According to a new market research report published by Credence Research “Wireless Communication Module Market (Type – 300 Bit/S,600 Bits/S, Bits/S, 2400 Bits/S, 4800 Bits/S and Others; Application – Telecom/Datacom, Automotive, Industrial, Healthcare, Power and New Energy and Others ) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall wireless communication module market worldwide was valued at US$ 17.10 Bn in 2018 and is set to grow with a CAGR of 14.1% during the forecast period.
The overall wireless communication module market is highly driven by the increased market demand for the wireless sensor networks for the purpose of creating the smart infrastructure, augmented demand for the (LPWAN) low-power wide-area networks in the IoT applications, and constant rise in the acceptance of the IoT, advancements in telecomm industry, and higher adoption of the smartphones. Increase in the adoption of the IoT/wireless communication solution, rising demand for the longer connectivity, and unparalleled need for the low-power consumption along with the low-cost connectivity technology are driving the wireless communication module market
Wireless communication module market is estimated to witness substantial growth during the forecast period due to the increasing usage of smart device for the purpose of accessing the real-time data. Growing consumer needs and the rapid technological advancement have directed towards the growth of the new operating system and the high performance smartphone, and is also projected to be the major factor driving the wireless communication module market growth. Growing social media consciousness has led towards increased acceptance of the wireless communication module, and offers numerous market growth opportunities. Growing market trends towards the internet marketing and the advertising is also anticipated to catalyze market growth over the forecast period.
Based on type,2400 bit/s and further have got higher market share due to deployment of narrowband IoT where it requires a higher data transmission speed compared to GSM/CDMA. Further, based on application datacom/telecom application is going to have the highest growth rate, government projects which are related to the smart cities and the overall development proposal for existing utility structure are anticipated to boost the wireless communication module market during forecast period. In coming next 5 years, M2M communication technology is anticipated to be mostly employed for the smart metering solutions.
Based on the geography, Asia Pacific is accredited to the rising adoption of the smartphones and the other connected consumer electronics goods like smart lighting solutions and smart TVs. Furthermore, new declaration of the smart city project in the developing nations, like China and India, wherein the advanced technologies like the IoT and M2M communication are most likely to be engaged in diverse applications, which is estimated to drive the market growth of the wireless communication module market in APAC during the forecast period.
Some of the major companies profiled in the report include Siemens, TDK, Microchip, ROHM, STMicroelectronics, Murata, NXP, FATEK, ERL, River Electric among others.
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