LoRa and LoRaWAN Devices Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030
Page: 215 | Report Code: ICTM24042501 | Research Suite: Report (PDF) & Market Data (Excel)
LoRa (Long Range) and LoRaWAN (Long Range Wide Area Network) devices are the fundamental components of wireless communication technology that are specifically made for long-range, low-power IoT (Internet of Things) applications that leverages LoRa technology where these devices enables the seamless data transmission over wide a distance while consuming minimal power and renders them ideal for connectivity needs in remote environments. LoRa devices consists of a variety of equipment which includes sensors, actuators, and modules that utilizes chirp spread spectrum modulation to wirelessly transmit data across distances of several kilometers in urban settings and up to tens of kilometers in rural areas.
The operation within the unlicensed frequency bands like the sub-gigahertz ISM (Industrial, Scientific, and Medical) bands, there they enable cost-effective deployment and scalability of IoT networks and on the other hand, LoRaWAN devices are equipped with LoRa communication capabilities and are specifically engineered to connect to LoRaWAN networks which provides secure and efficient data transmission across extended distances.
LoRaWAN, a low-power, wide-area networking protocol, is optimized
for battery-operated IoT devices and offers features like bi-directional
communication, adaptive data rate optimization, and end-to-end security and as
well as they provide key features and benefits of these devices which include
their long-range communication capabilities, enabling data transmission over
significant distances, their minimal power consumption, ensuring extended
battery life for IoT devices, their scalability and allows for the connection
of thousands to millions of devices to a single network gateway, and the
flexibility allows deployment in both public and private LoRaWAN networks. These
devices find applications across diverse industries and use cases, ranging from
smart city solutions, industrial IoT, agriculture, logistics, transportation,
to building automation, addressing various connectivity needs.
MARKET
OVERVIEW
The global market valuation of LoRa and LoRaWAN devices
market was valued at approximately USD 1.3 Billion in 2022 and is projected to
reach USD 11.6 Billion in 2030 exhibiting a CAGR of 9.5% during the forecast
period of 2023-2030, they on field component 4. Connecting the IoT devices over
long distance and that too with minimal power consumptions and also enables efficient data transmission for
applications as smart cities industrial monitoring agriculture and logistics
which makes align it with other industries and makes it a growing and
sustainable market.
GROWTH
DRIVERS
According to the report of LoRa Alliance the global market expected to reach USD 1.5 trillion by 2030 and this growing option of IoT technologies across the diverse industries drives the demand for LoRa & LoRa WAN devices in order to optimize operations, improve efficiency and reduce the cost as the device allows monitoring predictive maintenance and asset tracking with supply chain management industries like from fracturing logistics energy and agricultural. The governments worldwide are investing in smart city projects in order to improve on urban environment and infrastructure, enhance public services and promote sustainability where it plays a crucial role in smart city development by providing connectivity for smart metering, waste management, environmental monitoring and other IoT applications, for example the city of Amsterdam has implemented a large scale LoRaWAN network.
The increasing focus on smart metering where the utilities are
deploying smart metering solutions to monitor energy consumptions, in the grid
efficiency and enables demand response programs where it provides a reliable
platform for connecting smart meters and transmitting meter metering data
securely to utility companies. The ongoing advancement in sensor and actuators
technologies like the integration of sensors for environmental monitoring
tracking predictive maintenance allows businesses to gather actionable insights
and make data driven decisions. The government and laboratory are promoting IoT
standards and frameworks to promote security, and data privacy in the IoT
deployments like Europe digital single market strategy and China national new
generation air development provides guidelines and incentives to support IoT
adoption and relation
MARKET
SEGMENTATION:
·
By Offering Type –
Hardware, Platform and Services
·
By Application- Asset
tracking, Industrial IoT, smart cities, smart agriculture and livestock
management, smart buildings smart healthcare and other applications
·
By End User- retail,
manufacturing, transportation and logistics, agriculture, healthcare, energy
and utilities, government and public safety, enterprise, residential, travel and
hospitality and others
·
By Region - North America,
Europe, Asia Pacific, the Middle East and Africa, and South America
LoRa
and LoRaWAN Devices Market by Offering Type Segment Review:
The LoRa and LoRaWAN devices market is characterized by its segmentation into three main offering types which includes hardware, platform, and services and each of these segments serves unique functions within the IoT ecosystem, catering to specific requirements like hardware offers a wide array of physical devices, modules, sensors, and gateways that are designed to provide wireless communication and data transmission in the IoT applications and the end devices equipped with LoRa communication capabilities that enables the collection, transmission, and reception of data, while LoRaWAN gateways act like a bridge device, extending network coverage and ensuring connectivity over long distances, further LoRa modules and antennas optimizes signal transmission and reception, ensuring reliable communication in diverse environments.
Platforms provide software solutions and cloud-based platforms for managing, monitoring, and analyzing the IoT data generated by the connected devices where these platforms enable centralized device management, data analytics, application development, and integration services. They empower organizations to extract actionable insights, detect anomalies, and optimize system performance, providing informed decision-making and driving smooth operations. The service segment offers like professional services, consulting, deployment, support, and managed services that are aimed at assisting the organizations in planning, implementing, and managing IoT solutions.
The consulting firms and
system integrators provide strategic guidance and technical expertise to help
organizations identify opportunities, define use cases, and develop deployment
strategies which includes the installation, configuration, and integration of
LoRa and LoRaWAN devices, ensuring smooth operation and interoperability.
Support and maintenance services offer technical assistance and troubleshooting
to address issues and ensure reliability, while managed services provide
end-to-end management of IoT solutions, allowing organizations to focus on their
core business activities.
LoRa
and LoRaWAN Devices Market by Application Segment Review:
The LoRa and LoRaWAN devices market is segmented based on various applications and a diverse range of use cases in the industries that are leveraging this technology for IoT deployments like asset tracking applications utilizes LoRa and LoRaWAN devices to monitor and manage the location, status, and condition of the assets in real-time, spanning industries like logistics, transportation and supply chain management and industrial IoT applications leverages these devices for remote monitoring, predictive maintenance, and process optimization in the manufacturing facilities, refineries, and utilities whereas smart cities utilizes it to enable various IoT solutions that are aimed at improving urban infrastructure, efficiency, and quality of life which includes smart lighting, waste management, and environmental monitoring.
Smart agriculture applications uses
this technology for precise farming, crop monitoring, and livestock tracking,
while smart buildings utilize these devices for automation, energy management,
and environmental monitoring in commercial and residential complexes. The
healthcare sector uses it for remote patient monitoring, asset tracking, and
healthcare facility management, enhancing patient outcomes and caregiver
efficiency
LoRa
and LoRaWAN Devices Market by End User Segment Review:
The LoRa and LoRaWAN devices market caters to a diverse array of end-user segments each with unique needs and applications like in the retail sector, LoRa and LoRaWAN devices provides inventory management, asset tracking, and customer analytics, which empowers retailers to streamline operations and enhance the shopping experience. Manufacturers uses it technology for industrial IoT application like asset monitoring and predictive maintenance so that they may to boost efficiency and ensure quality control. In transportation and logistics, these devices plays a crucial role in vehicle tracking, fleet management, and cargo monitoring, which improves supply chain visibility and optimizes logistics processes.
In
agriculture these devices enables precision farming, soil moisture monitoring,
and livestock tracking and provides data-driven decision-making. The Healthcare
providers utilize LoRaWAN devices for remote patient monitoring and facility
management, which further enhances patient care and compliance with regulatory
standards. Energy and utility companies deploy LoRa technology for smart
metering, grid monitoring, and asset management. Government agencies leverage
LoRa technology for smart city initiatives, public safety applications, and
environmental monitoring, contributing to urban infrastructure development and
sustainability. Enterprises across various industries deploys both LoRa and
LoRaWAN devices for diverse IoT applications, which drives the operational
efficiency and innovation. In residential settings, LoRa devices support home
automation, smart metering, and security systems, offering homeowners energy
savings and convenience and the travel and hospitality industry utilizes LoRa
technology for guest room automation, energy management, and asset tracking,
which enhances guest experience.
LoRa
and LoRaWAN Devices Market by Regional Analysis:
North America is a significant market due to the factors
like present ski global companies in this region which drives the adoption and
ecosystem of the solution providers and moreover presence of well-established
companies from different sectors which utilizes the solutions for their
businesses. Europe is another significant market due driven by the factors like
smart city initiatives like Fed4IoT and H2020 which drives adoption of this
technology in this region. Asia Pacific is a prominent market driven by the
factors like rapid urbanization, industrialization and the proliferation of IoT
enabled solutions in this region across different and diverse sectors which
include smart cities, agriculture, healthcare and more. The Middle East and
Africa is expected to grow due the factors like the smart city initiatives and
the urban development projects coupled with the infrastructure projects in this
region. South America is a promising market due to the factors like presence of
agriculture and renewable energy sector in this region.
Key
Challenges:
The security and privacy of the data that is transmitted
over LoRaWAN network is one of a significant challenge for the market,
particularly in applications where sensitive or critical information is
involved where dictation again cyber threat data breach or unauthorized access
to the devices and networks may occur. The unlicensed ISM (industrial,
scientific and medical) bands used by LoRaWAN devices are suspectable that they
may interfere from other wireless devices and technologies that are operating
in the same frequency range. The lack government in LoRaWAN IoT refers to the
issues that are related to regulating and standardizing LoRaWAN networks and
devices as there are no universal standards for LoRaWAN devices and networks
that may lead to interoperability issues and different LoRaWAN networks may use
different frequencies, data rates and protocols which makes it difficult for
the devices to communicate with each other and this is a significant challenge
for the market.
Competitive
Landscape:
The reading this and this market are investing heavily in
research and development in order to protect new
products solutions or technologies that may address evolving customer needs and
market trends where continuous production innovation enables the companies to
differentiate themselves and stay ahead of the competitors. The Companies are
performing collaborations and engaging in strategic partnerships with other
technology vendors, system integrators or industry stakeholders where they
leverage complementary expertise and expand their market reach which also helps
them in global expansion and enter into untapped
market and increase market share. The companies are developing competitive
pricing strategies and flexible business models that may align with customer
requirements and market dynamics, which is crucial for companies to gain a
competitive edge in this market where they may offer subscription based
services pay as you go plans or any value-added services.
Global
Key Players:
·
Cisco
·
NEC corporation
·
Tata Communications
·
Semtech
·
Orange SA
·
Advantech
·
Machine Q
·
AWS
·
Bosch
· Murata
Attributes |
Details |
Base Year |
2022 |
Trend Period |
2023 – 2030 |
Forecast Period |
2023 – 2030 |
Pages |
215 |
By Offering Type |
Hardware, Platform and
Services |
By Application |
Asset tracking, Industrial IoT, smart cities, smart
agriculture and livestock management, smart buildings smart healthcare and
other applications |
By End User |
retail, manufacturing,
transportation and logistics, agriculture, healthcare, energy and utilities,
government and public safety, enterprise, residential, travel and hospitality
and others |
By region |
North America, Europe,
Asia Pacific, the Middle East and Africa, and South America |
Company Profiles |
Cisco, NEC corporation,
Tata Communications, Semtech, Orange SA, Advantech , Machine Q, AWS, Bosch, Murata |
Edition |
1st edition |
Publication |
April 2024 |