Cellular IoT and Low-power Wide-area Network (LPWAN) Modules Growth Opportunities

Cellular IoT and Low-power Wide-area Network (LPWAN) Modules Growth Opportunities

Cellular and Proprietary LPWAN Network Expansion, Strategic Mergers and Acquisitions, and Supply Chain Recovery are Fueling IoT Modules Market Growth

RELEASE DATE
26-Sep-2023
REGION
Global
Deliverable Type
Market Research
Research Code: K92C-01-00-00-00
SKU: IT_2023_186
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Description

Leading IoT module manufacturers' innovative business models, industry convergence between cellular IoT and low-power wide-area network (LPWAN), and the emergence of innovative technologies, such as non-terrestrial networks (NTN) and 5G-based hardware, are strategic imperatives transforming the global cellular IoT and LPWAN module market.

New use-cases, such as healthcare, connected and autonomous cars, wearables, metaverse and immersive experiences, manufacturing, and smart mobility are gaining traction, resulting in the increasing demand for low-cost and low-power consumption IoT connectivity and modules.
While NB-IoT module shipment is higher in Asia-Pacific, with China concentrating the market with domestic companies, such as Quectel, Fibocom, and SUNSEA, LTE-M is growing rapidly in North America. In the western hemisphere, proprietary LPWAN, such as LoRaWAN® and Sigfox, is gaining traction, while new protocols, including Amazon Sidewalk and Wi-SUN, are emerging slowly. Finally, 5G is anticipated to accelerate its expansion in 2024 with network rollouts, cost reductions, and the commercial launch of 5G RedCap.

Supply chains interrupted by the COVID-19 pandemic impacted the supply of IoT chipsets and modules in 2020 and 2021, resulting in a device shortage and elevated costs. In 2022, the market started to recover, but it grew less than industry expectations. However, from 2022 to 2026, it is expected to improve with a 19.3% compound annual growth rate (CAGR).

This Frost & Sullivan study analyzes the global cellular and LPWAN module market in terms of module shipment, with the forecast period running from 2023 to 2026. The study also estimates total module shipment by type of technology and the cellular IoT and LPWAN share for 2022.

Growth opportunities include:
• 5G and LTE-M modules for wearables, healthcare, and remote monitoring
• LoRaWAN for smart metering (gas, water, and electricity)
• 5G for cellular vehicle-to-everything (C-V2X)
• NB-IoT and satellite connectivity for agribusinesses
• Sigfox for asset tracking and supply chain

Table of Contents

Why is it Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top 3 Strategic Imperatives on the Cellular IoT and LPWAN Modules Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Scope of Analysis

Market Definitions

Market Definitions (continued)

Market Definitions (continued)

Market Definitions (continued)

Segmentation by Type and Technology

Key Questions this Study will Answer

Manufacturers—Key Competitors1

Growth Metrics

Forecast Assumptions

Growth Drivers

Growth Restraints

Global IoT Module Shipment

Global IoT Module Shipment Analysis

Global IoT Module Shipment by Type

Global IoT Module Shipment by Type Analysis

Global IoT Module Shipment Share by Technology

Global IoT Module Shipment Share by Technology Analysis

Quectel

Fibocom

Telit Cinterion

Sunsea AIoT

China Mobile IoT

Semtech/Sierra Wireless

u-blox

Neoway Technology

MeiG Smart Technology

Sequans

Growth Opportunity 1: 5G and LTE-M Modules for Wearables, Healthcare, and Remote Monitoring

Growth Opportunity 1: 5G and LTE-M Modules for Wearables, Healthcare, and Remote Monitoring (continued)

Growth Opportunity 2: LoRaWAN® for Smart Metering (Gas, Water, and Electricity)

Growth Opportunity 2: LoRaWAN® for Smart Metering (Gas, Water, and Electricity) (continued)

Growth Opportunity 3: 5G for Cellular Vehicle-to-Everything (C-V2X)

Growth Opportunity 3: 5G for Cellular Vehicle-to-Everything (C-V2X) (continued)

Growth Opportunity 4: NB-IoT and Satellite Connectivity for Agribusinesses

Growth Opportunity 4: NB-IoT and Satellite Connectivity for Agribusinesses (continued)

Growth Opportunity 5: Sigfox for Asset Tracking and Supply Chain

Growth Opportunity 5: Sigfox for Asset Tracking and Supply Chain (continued)

List of Exhibits

Legal Disclaimer

Leading IoT module manufacturers' innovative business models, industry convergence between cellular IoT and low-power wide-area network (LPWAN), and the emergence of innovative technologies, such as non-terrestrial networks (NTN) and 5G-based hardware, are strategic imperatives transforming the global cellular IoT and LPWAN module market. New use-cases, such as healthcare, connected and autonomous cars, wearables, metaverse and immersive experiences, manufacturing, and smart mobility are gaining traction, resulting in the increasing demand for low-cost and low-power consumption IoT connectivity and modules. While NB-IoT module shipment is higher in Asia-Pacific, with China concentrating the market with domestic companies, such as Quectel, Fibocom, and SUNSEA, LTE-M is growing rapidly in North America. In the western hemisphere, proprietary LPWAN, such as LoRaWAN® and Sigfox, is gaining traction, while new protocols, including Amazon Sidewalk and Wi-SUN, are emerging slowly. Finally, 5G is anticipated to accelerate its expansion in 2024 with network rollouts, cost reductions, and the commercial launch of 5G RedCap. Supply chains interrupted by the COVID-19 pandemic impacted the supply of IoT chipsets and modules in 2020 and 2021, resulting in a device shortage and elevated costs. In 2022, the market started to recover, but it grew less than industry expectations. However, from 2022 to 2026, it is expected to improve with a 19.3% compound annual growth rate (CAGR). This Frost & Sullivan study analyzes the global cellular and LPWAN module market in terms of module shipment, with the forecast period running from 2023 to 2026. The study also estimates total module shipment by type of technology and the cellular IoT and LPWAN share for 2022. Growth opportunities include: • 5G and LTE-M modules for wearables, healthcare, and remote monitoring • LoRaWAN for smart metering (gas, water, and electricity) • 5G for cellular vehicle-to-everything (C-V2X) • NB-IoT and satellite connectivity for agribusinesses • Sigfox for asset tracking and supply chain
More Information
Deliverable Type Market Research
Author Cecilia Perez
Industries Information Technology
No Index No
Is Prebook No
Keyword 1 Cellular Iot Strategies
Keyword 2 Lpwan Advancements
Keyword 3 Cellular Iot Market Opportunities
Podcast No
WIP Number K92C-01-00-00-00