LPWAN market revenue to cross $350 billion by 2032
As per a recent industry report put forward by Global Market Insights, the Low Power Wide Area Network (LPWAN) market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding revenue of $350 billion by 2032 with a projected CAGR of 50% over 2023-2032.
The market growth is owing to the surging initiatives taken by industry players for the development of LPWAN solutions.
The leading enterprises in the LPWAN place a strong emphasis on industry consortiums to boost technological know-how and promote industrial development. For instance, in January 2021, STMicroelectronics joined the ZETA Alliance, a commercial alliance specialising in LPWAN technologies. The company concentrated on developing technological know-how through this collaboration for low-power smart applications as well as supporting cutting-edge product innovations for long-range IoT connectivity.
The LPWAN market has been divided in terms of component, service, deployment model, application, end-use, and region.
Based on component, the service segment is expected to grow exponentially over the review timeline due to the increasing requirement for businesses to manage their daily operations and secure their IT networks.
With respect to service, the LPWAN market from the professional service segment held a major chunk of the market share and captured 65% revenue share in 2022. The segment is projected to grow through the forecast timeframe as they aid firms with LPWAN optimisation and planning.
In terms of the deployment model, the on-premise segment is poised to expand steadily by the end of 2032. The segmental growth is anticipated to rise as on-premise LPWAN enables companies to set up and administer their own LPWAN for IoT-based solutions. They are able to control every component of the network, including LORA gateways and network servers.
Based on application, the smart buildings segment is anticipated to record exponential growth with a 55% CAGR from 2023 to 2032. The rise in demand for LPWAN technologies to offer more energy-efficient connections in big, dense locations is expected to foster industry growth. LoRa technology is frequently utilised to provide IoT connectivity for smart buildings.
Meanwhile, the LPWAN market from the livestock monitoring segment witnessed a 10% market share in 2022. The IoT is becoming more widely used in the agriculture sector to improve crop yields and foster livestock health through remote monitoring. Farmers can learn about the health of their cattle through the tracking and monitoring of livestock in pastures in real-time, which is likely to boost segmental growth.
With respect to end-use, the manufacturing segment is speculated to expand exceptionally through the analysis timeframe driven by the productivity and efficiency of IoT platforms. To balance supply and demand, improve industrial procedures, and save waste, smart processes are becoming increasingly important.
From the regional perspective, the Asia Pacific LPWAN market is estimated to witness 55% CAGR from 2023 to 2032. The region's market is expanding because of the rise in smart city adoption, the development of Industry 4.0, and government initiatives for digital transformation. China has chosen 200 locations to test out smart city initiatives as part of its current smart city strategy.