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How Will the Wireless Module Market Grow Over the Forecast Period Based on Its Expected CAGR?

The market for wireless modules has experienced remarkable growth over the past few years. It is anticipated to climb from $7.02 billion in 2024 to $8.00 billion in 2025, reflecting a compound annual growth rate (CAGR) of 13.9%. This historical growth can be traced back to several key factors such as the surge in mobile communication, the expansion of the Internet of Things (IoT), an increased demand for smart home gadgets, the broadening of cellular networks, the rise in industrial automation, as well as the increasing necessity for remote monitoring and control within industries like healthcare and agriculture.

The wireless module market is anticipated to experience a substantial expansion in the upcoming years, forecasted to reach a valuation of $13.28 billion in 2029 with a compound annual growth rate (CAGR) of 13.5%. Factors contributing to this surge during the forecast period include a heightened demand for IoT devices, the development of smart cities, increased industry automation, the growth of connected healthcare applications, the spread of connected vehicles, and a rising requirement for real-time data analytics and remote monitoring. Prominent trends within this forecast period encompass advancements in data transfer speeds due to 5G integration, increased power efficiency in IoT devices, the preference for compact designs, the creation of long-range communications technologies like LoRa and Zigbee, the application of AI for smart data processing, and progression in multi-band systems.

What External and Internal Drivers Are Contributing to the Growth of the Wireless Module Market’s Growth?

The wireless module market’s expansion is anticipated to be fueled by the escalating adoption of IoT devices. These IoT devices are connected objects outfitted with software and sensors that facilitate communication through the internet, promoting data sharing and automation across diverse applications like homes, healthcare, and industries. The surge in IoT devices’ utilization largely stems from the increasing needs for connectivity, automation, and data-driven decision-making across various sectors. Wireless modules play a crucial role in these IoT devices, promoting uninterrupted communication and data transmission between intelligent devices for efficient and automated functions. As per a report by Ericsson, a renowned network and telecommunication company based in Sweden, in November 2022, the count of IoT-connected devices is anticipated to soar to 34.7 billion by 2028 from 13.2 billion in 2022. Hence, the escalating adoption of IoT devices propels the expansion of the wireless module market.

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Who Are the Dominant Players Expanding Their Reach in the Wireless Module Market?

Major companies operating in the wireless module market are Huawei Technologies Co. Ltd., Xiaomi Corporation, CODICO GmbH, ZTE Corporation, Murata Manufacturing Co. Ltd., Microchip Technology Inc., Taiyo Yuden Co. Ltd., Quectel Wireless Solutions Co. Ltd., Advantech Co. Ltd., u-blox AG, Silicon Laboratories Inc., Digi International Inc., Telit Communications plc, AzureWave Technologies Inc., Shenzhen Longsys Electronics Co. Ltd., Laird Technologies Inc., Silex Technology Inc., Particle Industries Inc., Adafruit Industries LLC, Sierra Wireless Inc., Option N.V., Mipot S.p.A., Shanghai MXCHIP Information Technology Co. Ltd.

What Are the Top Trends Shaping the Evolution of the Wireless Module Market?

Major companies operating in the wireless module market are focusing on innovative technologies, such as integrating multi-band support, to enhance compatibility across various networks and provide seamless connectivity for diverse applications. Multi-band allows devices to work on different frequency ranges, ensuring seamless connectivity across diverse networks. For instance, in November 2024, SIMCom, a China-based company that provides wireless services, launched RedCap (reduced capability) wireless communication module range—SIM8230. The integration of NTN connectivity offers the potential to extend IoT networks to remote or underserved areas by leveraging satellite and aerial networks. This combination of 5G and NTN is expected to provide robust, global coverage, lower latency, and improved reliability for mission-critical IoT applications, ranging from smart cities to industrial automation.

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Which Market Segments Are Driving Strategic Growth and Trends in the Wireless Module Market?

The wireless module market covered in this report is segmented –

1) By Type: Router, Wi-Fi Module, Embedded Wi-Fi Module

2) By Technology: Low-Power Wide-Area Network (LPWAN), 5G, 4G Or Long Term Evolution (LTE), Other Technologies

3) By Application: Remote Control, Public Safety, Wireless Payment, Transportation, Smart Meter Reading, Other Applications

4) By End-Use: Residential, Industrial, Commercial, Consumer Electronics

Subsegments:

1) By Router: Industrial Routers, Enterprise Routers, Consumer Routers, Mobile Hotspot Routers

2) By Wi-Fi Module: Dual-Band Wi-Fi Modules, Single-Band Wi-Fi Modules, Long-Range Wi-Fi Modules

3) By Embedded Wi-Fi Module: Surface Mount Wi-Fi Modules, Through-Hole Wi-Fi Modules, System-on-Module (SoM) Wi-Fi Modules

Which Regions Are Setting the Pace for Wireless Module Market Growth?

Asia-Pacific was the largest region in the wireless module market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wireless module market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

How Is the Wireless Module Market Defined Across Different Regions?

A wireless module refers to a compact device that enables communication between electronic systems through wireless signals, typically using RF transceivers. They are used for applications such as IoT devices, remote sensing, home automation, and wireless communication in various industries.

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