The low power wide area network (LPWAN) market is projected to experience tremendous growth owing to the favorable government initiative for smart city projects, growing demand for smart energy meters, and rising adoption of IoT devices in farming industry. LPWAN is a wireless wide area network technology interconnecting low-bandwidth, battery-operated devices with low bit rates over long distances.

Created for IoT and M2M (machine-to-machine) networks, low power wide area network works at a relatively lower cost with supreme power efficiency in comparison to traditional mobile networks. LPWAN can also support many connected devices over a larger area. The LPWAN based technology enables internet of things devices to function reliably up to ten years on a single battery charge.

The LPWAN (low power wide area network) market is segmented in terms of component, deployment model, application, end-use, and regional landscape.

Based on component, the LPWAN market is classified into service and platform. The service segment is further classified into managed and professional. Among these, managed services segment will witness a CAGR of around 70% owing to growing emphasis on outsourcing the management of IoT devices.

With respect to application, the market for low power wide area network is categorized into livestock monitoring, smart waste management, precision agriculture, smart parking, smart buildings, asset tracking, smart gas and water metering, and others. In 2020, precision agriculture segment held over 10% market share and is slated to witness strong growth over the coming time period.

This growth is attributed to the growing adoption of IoT devices in farming industry. Low power wide area networks are well-matched wireless communication for precision agriculture in greenhouses. This because of their extremely low power consumption and long communication ranges. These networks precisely highlight the importance of error-free readings from sensors in a greenhouse coupled with the need for better analysis and data visualization.

In terms of end-use, the overall LPWAN market is bifurcated into government and public sector, consumer electronics, utilities, manufacturing, logistics and transportation, agriculture, healthcare, and others. Among these, utilities end-use segment will witness around 60% CAGR over the projected time period. This anticipated growth is ascribed to the growing demand for smart energy meters.

From a regional frame of reference, low power wide area network market in Middle East & Africa is projected to witness 50% CAGR over the forecast time period. The growth in the MEA region is attributed to the supportive government initiative for smart city projects. Governments are in fact leveraging LPWAN and cellular wireless technologies to connect as well as enhance the infrastructure, convenience, efficiency and quality of life of people and visitors.