The LoRa and LoRaWAN device market is anticipated to grow at a CAGR of 36.5% over the period 2021-2026 and reach $6.2 billion in 2026. The strong growth of the Lora market is being driven by the increasing adoption of the Internet of Things in business, consumer and industrial sectors, enabling real-time controlled and monitored data transmission and expanding the need to provide cost-effective and energy-efficient large-area connections to low-power wide-area networks. LoRaWAN devices and LoRa market overview will be presented in the following sections by analyzing the market segments, drivers, market challenges and country markets.
LoRa market size segmentation analysis
The LoRa and LoRaWAN market can be divided by product into transceivers, tracking modules, and network gateways.
- Lora gateway
IoT gateways based on LoRa technology and conforming to LoRaWAN specifications accounted for 31.5% of the market in 2020. The Lora Gateway market grew at a CAGR of 42.5% as one of the fastest growing markets. The energy-efficient remote access of wireless gateways allows real-time data transmission between connected devices to become high-speed M2M communication.
- Lora module
The global LoRa module market is expected to grow at a CAGR of 24.4% from 2021 to 2018 at a size of us $1 million by 2020.
By end user
The LoRa market can be divided by end user into commercial, residential and industrial sectors. The industrial sector dominates the market with a 44% share in 2020. Between 2021 and 2026, it is expected to grow at a CAGR of 35.2% In the industrial sector, the utilities sector is expected to grow at a CAGR of 48.6% over the period 2021-2026. Lora device leverages advanced metering infrastructure to make real-time monitoring and control more accurate and effective.
LoRa market can be divided geographically into Asia Pacific, Europe, South America, and North America. In 2020, Europe dominated the LoRa and LoRaWAN devices market with a 36.4% market share. Lora is expected to continue to dominate the market at CAGR of 44.2% from 2021 to 2026 through increased investment in Lora technology and improved industrial infrastructure. More than 3.5 million assets and 1.5 million LoRaWAN units have been deployed in France. In Spain, 500,000 devices are using LoRaWAN, with 200,000 more to be added in 2022.
In addition, the government will deploy 13.5 million smart water meters by 2025 at 1.35 billion euros. In addition, The Asia Pacific region will be the fastest growing LoRa market due to its rapid and large-scale adoption of IoT.
LoRa market drivers
The growing popularity of Industry 4.0
New-age digital technologies such as machine learning and artificial intelligence are increasingly integrating IoT to optimize real-time applications across industry verticals and drive market growth. Industry 4.0 stimulates the need to monitor and control M2M real-time data to optimize efficiency and quality by unifying the network between all connected devices and adopting low-cost, low-power wans. There are more than a dozen wireless technologies for the Internet of Things. Bluetooth, ZigBee and wifi are common network technologies, but none of them are suitable for remote connection.
After extensive data analysis and verification, LoRa and LoRAWAN devices are considered to be the ideal solution for high-speed M2M communication in a wide range. Mokolora, the industry’s leading Internet of Things solution provider, has long been increasing the development of Lora products. Improved solutions and equipment from Mokolora can be seen in many places around the world.
Increased investment in smart cities
Investment in smart city projects has increased dramatically to address health, energy, transport and communications issues. Security, waste management and smart solutions are driving the growth of the market. It is estimated that the growing demand for real-time crime mapping, waste management, environmental monitoring, remote medicine, traffic control and more will drive the market in the 2020-2025 period.
Notably, the growing demand for low-cost, energy-efficient wireless Internet of Things networks with remote access and the increasing adoption of LoRa and LoRaWAN device Media Access Control (MAC) protocols that support remote communication are the factors driving the market in the 2021-2026 forecast period.
LoRa market challenges
LoRa and LoRaWAN devices have been widely used in various fields around the world, but in many cases, the root key used to encrypt communication between gateways, network servers and smart devices is vulnerable to network attacks, resulting in data leakage, fake data injection, DDoS attacks and other problems that disrupt the entire system.
Data breaches and cyber attacks like these do harm the growth of the market to some extent. However, substantial investments in cybersecurity and the development of more sophisticated solutions will offset this challenge and promote healthy growth in the post-2021-2026 period.
LoRa market key players
In 2020, the market landscape for LoRa and LoRaWAN devices has been segmented by several companies. The top 10 companies for LoRa and LoRaWAN devices include
Solutions from MOKOLoRa
- More and more customers turn to us for creating mart campus and classrooms with LoRaWAN protocol.
- low-power wide area network connectivity has been applied to consumer applications based on LoRa technology.
- LoRaWAN protocol has been integrated into its new line of smart sensors to monitor and measure the location,environment status,energy consumption and etc.
We’re always on the road to exploit and innovate with up-to-date lora solutions,you can count on us for winning yourself a bigger market share than ever.