Network (LPWAN) Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Low Power Wide Area Network (LPWAN) market analysis are connectivity technology, services, application, and end-users.

• Based on connectivity technology, the market is divided into LoRaWAN, Weightless, Sigfox, NB-IoT, and Wi-SUN. The LoRaWAN segment held the largest market share in 2023.
• Based on services, the market is divided into professional and managed. The professional segment held a larger market share in 2023.
• In terms of application, the market is categorized into smart streetlight, smart metering, smart building, smart waste management, smart parking, and asset management and tracking. The smart metering segment held the largest market share in 2023.
• Based on end-users, the market is divided into smart city, oil and gas, healthcare, manufacturing, logistics and transportation, agriculture, and consumer electronics. The smart city segment held the largest market share in 2023.

Low Power Wide Area Network (LPWAN) Market Share Analysis by Geography

The geographic scope of the Low Power Wide Area Network (LPWAN) market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. North America dominated the low power wide area network market in 2023, owing to its strong industrial base, government support for innovation, and high purchasing power. The growth in this region is mainly driven by the increasing demand for mobile and wearable devices and the growing need for IoT devices. However, Asia-Pacific is projected to experience the highest growth rate, fueled by factors such as growing industrialization and rising demand for automation and digitalization. LPWAN technology is particularly well-suited for IoT applications in industries such as smart cities, agriculture, logistics, and healthcare.

The regional trends and factors influencing the Low Power Wide Area Network (LPWAN) Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Low Power Wide Area Network (LPWAN) Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Low Power Wide Area Network (LPWAN) Market Report Scope

Low Power Wide Area Network (LPWAN) Market Players Density: Understanding Its Impact on Business Dynamics

The Low Power Wide Area Network (LPWAN) Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Low Power Wide Area Network (LPWAN) Market News and Recent Developments

The low power wide area network (LPWAN) market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:

• Sigfox, a French-born ultra-narrowband IoT network technology, officially joined the LoRa Alliance as a contributing member. This move came after Sigfox experienced a decline and fire sale in early 2022 and was acquired by Singapore-based Unabiz. The new parent company, along with LoRaWAN expert Rémi Lorrain, facilitated Sigfox's entry into the LoRaWAN camp. This development is significant considering the historical rivalry between Sigfox and LoRaWAN in the low-power wide-area network (LPWAN) space.

(Source: Sigfox, Press Release, July 2023)

• Semtech announced that it had successfully integrated Sigfox '0G' technology into its SX126x range of LoRa chipsets. This integration allows for compatibility with LoRaWAN and other LoRa-based networks. This development is part of Semtech's ongoing efforts to incorporate Sigfox technology at the chip level. Previously, Semtech successfully integrated Sigfox technology into its budget-friendly LCC68 transceiver and advanced LR series, which offers features such as multi-constellation GNSS and passive Wi-Fi scanning capabilities.

(Source: Semtech, Press Release, December 2022)

Low Power Wide Area Network (LPWAN) Market Report Coverage and Deliverables

The "Low Power Wide Area Network (LPWAN) Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:

• Low power wide area network (LPWAN) market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Low power wide area network (LPWAN) market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Low power wide area network (LPWAN) market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the low power wide area network (LPWAN) market
• Detailed company profiles