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LPWAN Devices Market Size to Grow at a CAGR of 32.8% During the Forecast Period 2021-2026

(IT-NEWSWIRE.COM, September 19, 2021 ) LPWAN Devices Market size was valued at $2.4 billion in 2020 and it is estimated to grow at a CAGR of 32.8% during 2021-2026. Growing penetration of low power consuming connected devices such as smoke & fire alarms, bridge monitors, smart lighting, asset monitors, PIR cameras, actuators and others across various sectors such as residential, commercial and industrial is set to be one of the major drivers for the LPWAN Devices market. Along with this, Government’s initiative to promote smart city projects, wireless telecommunication and infrastructure investments along with the growing requirement of smart security systems are estimated to proliferate the adoption of LPWAN technology and fuel the market size. Apart from this, a prominent modulation technique, Chirp Spread Spectrum or CSS, used in LPWAN devices, are resilient to noise as well as to Doppler effect and can traverse long distances even when operating at very low power, which acts as a considerable factor for the growth of this market. Furthermore, it also offers robustness along with wide coverage to LPWAN applications, while supporting a massive amount of devices, thus increasing the adoption rate of these devices. Hence, the above mentioned factors are set to boost the market growth of LPWAN Device industry in the forecast period.



LPWAN Device Market Segment Analysis- By Technology



LPWAN Devices market is segmented into SIGFOX, LoRa, NB-IOT & LTE-M, random phase multiple access (RPMA), Weightless SIG (Unidirectional weightless- N, bidirectional weightless- P, bidirectional weightless-W and others) and others, based on technology. LoRa technology is anticipated to grow with fastest CAGR of 38.6% during the forecast period 2021-2026. Unlike other technologies such as SigFox, LoRa allows the companies to install their own network which can provide better system security by restricting third party intervention, making them perfectly suitable for smart factories, hospitals and others. Apart from this, the technology also provides better radio network connectivity to IoT devices compared to other technologies which is acting as a growth driver for this technology. Private industrial network system represent more than 55% of the deployment of LoRaWAN technology and it is set to increase during 2021-2026. In July 2020, LoRa alliance had collaborated with the Smart Water Network Forum (SWAN) to provide advanced data driven solutions with water networking and to increase the adoption of LoRaWAN technology in water metering.



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LPWAN Device Market Segment Analysis- By End-User industry



By end-user industry, the LPWAN Devices market is segmented into General Manufacturing, healthcare, transportation & logistics, power generation, oil & gas, utilities (water & wastewater, electricity, gas), agriculture, electronics & semiconductors, mining, food & beverage, automotive and others. Agriculture sector is anticipated to witness significant amount of growth of CAGR of 37.5%; followed by a healthcare LPWAN market with a growth of CAGR 36.9% during the forecast period 2021-2026. With an increasing demand for IoT technologies, connected devices and digital platforms in agricultural sector, the farmers face connectivity issues. LPWAN network has been poised to be more suitable for agriculture sector owing to its cost effectiveness, better connectivity and network coverage. LPWAN is widely used for smart farming applications and precision agriculture. The UN FOOD and Agriculture Organization estimated that by 2050, to meet the demand of rapidly growing world population, food production has to rise by 60% and according to the recent studies, precision agriculture using IoT technologies can assist this. LPWAN provides better connectivity to the sensors along with the actuators that gathers the data about soil health, chemical composition, humidity and environment from the nodes of the sensors and actuators composed in Wireless Sensor and Actuator Network protocol. Apart from this, farmers can monitor their farm assets, cattle, control irrigation process and others better with LPWAN network. Furthermore, the growth of healthcare industry is primarily driven by wide adoption of smart monitoring systems and IoT in health sector. The demand for reliable communication system and requirement for patient’s safety measures facilitates the adoption of IoT in this sector, therefore increasing the demand for LPWAN devices. In addition, the current Covid-19 pandemic has opened up new growth avenues for LPWAN based health monitoring devices for monitoring patients remotely within healthcare institutions. Thus, these factors ultimately contribute to the market growth.



LPWAN Device Market Segment Analysis- By Geography



North America region held the highest market share of 38.5% of global LPWAN device market in 2020, due to the early adoption of advanced technology, growth in advanced IoT infrastructure and increasing penetration of connected devices across industries.Growing investment for smart city projects, increasing investments in deployments, rising demand for smart devices are fueling the market growth. In September 2020, Senet, Inc., a North American company, has secured $16M funding from Fisk Ventures to meet the increasing global demand for LoRaWAN network deployment. Moreover, APAC region is estimated to witness significant market growth during the forecast period 2021-2026. This growth is driven by the rapid adoption of IoT technologies and growing investments in smart city projects in Asian countries with favorable government support for the adoption of IoT technologies which can stimulate the development of a strong ecosystem. In November 2020, The Government of India invited investors to invest in Indian smart city projects as India is a developing country with numerous growth opportunities. These factors are set to boost the growth of this market during the forecast period.



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LPWAN Devices Market Drivers



Increasing Investment in Smart City Projects:



The numbers of Smart city projects are expected to grow rapidly because of the increasing public safety issues, rapid urbanization, government’s initiatives, increasing concerns for environment and others. In June 2020, The Singapore Government had announced to increase the investment in smart city projects and information technology by 30%. In April 2021, Mitsubishi Corporation added a new urban transit-oriented mixed use development project, to its smart city program, near Jakarta. Similarly, due to the pandemic, paper bureaucracy dependent Japan is taking initiatives toward its digital transformation, resulting in high investments on smart city projects by the Japanese Government which will work as a key influence for the digital transformation and economical revival of Japan. LPWAN devices can provide long range connectivity with low cost which is basic requirement for smart city projects. LPWAN can provide city wide connectivity over a sigle platform that stimulates the development for a strong ecosystem. With growing investments in smart city projects across the globe, the demand for LPWAN devices is also rising.



Increasing Adoption of Unlicensed LPWAN Technologies:



Due to the rapid adoption of unlicensed LPWAN technologies such as SigFox, LoRa and others, the market for these technologies is growing rapidly compared to the other technologies.Customers with budgetary constraints can opt for unlicensed LPWAN technologies which will be more budget friendly whereas other technologies with licensed spectrum can be expensive. This affects the adoption of unlicensed LPWAN technologies positively and drives the LPWAN device market towards growth.



LPWAN Devices Market Challenges



Scalability Level:



Although LPWAN devices market is growing at a rapid phase, the scalability level of this network is expected to hinder the market growth. The scalability level declines with the increasing number of LPWAN devices which as a result leads to poor performance of those devices. There are alternative technologies such as ALOHA which doesn’t have any scalability issues are also analyzed as one of the major challenges for this market.



LPWAN Device Market Landscape



Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the LPWAN Devices market. As of 2020, LPWAN Devices industry outlook is consolidated with the top players including Actility Information Technology and Services, Semtech Corporation, Cisco Systems, Inc., Vodafone Group Plc, Ingenu Inc., Huawei Technologies Co., Ltd., AT&T Inc., STACKFORCE GmbH, NWave Technologies and others.



Acquisitions/Technology Launches



In November 2020, HERE Technologies and global IoT connectivity provider, Actility information technology partnered together to develop and provide a new cutting edge IoT Tracking service based on LoRaWAN technology for location data management and mapping.



In October 2020, Sigfox Germany partnered with Sensoneo to develop an indoor waste bin monitoring and waste collection tool that will have a Sigfox sensor and button technology for identifying full bins. Sensoneo’s cloud based smart waste management system will collect all the data and will provide the optimal solutions such as requests for full bins and calculation for the optimal route.



Key Takeaways



By Technology LoRa is estimated to witness the fastest growth, as this technology allows the organizations to install its own network.



Agriculture sector is analyzed to grow with a significant amount of growth during the forecast period, owing to increasing demand for IoT, connected devices and digital platforms in agricultural sector.



North America dominates this market with highest market share, early adoption of new technologies and growing investments for smart city projects are the key factors contributing towards the market growth 2021-2026.



Increasing investment for smart city projects is a major growth driver for this market.



Related Reports :



A. Weightless LPWAN Devices Market

https://www.industryarc.com/Report/19431/weightless-lpwan-devices-market.html



B. Static Random Access Memory Market

https://www.industryarc.com/Report/15448/static-random-access-memory-market.html



For more Electronics Market reports, please click here



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IndustryARC

Venkat Reddy

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