The global low power Wi-Fi conversion market is estimated to garner a large revenue and grow at a significant CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing usage of internet of things (IoT) applications, growing need to reduce energy consumption in Wi-Fi networks and rising demand for extended life time of battery-operated products. It is predicted that by 2023, more than 13 billion machine-to-machine (M2M) connections will be established. By 2025, the data collected from IoT devices is calculated to be about 74 ZB. In addition to these, escalating technological advancements in the information and communication technology (ICT) sector in developed and developing nations is also expected to drive market growth in the coming years. Moreover, the ability of low power Wi-Fi conversion to offer an operating range of over 10 km in rural areas and optimized low-cost power consumption is projected to provide growth opportunities to the market in the near future.
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The market is segmented by type into cellular and non-cellular, out of which, the cellular segment is anticipated to hold the largest share in the low power Wi-Fi conversion market on account of the wide adoption of smartphone infrastructure across the world. Along with these, these networks can operate at very high bitrates at up to 125 kb/s, which in another factor expected to drive growth to this market segment in the near future. Furthermore, the segment for LTE M/CAT M1 is projected to gather the largest share in this segment over the forecast period on the back of increasing installation and high data bandwidth of these networks. Additionally, based on range, the more than 10 km segment is assessed to witness the highest growth during the forecast period owing to the growing data traffic around the world. Approximately 5 billion people have internet access as of now, i.e., 63% of the total population of the world. The internet usage increased by more than 1200% since 2000 to 2020.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global low power Wi-Fi conversion market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing prominence of small & medium sized enterprises, and growing penetration of internet and smart devices. For instance, as of 2020, there are more than 69 million small & medium sized organizations operating in the Southeast Asia, accounting for about 98% of the total businesses in the region. Apart from these, improvement in mobile and broadband infrastructure is also evaluated to boost market growth in the region. Moreover, the market in North America is predicted to occupy the largest market share during the forecast period, which can be ascribed to the growing number of digitization initiatives undertaken by the government and strong presence of major market players in the region.
The global low power Wi-Fi conversion market is further classified on the basis of region as follows:
Our in-depth analysis of the global low power Wi-Fi conversion market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major growth drivers for the market are the growing use of IoT applications worldwide and technological advancements in ICT sector.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022 – 2030.
Technical glitches associated with low power Wi-Fi conversion is estimated to hamper the market growth.
Asia Pacific region will provide more business opportunities to the market on the back of increasing prominence of small & medium sized enterprises, and growing penetration of internet in the region.
The major players in the market are Shenzhen RAKwireless Technology Co.,Ltd, Astrocast SA, Actility Energy SAS, Senet, Inc., ACKLIO, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, range, and by region.
The cellular segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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