Westford, USA,, April 13, 2023 (GLOBE NEWSWIRE) -- In 2030, the NB-IoT Chipset market will achieve a significant milestone, reaching USD 5727.5 million and experiencing a CAGR of 31.7% throughout 2022-2030. The market growth is being fueled by the increasing adoption of IoT devices, low power consumption, cost-effectiveness coverage, and government initiatives.
SkyQuest's recent global research reports show that the number of active IoT devices will reach 24.1 billion by 2030. The healthcare industry is expected to have 646 million IoT devices by 2024, primarily for remote patient monitoring and other healthcare applications. Furthermore, according to the IoT Security Foundation, the majority of businesses (58%) are now employing IoT devices, with the healthcare, manufacturing, and energy industries leading the way.
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The growing demand for low-power, wide-area (LPWA) connectivity for IoT devices is driving the importance of the Narrowband IoT (NB-IoT) chipset market. NB-IoT chipsets enable devices to connect to cellular networks and can support various applications such as smart cities, healthcare, and industrial IoT. Due to the rising adoption of IoT devices and the need for efficient connectivity solutions, the NB-IoT chipset market is projected to expand in the future.
Prominent Players in Narrowband IoT (NB-IoT) Chipset Market
- Qualcomm
- Huawei Technologies Co. Ltd.
- Intel Corporation
- Samsung Electronics Co. Ltd.
- Ericsson
- Nokia Corporation
- Altair Semiconductor
- Sequans Communications
- U-Blox Holding AG
- ZTE Corporation
- Sierra Wireless
- Quectel Wireless Solutions Co. Ltd.
- Gemalto NV
- Telit Communications PLC
- Murata Manufacturing Co. Ltd.
- Commsolid GmbH
- Neoway Technology Co. Ltd.
- Nordic Semiconductor ASA
- Sanechips Technology Co. Ltd.
- Riot Micro Inc
Smart City Segment to Drive Higher Sales Due to the Efficient Connectivity Solutions for Smart City Applications
A recent analysis has revealed that the Smart City segment has significantly contributed to the rapid growth of the Narrowband IoT (NB-IoT) Chipset market in 2021. This segment's impact is expected to persist from 2022 to 2030 due to NB-IoT's effective connectivity solutions for smart city applications like smart lighting, waste management, and parking management. SkyQuest's study has recently confirmed that 60% of smart city projects worldwide are using LPWAN technologies, including NB-IoT, to enable their solutions. These findings affirm the notion that the sales of the NB-IoT chipset market are being propelled by the smart cities application segment.
The Narrowband IoT (NB-IoT) Chipset market analysis indicates that North America is set to become a significant player from 2022 to 2030. SkyQuest's projection shows that the region is expected to grow at a CAGR of 39.82% during the forecast period, driven by the rising adoption of IoT devices, the presence of prominent market players, and government initiatives.
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Hardware Type Segment to Exhibit Strong Growth Due to Increasing Adoption of NB-IoT Chipsets in Hardware Devices
The dominant method in the Narrowband IoT (NB-IoT) Chipset market in 2021 was the Hardware Type segment, and it is anticipated to continue leading from 2022 to 2030. This trend is fueled by the growing adoption of NB-IoT chipsets in hardware devices such as sensors, trackers, and meters. According to SkyQuest's report, the NB-IoT chipset hardware market is projected to grow at a CAGR of 37.34% during the forecast period.
Furthermore, the Asia Pacific region has emerged as a significant force in the Narrowband IoT (NB-IoT) Chipset market and is expected to maintain its leading position by 2030. SkyQuest has predicted remarkable growth in the Narrowband IoT (NB-IoT) Chipset market for the Asia Pacific region, with a projected CAGR of 42.97% during the forecast period. This expansion can be attributed to the increasing adoption of IoT devices, government initiatives towards smart cities and industrial automation, and the presence of key players in the region.
A comprehensive analysis of the major players in the Narrowband IoT (NB-IoT) Chipset market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments in Narrowband IoT (NB-IoT) Chipset Market
- Sony Semiconductor Israel has launched a new dual-band low-power cellular IoT chipset solution that integrates both LTE-M and NB-IoT modems. The new ALT1350 chipset also supports non-terrestrial satellite (NTN) connectivity, in addition to cellular, satellite-GNSS, and Wi-Fi positioning. It includes an extra transceiver for IEEE 802.15.4-based protocols in sub-GHz and 2.4GHz ISM bands, covering Wi-Sun, U-Bus Air, and wireless M-Bus, making it an ideal choice for point-to-point or mesh-based local-area sensor networking.
- Sony Semiconductor Israel and Fibocom Wireless Inc. are collaborating to launch the MS18 series 5G LPWA module, which will be officially announced at Embedded World 2023. Fibocom Wireless Inc. is a global provider of IoT wireless solutions and wireless communication modules, while Sony Semiconductor Israel is a leading provider of Cellular IoT chipsets.
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Key Questions Answered in Narrowband IoT (NB-IoT) Chipset Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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