The global UWB market is estimated to grow from USD 1.1 billion in 2020 to USD 2.7 billion by 2025, at a CAGR of 19.6%
NEW YORK, May 13, 2020 /PRNewswire/ -- UWB market expected to grow at CAGR of 19.6% from 2020 to 2025
The global UWB market is estimated to grow from USD 1.1 billion in 2020 to USD 2.7 billion by 2025, at a CAGR of 19.6%. Major factors driving the growth of the UWB market include the growing demand for UWB technology in RTLS applications and the increasing adoption of the Industrial Internet of Things (IIoT). Ongoing advancements in new application areas of UWB technology in the wireless sensor network and growing deployment of the technology in mobile devices have increased the scope of UWB technology.
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Indoor positioning systems are expected to continue to hold largest market share during forecast period
UWB is an emerging technology that has shown better performance in indoor positioning.Indoor positioning systems (IPS) are capable of determining the real-time position of an object in a physical space.
The indoor positioning system can be integrated with indoor navigation systems for blind and visually impaired people; they can also be combined with locating devices installed in buildings, aiding visitors to find an emergency exit in a smoky environment, tracking kids in crowded places, and tracking expensive equipment. Nowadays, consumer, healthcare, industrial, and retail verticals, among others, require communications, precision positioning, or radar systems for communication, video streaming, surveillance, and many other applications, thus giving rise to UWB technology-based indoor positioning systems.
RTLS application is the fastest-growing application during forecast period
UWB is one of the fastest-growing technologies adopted in RTLS systems, with a huge growth potential due to its accuracy in tracking assets.A UWB system can estimate positions based on received signal strength or time of arrival modes.
Sustaining a good performance in walled environments is the major advantage of UWB-based RTLS solutions.UWB-RTLS solutions are ideal for industrial environments for indoor tracking ranging from asset tracking and material flow to employee location tracking for safety reasons.
UWB solutions also help reduce the overall operational cost on the production line by real-time tracking of products and raw materials, ensuring the proper supply of it and reducing the workforce in the area.UWB-based RTLS solutions are gaining popularity in the automotive, transportation, and manufacturing industries.
Also, the penetration of UWB technology in indoor positioning systems that find applications in smart homes is likely to increase in the coming years.
Consumer electronics vertical to hold largest market share of UWB market in 2020
UWB would be the fastest-growing technology, which is expected to significantly improve the consumer's experience related to home entertainment products, such as TVs, laptops, and audio equipment.UWB enables wireless connections at speeds of 110 Mbit/s and greater, making it perfect for connecting televisions to DVD players and recorders, personal video recorders (PVRs), and home audio equipment.
With a data-rate capability of 110 Mbit/sec. and a range of 10 meters, UWB can stream multiple high-definition videos wirelessly from a set-top box to a television monitor. Other home entertainment products that too get benefitted from the UWB technology include game consoles, MP3 players, personal digital assistants (PDAs), personal computers PCs, and so on. UWB meets the low power requirements of handheld electronics, including MP3 players and PDAs, and provides the low-cost solution necessary for wide consumer adoption. With the increasing need for more precise location services and secure access to systems, the demand for UWB technology for use in consumer electronics is on the rise.
APAC is expected to be fastest-growing market for UWB technology during forecast period
UWB technology is widely used in robot localization technology in Japan and China.The technology is also witnessing growing demand for its implementation in indoor location tracking equipment in both residential and industrial applications in recent years.
Moreover, the retail and automotive and transportation industries have contributed majorly to the growth of the UWB-based RTLS solution in the region.The APAC region includes a few of the fastest-growing economies of the world, including China.
The rapid growth of the automotive sector in China, Japan, and South Korea, along with growing process industries in developing countries of this region, is expected to offer significant growth opportunities to the UWB market during the forecast period.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the UWB market. The break-up of primary participants for the report has been shown below:
-- By Company Type: Tier 1 - 25%, Tier 2 - 30%, and Tier 3 - 45%
-- By Designation: C-level Executives - 30%, Directors-40%, and Others - 30%
-- By Region: North America - 30%, Europe - 20%, APAC - 40%, and RoW - 10%
Major players in the UWB market are Decawave (acquired by Qorvo Inc. (US)), Apple (US), 5D Robotics (US), Pulse~LINK (US), BeSpoon (France), Zebra Technologies (US), NXP Semiconductors (Netherlands), Texas Instruments (US), Johanson Technology (US), Alereon (US), LitePoint (US), Fractus Antennas (Spain), Nanotron Technologies (Germany), Samsung Electronics (South Korea), Sony (Japan), Ubisense (UK), Alteros (Ohio), and Starix Technology (US).
Research Coverage:
This research report categorizes the global UWB market segmented into positioning system, application, vertical, and geography. The report describes major drivers, restraints, challenges, and opportunities pertaining to the UWB market and forecasts the same till 2025.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the UWB market comprehensively and provides the closest market size projection for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes product launches and developments, and acquisitions.
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