Europe LPWAN market is forecast to capture more than a 20% share in 2027 on account of the increasing adoption of smart cities and government support for digital transformation & smart manufacturing.
Global Market Insights, Inc. has recently added a new report on the low power wide area network (LPWAN) market, which estimates the market valuation for LPWAN will cross US $80 billion by 2027.
The growing popularity of dedicated M2M communication networks, such as NB-IoT and LTE-M, is expected to contribute significantly to the market growth.
The growing demand for robust connectivity and consistent data transmission in a business or industrial environment is expected to support the LPWAN market demand. The LPWAN technology helps enterprises to provide large-scale wireless connectivity through a limited number of gateways. It significantly minimizes the capital and operational expenditures, enabling business efficiencies. LPWAN technologies provide long-range connectivity to IoT devices and reduce their power consumption. The growing demand for low-cost and long-range connectivity technology solutions & services is further anticipated to fuel the market revenue.
The SigFox segment is projected to grow at a 40% CAGR from 2021 to 2027. The SigFox wireless interface enables the communication between remote devices, allowing them to consume less power to operate for an extended period. The technology enables transmission for applications where a wide area coverage is required such as smart metering, fleet management, and home & consumer goods. It supports one-way communication and low-density data transmission.
The on-premise deployment segment is estimated to expand at more than a 50% CAGR through 2027. Major corporates prefer on-premise deployment of LPWAN platforms to build and manage their LPWAN for IoT-based applications. They can manage the whole network elements including LORA gateways and network servers. By deploying a LoRaWAN private network, organizations gain complete control of transmitted data to ensure data security.
The demand for LPWAN technology solutions & services for smart parking applications is anticipated to increase significantly. Smart parking powered by LPWAN technologies, such as LTE-M and NB-IoT, enables cities to better manage their parking assets. The technology, particularly NB-IoT, is gaining immense momentum in smart parking applications, as it supports long-battery life and provides a wide area coverage, enabling sensors to be placed in any location. Additionally, several enterprises are developing smart parking sensor nodes to cater to diverse parking requirements.
The consumer electronics application is likely to witness around 10% of the LPWAN market share by 2027, owing to an increase in the adoption of smart electronic products such as smart refrigerators, fitness trackers, smart home automation systems, and security alarms. The rapid adoption of such IoT-enabled products has augmented the demand for secure & highly reliable wireless connectivity options. The need to ensure requisite coverage and low battery consumption of diverse electronics devices is propelling the LPWAN technology adoption.
Europe is predicted to hold above 20% of the LPWAN market share in 2027, driven by the increasing adoption of smart cities and government support for digital transformation & smart manufacturing. Several enterprises operating in the region are focusing on advanced solutions based on LPWA IoT connectivity. For instance, in January 2019, Gemalto, a Thales Group company, launched Cinterion IoT Modules powered by Qualcomm’s 9205 IoT modems. This launch helped the company to cater to enterprise demand for NB-IoT connectivity.
Companies operating in the market are focusing on the development of advanced LPWAN platform components. For instance, in April 2020, Qualcomm Technologies, Inc. launched its 212 LTE IoT Modem, a single-mode NB-IoT chipset. The latest chipset features advanced capabilities including extreme low-power consumption and support to diverse IoT applications. This launch helped the company to expand its product portfolio and serve enterprises with significant performance improvements.
Some major findings of the LPWAN market report include:
- Favorable government initiatives to support the adoption of IoT devices and the growing popularity of dedicated M2M communication networks are supporting technological development in the market.
- North America is expected to hold a major market share in the LPWAN market due to the expansive development and penetration of wireless communication technologies.
- Asia Pacific is projected to grow exponentially in the LPWAN market owing to the widespread penetration of IoT and NB-IoT devices.
- Major players operating in the LPWAN market are AT&T Inc., Cisco Systems, Inc., Huawei Technologies Co., Ltd., Qualcomm Technologies, Inc., Verizon Communications, Inc., etc.
- Companies operating in the market are focusing on the development of advanced NB-IoT chipset modules based on LPWAN technology.