Low-Power Wide-Area Network (LPWAN) Market Size, Share and Growth Overview And Forecast 2024-2033
Global low-power wide-area network (lpwan) market size is expected to reach $117.88 Bn by 2028 at a rate of 62.1%, segmented as by component, platform, service
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Overview and Scope
The low-power wide-area network (LPWAN) market consists of revenues earned by entities by providing services such as data transmission, interoperability, remote monitoring and control, and asset tracking. The market value includes the value of related goods sold by the service provider or included within the service offering. The low-power wide-area network (LPWAN) market also includes sales of LPWAN gateways, modems, sensors, development kits, and antennas. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and Forecast
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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Segmentation & Regional Insights
The low-power wide-area network (LPWAN) market covered in this report is segmented –
1) By Component: Platform, Service
2) By Technology Type: SIGFOX, Long Range Wide Area Network (LoRaWAN), Weightless, Other Technologies
3) By Deployment Model: On-Premise, Cloud
4) By Application: Smart Gas And Water Metering, Asset Tracking, Smart Buildings, Smart Parking, Precision Agriculture, Smart Waste Management, Livestock Monitoring, Other Applications
5) By End-User: Healthcare, Agriculture, Logistics And Transportation, Manufacturing, Government, Other End-Users
North America was the largest region in the low-power wide area network (LPWAN) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the low-power wide-area network (LPWAN) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the low-power wide-area network (LPWAN) market are 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
The low-power wide-area network (lpwan) market report table of contents includes:
1. Executive Summary
2. Low-Power Wide-Area Network (LPWAN) Market Characteristics
3. Low-Power Wide-Area Network (LPWAN) Market Trends And Strategies
4. Low-Power Wide-Area Network (LPWAN) Market - Macro Economic Scenario
5. Global Low-Power Wide-Area Network (LPWAN) Market Size and Growth
……….
33. Global Low-Power Wide-Area Network (LPWAN) Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Low-Power Wide-Area Network (LPWAN) Market
35. Low-Power Wide-Area Network (LPWAN) Market Future Outlook and Potential Analysis
36. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Low-Power Wide-Area Network (LPWAN) Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Low-Power Wide-Area Network (LPWAN) Market, Segmentation By Technology Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Low-Power Wide-Area Network (LPWAN) Market, Segmentation By Deployment Model, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 76: Verizon Communications Inc. Financial Performance
Table 77: Comcast Corporation Financial Performance
Table 78: AT&T Inc. Financial Performance
Table 79: Huawei Technologies Co. Ltd. Financial Performance
Table 80: Vodafone Group Plc Financial Performance
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