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Global Low Power Wide Area Network Market to Reach $151.5 Billion by 2026
SAN FRANCISCO, March 3, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Low Power Wide Area Network - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
What's New for 2022?
- Global competitiveness and key competitor percentage market shares
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Edition: 8; Released: February 2022
Executive Pool: 443
Companies: 60 - Players covered include Actility, SA AT&T Intellectual Property Cisco Systems, Inc. Huawei Technologies Co., Ltd. Ingenu Inc. Link Labs Inc. Loriot AG Nwave Technologies Inc. Qualcomm Technologies, Inc. Semtech Corporation Senet, Inc. SIGFOX Telefonica, S.A Vodafone Group Plc WAVIoT and Others.
Coverage: All major geographies and key segments
Segments: Component (Platform, Services); Network Deployment (Private Sector, Public Sector); Vertical (Oil & Gas, Smart Logistics & Transportation, Consumer Electronics, Industrial Manufacturing, Other Verticals)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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ABSTRACT-
Global Low Power Wide Area Network Market to Reach $151.5 Billion by 2026
A low-power wide-area network (LPWAN) is a form of wireless technology that allows end users to establish long-range communication networks at a low-bit rate. Growing integration of IoT and M2M devices is propelling companies to integrate LPWAN devices for minimizing operation costs as well as power consumption. Propelled by its capability to enhance connectivity, the advanced technology is currently being used for controlling various IoT systems. Ongoing technological advancements in the LPWAN segment are offering ample growth opportunities for mobile network operators. Propelled by promising outlook, various leading global cellular service providers such as AT&T and Verizon are now adopting LTE-Cat M1 as well as NB-IoT LPWAN technologies. Introduction of LPWAN systems is enabling radio network service providing companies to offer safe and reliable solutions for end users. Integration of LPWA and cellular technology is assisting engineers to collect data from underground and basement areas.
Amid the COVID-19 crisis, the glbal market for Low Power Wide Area Network estimated at US$29.7 Billion in the year 2022, is projected to reach a revised size of US$151.5 Billion by 2026, growing at a CAGR of 53% over the analysis period. Platform, one of the segments analyzed in the report, is projected to grow at a 50.6% CAGR to reach US$118.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Services segment is readjusted to a revised 57.6% CAGR for the next 7-year period. This segment currently accounts for a 31.8% share of the global Low Power Wide Area Network market. Majority of the companies nowadays use cloud-based platforms for integrating and managing LPWAN servers as well as gateways. As a result, cloud deployment mechanism accounts for largest share within the platform component segment.
The U.S. Market is Estimated at $7.8 Billion in 2022, While China is Forecast to Reach $25.8 Billion by 2026
The Low Power Wide Area Network market in the U.S. is estimated at US$7.8 Billion in the year 2022. The country currently accounts for a 27.35% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$25.8 Billion in the year 2026 trailing a CAGR of 65.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 45.3% and 53.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 46.5% CAGR while Rest of European market (as defined in the study) will reach US$34.6 Billion by the end of the analysis period. Driven by growing adoption of high speed and energy-efficient IoT-enabled devices, North America dominates the global market. Significant increase in number of smart city projects such as Google's Waterfront Toronto and Sidewalk Lab is fueling demand for the advanced technology in the region. While rising integration of IoT solutions in manufacturing, logistics, and agriculture industries drives growth in Asia-Pacific, the European market is set to be propelled by increasing popularity of IoT-enabled energy-efficient smart devices.
LoRa® Devices Lead IoT Adoption
With increased availability of IoT solutions, the operational efficiency and data security of businesses have been increasing. IT system integrators and decision makers have been recommending the best IoT solutions in addition to leading the transition to cost-effective and reliable technologies. LoRa® devices and the LoRaWAN® protocols are becoming leading options of enabling IoT applications. Earlier IoT adopters utilized Bluetooth, Wi-Fi, and Cellular connectivity successfully. But these platforms cannot perform well over long ranges required by IoT applications. Hence IoT decision makers choose LPWANs for transmitting information across wide ranges with less power requirements. LoRaWAN networks support over 600 different IoT use cases across the world reliably. Wireless LoRa-based sensors have a battery life of more than 10 years at ranges as far as 20km. LoRaWAN networks are easy to install and operate and are affordable. They allow bi-directional, low-power data transmission in smart city applications. Owing to minimal power requirements, around 1,000 LoRa-based sensors are capable of pairing up with single LoRa-based gateway. LoRa devices also enable the users to connect their existing infrastructure and to transmit information across dense environments.
The importance of network security is growing with increasing smarter solutions in businesses. The networks used should be reliable and capable of defending against malicious attacks and breaches. The LoRaWAN protocols are designed to offer high security so that only authorized and genuine devices can connect to the LoRaWAN networks. IoT solutions help in improving operational efficiency and streamlining processes. However, it is also important to consider the required setup and included maintenance costs. Hence enterprises have been adopting LPWANs on a large scale. The LPWAN adoption is expected to grow over 60% in the coming 5 years. With increased availability of connectivity options, it has also become important to choose the right technology for maintaining reliable and secure connections among the servers and devices. It is also important to implement solutions that will scale with continued transformation and development in technology. More
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Global Industry Analysts, Inc.
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www.StrategyR.com
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