Low-Power Wide-Area Network (LPWAN) Market Size & Trends 2024-2033 | Key Players

The Business Research Company recently released a comprehensive report on the Global Low-Power Wide-Area Network (LPWAN) Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The low power wide area network (LPWAN) market size has grown exponentially in recent years. It will grow from $10.56 billion in 2023 to $17.09 billion in 2024 at a compound annual growth rate (CAGR) of 61.8%. The growth in the historic period can be attributed to increased demand for IoT connectivity, increased in cost-effective and long-range network, increased in industrial automation, increased use in smart agriculture applications, increased battery life, increased use in smart city, and increased business models.

The low power wide area network (LPWAN) market size is expected to see exponential growth in the next few years. It will grow to $117.88 billion in 2028 at a compound annual growth rate (CAGR) of 62.1%. The growth in the forecast period can be attributed to rising implementation of smart agriculture, expanding applications in industrial, growing demand for long-range connectivity, increasing innovative LPWAN business models, increasing demand for smart city infrastructure, and growing focus on environmental monitoring and sustainability applications. Major trends in the forecast period include increasing adoption in IoT applications, advancements in LPWAN technologies, rising demand for long-range, low-power connectivity solutions, integration with 5G networks, and advancements in battery technology.

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Market Drivers and Trends:

The increasing adoption of smart meters is expected to propel the growth of the low-power wide-area network (LPWAN) market going forward. A smart meter is a device that tracks and records electricity or gas consumption in households and commercial establishments. Smart meter adoption is rising due to their precise energy monitoring, simplified billing, and enhanced energy management capabilities for both consumers and utilities. LPWAN technologies significantly improve the functionality and efficiency of smart meters by providing reliable, long-range, low-power, and cost-effective communication solutions. These features enable better data management, operational efficiency, and scalability in smart metering systems, which are crucial for modern energy management and utility services. For instance, in March 2022, according to the Smart Meter Statistics developed by the UK Statistics Authority, a UK-based government department for maintaining a national code of practice for official statistics, in 2021, there were 27.8 million smart and advanced meters in households and small businesses across Great Britain, with 23.6 million operating in smart mode. This constitutes a 50% share of all meters, marking a seven-percentage point rise from 2020. Further, in 2021, around 3.8 million smart meters were installed, primarily by major suppliers, showing a 19% increase compared to 2020. Therefore, the increase in smart meters is driving the growth of the low-power wide-area network (LPWAN) market.

Major companies operating in the low-power wide-area network (LPWAN) market are focused on developing innovative solutions such as SaaS chip-to-cloud service to enhance network efficiency, scalability, and integration capabilities of IoT applications. SaaS (Software as a Service) chip-to-cloud service refers to a comprehensive solution that connects hardware (the chip) to cloud-based services through a managed platform. This integration enables seamless data collection, processing, storage, and analysis from IoT devices. For instance, in June 2022, Semtech Corporation, a US-based semiconductor manufacturing company, launched the LoRa Cloud Locator, a SaaS chip-to-cloud service. LoRa Cloud Locator is a cloud service showcasing LoRa Edge, a chip-to-cloud, ultra-low-power geolocation platform. It lets users quickly develop indoor and outdoor tracking systems with LoRa Edge ICs by offloading location calculations to the cloud. This results in lower power consumption and reduced costs than traditional on-chip GNSS methods. The service enables users to track assets indoors and outdoors using LoRa Edge-enabled trackers, which can be combined with GNSS and Wi-Fi for precise location tracking.

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Major Key Players of the Market:

Verizon Communications Inc., Comcast Corporation, AT&T Inc., Huawei Technologies Co. Ltd., Vodafone Group Plc, Cisco Systems Inc., Bouygues S.A, Qualcomm Technologies Inc., Avnet Inc., NXP Semiconductors N.V., Swisscom AG, Orange Business, Tata Communications, Semtech Corporation, Sigfox, Kerlink, Eseye, Ingenu Inc., Actility S.A., Senet Inc, WavIoT, Link Labs, LORIOT AG, Nwave, Everynet

Low-Power Wide-Area Network (LPWAN) Market 2024 Key Insights:

• The low power wide area network (LPWAN) market size is expected to see exponential growth in the next few years. It will grow to $117.88 billion in 2028 at a compound annual growth rate (CAGR) of 62.1%.
• Smart Meter Expansion Fuels Growth of LPWAN Market
• Technological Advancements and Cloud Services Transforming the LPWAN Market
• North America was the largest region in the low-power wide area network (LPWAN) market in 2023

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