NB-IoT Chipset Market - Global Benzyl Chloride Industry Analysis, Size, Share, Growth, Trends, and Forecast 2024-2031- (By Derivatives Coverage, By Geographic Coverage and By Company)

NB-IoT Chipset Market - Global Benzyl Chloride Industry Analysis, Size, Share, Growth, Trends, and Forecast 2024-2031- (By Derivatives Coverage, By Geographic Coverage and By Company)

The global Narrowband Internet of Things (NB-IoT) chipset market is projected to experience substantial growth, expanding from an estimated value of USD 851.82 million in 2024 to over USD 3,911 million by 2031. This growth corresponds to a robust Compound Annual Growth Rate (CAGR) of 24.3% from 2024 to 2031. The NB-IoT chipset is a specialized hardware component that facilitates low-power, wide-area (LPWA) connectivity in Internet of Things (IoT) devices. It typically comprises a modem, memory, sensors, and radio frequency (RF) transceivers, making it a critical enabler for IoT applications.

Currently, the NB-IoT chipset market represents approximately 17.1% of the overall IoT chipset market. The technology leverages narrowband radio frequency to enable long-range data transmission, allowing devices to connect seamlessly to cellular networks and the internet. The increasing adoption of connected devices and the implementation of smart city initiatives worldwide are the primary drivers of market growth.

Key Market Drivers

1.Growing Demand for Connected Devices and Smart City Infrastructure

The rising number of connected devices and the global shift toward smart city development are significant drivers of the NB-IoT chipset market. As more devices connect to cellular networks, there is an escalating need for efficient LPWA connectivity solutions, positioning NB-IoT chipsets as a preferred choice.

2.Decreasing Costs Boost Adoption Rates

The declining costs associated with NB-IoT chipsets are making the technology increasingly accessible for various IoT applications. This trend is especially evident in regions like the United States, which held a 25.1% market share in 2023.

Business Opportunities

1.Expansion Potential in India

India’s rapidly growing urban landscape and numerous smart city projects create a substantial market opportunity for NB-IoT chipset manufacturers. Improved network coverage is fueling adoption in the country, with the market projected to grow at a CAGR of 25.2% during the forecast period.

2.Growth in Germany’s IoT Market

The demand for energy-efficient IoT devices in Germany supports widespread adoption of NB-IoT technology. The country’s well-established IoT device market provides a conducive environment for the deployment of NB-IoT solutions.

Challenges Affecting Market Expansion

Despite the advantages offered by NB-IoT technology, the market faces some significant challenges:
•Limited Network Coverage: While efforts to expand the network are ongoing, certain regions still lack adequate NB-IoT coverage, limiting growth potential.
•Competition from Alternative LPWA Technologies: Rival technologies such as LoRaWAN and Sigfox pose competitive threats, which could affect the market share of NB-IoT chipsets.

Category-wise Insights
•Smart Meters Leading the Market: Smart meters dominate the NB-IoT chipset market, accounting for 36.7% of the market share due to their significant usage in utilities and energy management.
•Agriculture Emerging as a Key Sector: The agricultural sector is increasingly adopting NB-IoT technology for cost-effective and low-power monitoring of crops and livestock, particularly in remote areas.

Regional Market Analysis
•North America: With a 30.4% share of the global NB-IoT chipset market in 2023, North America’s growth is driven by the adoption of smart city initiatives and a well-established IoT ecosystem.
•Europe: Holding 28.2% of the market share in 2023, Europe’s growth is propelled by substantial investments in smart infrastructure and energy-efficient technologies.
•Asia-Pacific: Rapid urbanization and network expansion, especially in countries like India, are expected to accelerate growth in this region.

Competitive Landscape

The NB-IoT chipset market is highly competitive, with major players continually innovating to meet the needs of diverse IoT applications. The competitive environment is shaped by strategic collaborations, product launches, and technological advancements.

Recent Developments Include:
•Sony Semiconductor: In November 2022, Sony introduced a new NB-IoT/LTE-M solution, featuring hybrid networking capabilities designed for smart cities, smart meters, and tracking applications.
•Qualcomm: In April 2020, Qualcomm launched the 212 modem for NB-IoT LTE bands, focusing on ultra-low power consumption to extend the life of connected IoT devices.
•Samsung and ABB: In April 2022, Samsung partnered with ABB to expand Samsung SmartThings integration in residential and commercial buildings through cloud-to-cloud connectivity.

Key Companies Profiled:
•Huawei Technologies Co., Ltd.
•Qualcomm Technologies Co., Ltd.
•Intel Corporation
•ARM Holdings AG
•u-Blox Holding AG
•SEQUANS
•Altair Semiconductor
•Nordic Semiconductor
•Quectel Wireless Solutions
•Sierra Wireless

Market Segmentation

1.By Deployment Type:

oStandalone

oIn-Band

oGuard Band

2.By Device:

oSmart Appliances

oSmart Meters

oTrackers

oAlarms & Detectors

oWearable Devices

oOthers

3.By Industry Vertical:

oAgriculture

oAutomotive & Transportation

oEnergy

oHealthcare

oManufacturing

oRetail

oSafety & Security

oInfrastructure & Building Automation

oOthers

4.By Region:

oNorth America

oLatin America

oEurope

oEast Asia

oSouth Asia Pacific

oMiddle East and Africa

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