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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.

LoRaWAN Market

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.

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

LoRaWAN Market Share, By Component

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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of LoRaWAN held a valuation of USD 2 billion in 2022, led by increasing investments towards smart city initiatives, the market is anticipated to grow at more than 40% CAGR through 2032.

The LoRaWAN hardware components segment is slated to surpass a valuation of more than USD 30 billion by 2032, fueled by the increasing use of LoRaWAN end-nodes for tracking and monitoring purposes.

The market for LoRaWAN in North America was valued at more than USD 900 million in 2022, increasing industry player collaborations and smart city investments are likely to impel the regional growth moving forward.

The list of leading industry players includes the likes of Orange, KPN, Cisco System Inc., Everynet, Kerlink, LORIOT AG, Microchip Technology Inc., Meshed, TEKTELIC Communications Inc., National Narrowband Network Co.(NNNCo.), and Worldsensing.

LoRaWAN Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 559
  • Countries covered: 23
  • Pages: 350
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