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LoRaWAN Market Size By Component (Hardware, Software, Service), By Deployment Model, By Application (Smart Gas & Water Metering, Asset tracking, Precision Agriculture & More), By End-Use (Healthcare, Manufacturing, Consumer Electronics, Government), 2023 - 2032
- Report ID: GMI5452
- Published Date: Mar 2023
- Report Format: PDF
LoRaWAN Market Size
LoRaWAN Market size valued at USD 2 billion in 2022 and is projected to depict more than 40% CAGR from 2023 to 2032. Driven by the increasing investments towards smart city initiatives across the globe.
Several government agencies across the world are making heavy investments towards smart city projects to make their urban areas capable of handling the expected boom in urban migration. According to the UN, more than 55% of the globe’s population lived in urban areas back in 2018, with estimates expecting the number to rise to more than 68% by 2050. Many smart city initiatives are specifically geared towards addressing the health, transportation, waste management, and communication needs of this demographic through intelligent solutions, with the LoRaWAN market being one of the key beneficiary of this trend.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| LoRaWAN Market Size in 2022: | USD 2 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 40% |
| 2032 Value Projection: | USD 60 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 350 |
| Tables, Charts & Figures: | 559 |
| Segments covered: | Component, Deployment Model, Application, End-user |
| Growth Drivers: | |
| Pitfalls & Challenges: |
The tightening carbon emission norms are also likely to play a key role towards making the LoRaWAN technology an integral part of smart cities of the future. The technology is capable of making parking management and smart building more cost-effective owing to its ability to operate on low power.
Growing concerns around data security may impede the industry outlook
LoRaWAN networks utilize the technique of spread spectrum modulation to increase the data rate while shortening the on-air time. As such, the associated frequency is changed by the system during data transmission, which may lead to a dynamic frequency ramp that requires a bandwidth that is broader. These networks are highly sensitive to interferences caused by frequency ramps, which can cause loss of data during transmission, majorly restricting the market. With LoRaWAN-enabled IoT being equally vulnerable to cyberattacks as any other communication technology, its adoption in public infrastructure may also be viewed as a matter of national security.
LoRaWAN Market Analysis
With respect to component, the LoRaWAN market size from hardware segment is likely to reach USD 30 billion by 2032, propelled by the increasing use of LoRaWAN end-nodes for tracking and monitoring purposes. LoRaWAN trackers use GPS-powered sensors to transmit geolocation data of the assets they are attached to. They help businesses manage high-value equipment and also improve security during asset transportation. The trackers are also encased in a shock-resistant sealed case, making them rugged enough to absorb bumps from heavy equipment during transit and still remain operational.
In terms of application, the LoRaWAN market valuation from smart gas & water metering applications will cross USD 10 billion by 2032, led by the growing need for automation in the sector. Gas and water utility firms across developed economies are increasingly focusing on eliminating human errors caused during manual meter reading. LoRaWAN-based smart metering helps gas agencies monitor gas usage of customers remotely, allowing them automatically to bill consumers on the basis of the actual utility usage. These systems prevent errors while increasing accuracy, making the billing experience more transparent and precise for customers.
The LoRaWAN market size from the public deployment model segment is expected to exceed USD 32 billion by 2032. The ability of the model to deliver scalable and cost-effective solutions to private businesses and entities for deploying their IoT networks is likely to spur segment revenues. Moreover, it also removes the need for organizations to make heavy investments towards their own network structures, allowing them to invest the capital in other projects.
The North America LoRaWAN market size accounted for USD 900 million in 2022, owing to increasing collaborations among leading companies in the region. Back in January 2022, Helium Network collaborated with leading LoRaWAN operator, Senet, in the U.S. and LoRaWAN provider, X-TELIA, in Canada to make the region more entrenched in the region.
Industry player efforts such as these are likely to become more common in years ahead as investments towards the region’s smart cities grow. As per the SmartAmerica Challenge, local administrations are set to invest over $41 trillion to prepare their infrastructure for IoT over the next two decades.
LoRaWAN Market Share
Some of the leading companies operating in the LoRaWAN market are
- Orange
- KPN
- Cisco System Inc.
- Everynet
- Kerlink
- LORIOT AG
- Microchip Technology Inc.
- Meshed
- TEKTELIC Communications Inc.
- National Narrowband Network Co. (NNNCo.)
- Worldsensing
Through 2032, novel product launches are expected to outline the market scenario as firms vie for a larger share of the revenues.
Back in May 2022, Cisco unveiled the LoRaWAN gateway, its new IoT extension module series to add a remote ruggedized LoRaWAN radio modem interface that creates a gateway between its Field Network Director and the LoRa network server of a partner.
Impact of the COVID-19 pandemic
The coronavirus pandemic made a sizable negative impact on the LoRaWAN industry as the resulting lockdowns and supply chain challenges caused many construction and smart city projects to halt progress. This stopped revenues from a major source for the market, with the situation being further exacerbated from the global semiconductor shortage. However, with the pandemic in the past, and world government efforts towards the expansion of semiconductor production in full swing, the market is likely to pick up the pace in a notable manner.
This LoRaWAN market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:
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Market, By Component
- Hardware
- End-node
- Gateway
- Module
- Software
- Services
- Integration
- Maintenance
- Training and Consulting
Market, By Deployment model
- Private
- Public
- Hybrid
Market, By Application
- Smart gas and water metering
- Asset tracking
- Smart buildings
- Smart parking
- Precision agriculture
- Smart waste management
- Livestock monitoring
- Others
Market, By End-Use
- Healthcare
- Agriculture
- Logistics and transportation
- Manufacturing
- Utilities
- Consumer electronics
- Government and public sectors
- Others
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Sweden
- Netherlands
- Asia Pacific
- China
- Japan
- India
- ANZ
- South Korea
- Southeast Asia
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Chile
- Middle East & Africa
- South Africa
- Israel
- Saudi Arabia
- UAE
Frequently Asked Questions (FAQ) :
LoRaWAN Market Scope
