LoRa and LoRaWAN Devices Market Size Projected to Reach $6.2 Billion by 2026

(IT-NEWSWIRE.COM, September 19, 2021 ) LoRa and LoRaWAN Devices Market size is projected to reach $6.2 billion by 2026, and it is estimated to grow at a CAGR 36.5% during 2021-2026. The robust growth can be attributed to the increasing penetration of IoT in industrial, commercial and consumer sectors leveraging emerging technologies including artificial intelligence and machine learning. Increasing adoption of connected factories, smart cities, smart utility enabling data transmission for real-time control and monitoring are set to stimulate the demand for low-power wide-area network to provide cost effective, energy efficient connectivity over large areas. The beneficiary and advanced capabilities of chirp spread spectrum technology including its robustness against multipath fading used in LoRa devices are analyzed to propel the growth of LoRa and LoRaWAN devices market. Furthermore, the burgeoning demand for LoRa based machine vision cameras for real time quality inspection is also analyzed to boost the market growth during 2021-2026.

LoRa and LoRaWAN Devices Market Segment Analysis- By Product

By product, LoRa and LoRaWAN Devices Market has been segmented under networking gateways, tranceivers, tracker modules and others. IoT Gateways on the basis of LoRa technology, complying with LoRaWAN specifications are estimated to hold the largest market share of 31.5% in 2020. Gateways are also analyzed to be the fastest growing market with a CAGR 42.5%. The energy efficient long range access of wireless gateways enables real-time data transmission between connected devices for high speed M2M communications and such beneficiary features are analyzed to drive the market growth. Example in December 2020, SmartMakers and Kerlink jointly announced the combination of Kerlink’s LoRaWAN gateways with SmartMakers’ LoRaWAN based GPS trackers to improve Geo-location asset tracking system. In December 2020, Veea Inc. joined LoRa Alliance to accelerate edge computing adopting LoRaWAN protocol. In December 2020, to simplify LoRaWAN network deployment, LoRa Alliance introduced device identification QR codes for zero-touch automated onboarding to facilitate and accelerate addition of a device to the network through optical reading. Such intelligent innovations and collaborations are analyzed to stimulate the market growth during 2021-2026.

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LoRa and LoRaWAN Devices Market Segment Analysis- By End User

By end user, LoRa and LoRaWAN Devices Market has been segmented under industrial, commercial and residential sector. Industrial sector dominated the market in 2020 with a market share of 44%. Industrial Sector is also analyzed to witness high growth with a CAGR 35.2% from 2021 to 2026. Among industrial sectors, Utility sector is also estimated to be the fastest growing market with a CAGR 48.6% during the forecast period 2021-2026 owing to rising penetration of smart meters and the growing adoption of LoRa and LoRaWAN devices in Advanced Metering Infrastructure (AMI) and Distribution Automation (DA) enabling accurate and efficient real-time monitoring and control. In March 2020, Vision Metering, LLC has announced the integration of LoRa devices and LoRaWAN protocol into its line for advanced metering infrastructure (AMI) based smart electric meters enabling smart energy monitoring. In 2019, CAHORS group introduced LoRa devices and LoRaWAN protocol in their Sentinel line fault detection solution to detect, locate and address grid faults more efficiently and mitigate costly system failures through LoRaWAN network. Such smart innovations and developments are analyzed to propel the market growth.

LoRa and LoRaWAN Devices Market Segment Analysis- By Geography

By geography, LoRa and LoRaWAN Devices Market has been segmented under North America, Europe, APAC, South America and others. Europe dominated the LoRa and LoRaWAN devices market in 2020 with a share of 36.4% in 2020 and is estimated to hold the major market share with a CAGR 33.3% during 2021-2026 owing to the well-established industrial infrastructure and increased investment towards new technologies. Asia Pacific is estimated to be the fastest growing market with a CAGR 44.2% during the forecast period 2021-2026 owing to its quick and massive adoption of IoT and rapid transition towards digitalization. For instance, in January 2019, Asia Pacific Telecom (APT), one of Taiwan’s major mobile network operators has adopted Semtech’s LoRa RF technology. South-East Asia is analyzed to be the hot-zone for establishing manufacturing hubs during 2021-2026. Smart Advanced Manufacturing and Rapid Transportation Hub (SAMRATH) - Udyog Bharat 4.0 is an Indian Government initiative to transform Indian manufacturing sector to an “Intelligent Manufacturing Hub”. Such Government initiatives to deploy smart technologies into manufacturing industries are analyzed to drive the market in this region.

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LoRa and LoRaWAN Devices Market Drivers

Increasing Penetration of industry 4.0

Increasing adoption of new age digital technologies such as artificial intelligence, machine learning for integrating IT with OT to optimize real time applications across various industry verticals is driving the market. Increasing adoption of industry 4.0 to provide unison through strategic networking among all connected smart devices to streamline process flows over a low power, cost effective wide area network is boosting the market. Increasing investments towards digitalization across various process and discrete industries to monitor and control real-time data for M2M communications to optimize production yield, efficiency and quality have resulted into the growth of the market. Other wireless technologies such as Bluetooth, Zigbee are analyzed to be incompetent for long-range connectivity and thus, LoRA and LoRAWAN based devices are estimated to be the ideal solutions for high speed M2M communication over a large area. In August 2020, Semtech expanded it’s collaboration with Helium to provide LoRa based devices with wireless wide area network infrastructure. Several leading IoT solution providers such as Digital Matter, Conserv, Smart Mimic are using Semtech and Helium’s collaborative solutions for integrating smart technologies with IIoTs.

Increasing Investments Towards Smart Cities

Increasing investment towards smart city projects to address transportation, communication, energy, health & safety, waste management with intelligent solutions has contributed to the growth of the market. Growing demand for high speed communication for intelligent traffic control, smart waste management, environment monitoring, real-time crime mapping, tele-medicine within smart cities is estimated to drive the market during 2020-2025. Rising adoption of medium access control (MAC) protocol for LoRa and LoRaWAN devices supporting long distance communication and increasing demand for cost effective and energy efficient wireless IoT network with a long range access are the factors driving the market during the forecast period 2021-2026. In October 2020, Everynet and Cellnex sign an agreement to roll-out IOT networks in Italy, UK and Ireland on basis of LoRa technology. Such developments and product launches are anticipated to boost the market growth.

LoRa and LoRaWAN Devices Market Challenges

Data Security Issues

LoRa and LoRaWAN devices are used globally for wide range of applications such as industrial IoT, smart city, smart home, smart utility. In many cases, root keys used for encrypting communication between smart devices, gateways and network servers are vulnerable to cyber-attacks which results into DDoS attacks, data leakage, false data injection disrupting the whole system. Such cyber-attacks and data breaches are inhibiting the market growth. However, significant investments on cyber security is set to offset this challenge and promote healthy growth during the later stages of the forecast period 2021-2026

LoRa and LoRaWAN Devices Market Landscape

Technology launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the LoRa and LoRaWAN devices market. In 2020, the market of LoRa and LoRaWAN devices industry outlook has been fragmented by several companies LoRa and LoRaWAN Devices top 10 companies include Everynet BV, Cisco Systems Inc., Semtech Corporation, Kerlink SA, Orange S.A., SK telecom Co. ltd, Microchip technology Inc., Swisscom AG, Singapore Telecommunications Ltd., Cavagna group and others.

Acquisitions/Technology Launches

In November 2020, Semtech and Sundray created smart campuses and classrooms with LoRaWAN protocol.

In September 2020, Amazon and Semtech collaborated to deliver low power wide area network connectivity on the basis of LoRa technology for consumer applications on Amazon Sidewalk.

In July 2020, Semtech Corporation announced that AIUT has integrated Semtech’s LoRa devices and LoRaWAN protocol into it’s new line of intelligent sensors to monitor and measure the volume of liquefied petroleum gas in the tanks to optimize refill schedule and reduce operational costs.

In April 2020, Semtech introduced world’s first microcontroller embedded with a LoRa transceiver on it’s silicon die.

Key Takeaways

North America is estimated to dominate LoRa and LoRaWAN devices market during 2021-2026 owing to advanced industrial infrastructure and increased investment towards latest technologies.

Gateways are estimated to dominate the market with the fastest CAGR 42.5% owing to increasing demand for real-time communication in industrial applications.

Increasing penetration of industry 4.0, increasing investments towards smart cities are analyzed to drive the market between 2021 and 2026.

Data security issues is one of the major challenges impeding the market growth.

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LoRa and LoRaWAN Devices Market Size Projected to Reach $6.2 Billion by 2026