According to a new report published by Allied Market Research, titled, “Low Power Geolocation Market by Solutions, Geolocation Area, Technology, And Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the low power geolocation market size was valued at $26.78 billion in 2020, and is projected to reach at $176.58 billion by 2030, growing at a CAGR of 21.8% from 2021 to 2030.
Low-power geolocation is an advanced tracking solution capable of tracking assets or locations of users via low-power GPS, Wi-Fi, or other wireless networks. Moreover, geolocation is the use of positioning systems to monitor a user location down to latitude and longitude coordinates or more realistically, a physical address. A low-power geolocation solution for logistics & transportation industries capture real-time temperature and vibration data using proximity sensors to follow shipment status, assuring no harm to critical items. In addition, a low-power geolocation tracking solution for Internet of Things applications is intended to be optimized by LoRaWAN technology and surpass simple GPS. Moreover, rise in demand for digital infrastructure solutions across logistics and consumer electronics sectors propels growth of the low-power geolocation market.
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Increase in necessity of improving operational efficiency and rise in need for fleet management across industries act as key driving forces of the global low power geolocation market. Further, surge in demand for improved real-time location tracking system is expected to drive the market growth. However, rise in privacy and security concerns acts as a prime restraint for the global market. Conversely, adoption of 5G network across industrial sectors, coupled with rise in adoption of low power wide area network protocols for asset tracking are anticipated to provide lucrative opportunities for expansion of the low power geolocation industry during the forecast period.
According to low power geolocation market analysis, the hardware segment was the highest contributor to the market in 2020. The logistics & transportation and power utilities segments collectively accounted for around 58.8% market share in 2020. Surge in demand for real time asset tracking solution across logistics, agriculture, and healthcare sector has led to growth of software and platform segment.
The outbreak of the COVID-19 has significantly impacted growth of the low power geolocation market trends, owing to surge in deployment of real time asset and animals tracking solutions across agriculture and consumer electronics sectors. However, the delay caused in construction projects, owing to partial or complete lockdown in various regions of the world has significantly reduced demand for low power geolocation-based digital applications during the pandemic. Moreover, it has created more demand from the healthcare sector, owing to a surge in demand for real time medical equipment and patents tracking solution. Hence, the healthcare sector is expected to witness prominent growth post pandemic for low power geolocation.
Region wise, North America holds a significant share in the global low power geolocation market. Adoption of low power geolocation services at the healthcare, logistics, and consumer electronics sectors is expected to propel the low power geolocation market growth in this region. Moreover, surge in deployment of 5G network solution across prime enterprises in North America is anticipated to boost growth of the low power geolocation market in this region.
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Key Findings of The Study
- In 2020, the hardware segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 20.3% during the forecast period.
- The GPS and LPWAN segments together accounted for around 60.5% of the low power geolocation market share in 2020.
- The service segment is projected to growth at a CAGR of 28.7% during the forecast period.
- North America contributed for the major share in low power geolocation market, accounting for more than 36.7% share in 2020.
The key players profiled in the report include Sigfox S.A., Hoopo, Semtech Corporation, Cisco Systems, Nestwave SAS, Kerlink S.A, Favendo GmbH, STMicroelectronics, Digital Matter, and Tracktio. Market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the low power geolocation market.
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