Electronics
LPWAN Devices Market Size Anticipated to Grow at a CAGR of 32.8% During the Forecast Period 2021-2026
LPWAN Devices Market Overview
LPWAN Devices Market size was valued at $2.4 billion in 2020 and it is estimated to grow at a CAGR of 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.
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.
- 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.
