Navigating the Transformative Landscape of the Global Cellular IoT and LPWAN Module Market”

This study delves into the dynamics of the global cellular and LPWAN module market, offering insights into module shipments and forecasts spanning from 2023 to 2026. It explores the breakdown of module shipments by technology type and examines the current landscape of cellular IoT and LPWAN modules as of 2022.

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Global Cellular IoT

The global landscape of cellular IoT and LPWAN modules is undergoing profound transformations, driven by innovative business models from leading IoT module manufacturers, convergence between cellular IoT and LPWAN technologies, and the advent of disruptive technologies like non-terrestrial networks (NTN) and 5G-based hardware. This study aims to provide a comprehensive analysis of these strategic imperatives and their impact on the market.

Emerging Use Cases: The proliferation of new use cases, including healthcare, connected and autonomous cars, wearables, metaverse and immersive experiences, manufacturing, and smart mobility, is driving the demand for low-cost and low-power consumption IoT connectivity and modules.

Regional Trends: While NB-IoT module shipments dominate the Asia-Pacific region, with China leading the market through domestic players like Quectel, Fibocom, and SUNSEA, LTE-M is experiencing rapid growth in North America. Proprietary LPWAN technologies such as LoRaWAN and Sigfox are gaining traction in the Western hemisphere, while emerging protocols like Amazon Sidewalk and Wi-SUN are slowly making their mark.

5G Expansion: The commercial launch of 5G RedCap and the anticipated acceleration of 5G network rollouts, coupled with cost reductions, are expected to drive significant expansion in the 5G segment by 2024.

COVID-19 Impact: The disruptions caused by the COVID-19 pandemic severely impacted the supply chains of IoT chipsets and modules in 2020 and 2021, resulting in device shortages and increased costs. While the market began to recover in 2022, growth fell short of industry expectations. However, a promising outlook is forecasted from 2022 to 2026, with a projected compound annual growth rate (CAGR) of 19.3%.

The global cellular IoT and LPWAN module market are poised for significant growth and transformation in the coming years, fueled by technological advancements, evolving use cases, and recovery from the disruptions of the COVID-19 pandemic. Stakeholders must adapt to these dynamic shifts to capitalize on emerging opportunities and navigate the evolving landscape successfully.