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LoRa market set for 35.6% CAGR
- December 27, 2023
- Steve Rogerson
The LoRa and LoRaWan IoT market is projected to reach $46.4bn by 2030, growing at a CAGR of 35.6%, according to MarketDigits.
The global LoRa and LoRaWan IoT market was valued $5.5bn in 2023 and forecasted to reach $46.4bn by 2030.
The LoRa and LoRaWan IoT market has witnessed significant growth in recent years, driven by the increasing adoption of IoT across various industries. LoRa technology, known for its long-range communication capabilities and low power consumption, has become a preferred choice for IoT deployments.
As demand for efficient and scalable IoT connectivity rises, the LoRa market is poised for expansion. Industries such as smart agriculture, smart cities, industrial automation and logistics leverage LoRaWan’s ability to connect a multitude of devices over extended distances while conserving energy.
Factors contributing to the market’s growth include the rising demand for long-range, low-power communication, the proliferation of smart devices and the need for cost-effective and scalable IoT connectivity. The deployment of LoRaWans enables seamless connectivity for a wide range of applications, fostering the development of innovative IoT.
Major vendors, says the report, include Cisco, NEC, Tata Communications, Semtech, Orange, Advantech, Comcast, AWS, Bosch, Murata, Laird Connectivity, Kerlink, Senet, Actility, Sensoterra, Digi, Nwave Technologies, RakWireless, TheThings.io, Datacake, MultiTech, Milesight, Loraiot, Exosite and OrbiWise.
The escalating demand for LoRaWan connectivity stands out as a pivotal driver propelling the growth of the IoT market. In an era where the IoT has become ubiquitous, the need for efficient and reliable connectivity has intensified, especially in applications requiring extended reach and minimal energy consumption. The driver is rooted in the distinctive capabilities of LoRa technology, which excels in providing extensive communication range while operating on low power.
This combination is particularly advantageous for IoT devices deployed in remote or inaccessible locations, such as agricultural fields, industrial facilities or urban infrastructure. The rising adoption of smart agriculture, industrial automation and smart city initiatives underscores the importance of LoRaWan’s ability to establish connectivity over large distances without compromising energy efficiency.
Drivers include the rising demand for low-power, long-range wide area network connectivity, and the low infrastructure costs associated with LoRaWan. Opportunities include an increase in smart city initiatives worldwide and the expansion of Industry 4.0.
Collaborations between LoRaWan and emerging 5G networks combine the strengths of both technologies to create a powerful and versatile ecosystem for connectivity. The synergy between LoRaWan’s long-range, low-power capabilities and 5G’s high-speed, low-latency communication opens doors to a wide range of applications across industries.
In this collaboration, LoRaWan can serve as a complement to 5G, providing a cost-effective and energy-efficient option for connecting a massive number of low-power IoT devices. This is particularly beneficial in scenarios where widespread, decentralised sensor networks are required, such as in smart agriculture, environmental monitoring and industrial IoT. The integration of LoRaWan with 5G enables a hybrid approach, combining the coverage and efficiency of LoRaWan with the high-speed, low-latency capabilities of 5G for more data-intensive applications.
North America is poised to maintain its dominance, holding the largest market size throughout the forecast period. The region’s leadership is attributed to a confluence of factors that position it as a key hub for IoT innovation and adoption.
In the USA, robust technological infrastructure, a mature IoT ecosystem and widespread adoption of smart city initiatives contribute to the region’s prominence. Major cities across the USA leverage LoRaWan technology to enhance connectivity for applications ranging from smart utilities to intelligent transportation systems. The country’s commitment to advancing Industry 4.0 and the industrial IoT further fuels the demand for LoRa-based options in manufacturing and logistics.
Canada, with its growing emphasis on IoT for sustainable development and smart infrastructure, also significantly contributes to North America’s dominance. The expansive geography of both countries necessitates long-range communications, making LoRaWan’s capabilities particularly appealing.
Based on end-user, the LoRa market is segmented into retail, manufacturing, transportation, logistics, agriculture, healthcare, energy, utilities, government, public safety, enterprise, residential, travel, hospitality and others.
The manufacturing industry stands out as a dominating segment, showcasing a robust adoption of these technologies to revolutionise operational processes. The long-range and low-power capabilities are particularly suited to address the connectivity needs of the manufacturing sector, offering a scalable and cost-effective method for deploying a multitude of IoT devices within industrial environments. In manufacturing, the integration of LoRa and LoRaWan facilitates real-time monitoring and control of machinery, predictive maintenance and efficient asset tracking.
These technologies enable the creation of a connected ecosystem where sensors and devices communicate seamlessly, providing data insights that enhance overall efficiency and productivity. From optimising supply chain logistics to improving equipment performance, LoRaWan’s capabilities play a pivotal role in driving operational excellence.
Details of the report can be found at: www.marketdigits.com/lora-and-lorawan-iot-market-1694155669.