Report: Low Power Wide Area Network (LPWAN) Market Worth 24.46 Billion USD by 2021
The Low Power Wide Area Network (LPWAN) market size is expected to grow from USD 1.01 Billion in 2016 to USD 24.46 Billion by 2021
According to a new market research report “Low Power Wide Area Network Market by Connectivity Technology (SIGFOX, LoRaWAN, Weigthless and Others), Technology Service, Network Deployment, Application, Verticals and Region — Global Forecast to 2021”, published by MarketsandMarkets, the market to grow from USD 1.01 Billion in t2016 to USD 24.46 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 89.3% during the period 2016-2021.
The report segments the global market on the basis of connectivity technologies, technology services, network deployments, applications, verticals, and regions, along with providing an in-depth analysis and market size estimations. Applications include smart waste management, smart buildings, smart gas and water metering, smart street lights, smart parking, livestock monitoring and others (home security and healthcare). Smart gas and water metering is expected to witness the highest growth rate. Smart meter rollouts represents a paradigm shift to understand the energy consumption at all the levels in the power grid. The mass adoption of LPWAN technology will promote greater standardization between different smart meter manufacturers and vendors.
Among verticals, oil and gas will lead the LPWAN market with a wide range of organizations adopting LPWAN solutions in all regions. Lower oil prices are driving the growth in this segment and encouraging companies to place a higher business priority on optimization where IoT applications are relatively immature. Connected devices and systems can facilitate efficient oil and gas operations, with minimum human intervention, providing higher value than traditional technology.
The Low Power Wide Area Network Market research report has been segmented by region: North America,Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), andLatin America. Europe is expected to continue being the largest revenue generator region for LPWAN vendors for the next five years, followed by North America. Whereas, APAC is expected to be the fastest-growing region in the LPWAN market during the forecast period. The market growth in developing regions can be attributed to the enhancements in network connectivity.