Low-Power WAN Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Low-Power WAN Market Analysis

The low-power WAN market was valued at USD 6.33 billion in 2020 and is expected to reach a value of USD 249.12 billion by 2026, registering a CAGR of 84.53% during the forecast period of 2021-2026. The need for enhancement of 4G technology, in terms of low-cost, network capacity, network efficiency, and end-to-end delay, is projected to ascend the usage of LPWAN.

• The rapid growth in the investment of smart cities is likely to foster the market's growth. For instance, in October 2018, the National Science Foundation (NSF) announced an investment in connected and smart city programs worth USD 22.6 million.
• Though it is capable of delivering messages to distances, ranging about 30-50 km in rural areas, 3-10 km in urban settings, and up to 1,000 km in line-of-site applications, its packet size has been limited to 150 messages of 12 byte per day.
• The major application of LPWAN, includes fleet management, good tracking, smart metering, smart grid management, home automation, waste management, process monitoring and control, and climate monitoring, among others.
• Few of the challenges to this technology that may hamper the overall adoption and market include future coverage and scalability, technology co-existence, real-time communication. In addition, the security of the network, not as robust as sending data back to endpoints, can also be prone to interference.

Low-Power WAN Industry Segments

Low-power wide-area network (LPWAN) is a particular network that enables long-range communication at a low bit rate. LPWAN overcomes the technological choice for constructing IoT networks globally. This wireless technology can be integrated into the street lights, cars, manufacturing equipment, home appliances, and wearable devices. LPWAN offers a plausible mix of long-range, low power consumption, and secure data transmission.

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Low-Power WAN Market Trends

This section covers the major market trends shaping the Low-Power WAN Market according to our research experts:

5G Technology to Drive the Market Growth

• The 5G technology (5th generation of mobile technology), which is expected to be commercialized by 2020, is likely to support a wide array of features and the existing usages of LPWAN. 
• The need for enhancement of 4G technology in terms of low cost, network capacity, network efficiency, and end-to-end delay, is projected to ascend the usage of LWPAN. Hence, these aforementioned factors have positive impacts on the market's growth.
• Diverse organizations are raising funds and increasing investment toward 5G technology. For instance, WIG, a wireless infrastructure provider, raised GBP 220 million for the investment associated with 5G infrastructure. As a result, it is expected to ascend the demand for the technology in the next six years.
• Notably, the rapid growth in the investment of smart-cities is likely to foster the market's growth. For instance, in October 2018, the National Science Foundation (NSF) announced an investment in connected smart-city programs worth USD 22.6 million.
• Saudi Arabia and the United Arab Emirates are expected to lead in terms of investments in smart-city projects, owing to the favorable government initiatives. As a result, it creates an immense opportunity for the companies to invest in these countries. These factors will help not only in boosting the market's growth but also in garnering higher market shares.

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