Ultra Wideband Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)
The Ultra-Wideband Market size is expected to grow from USD 1.55 billion in 2023 to USD 3.45 billion by 2028, at a CAGR of 17.37% during the forecast period (2023-2028). The increasing popularity and penetration of consumer electronic devices, such as mobile phones and smartphones, drive the market’s growth.
New York, Aug. 11, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Ultra Wideband Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06484320/?utm_source=GNW
The Ultra-Wideband Market size is expected to grow from USD 1.55 billion in 2023 to USD 3.45 billion by 2028, at a CAGR of 17.37% during the forecast period (2023-2028).
The increasing popularity and penetration of consumer electronic devices, such as mobile phones and smartphones, drive the market’s growth. The ongoing advancements in new applications of UWB technology in wireless sensor networks directly impact the market’s growth.
*Key Highlights*
The demand for the Industrial Internet of Things (IIoT), which is growing quickly, is a big reason why the ultra-wideband market is growing. IIoT uses smart sensors to improve manufacturing and other industrial applications. Reducing labor and enabling industries to automate processes increases the efficiency of industrial operations. The demand for UWB technology in the real-time location system (RTLS) increased significantly due to its various applications.
Increasing urbanization, modernization, and globalization are driving the market’s growth. Growing industrial infrastructure, technological advancements to improve the operation of semiconductor tools, and increasing digitization in the healthcare and retail sectors across the world are other factors driving the market’s growth. New applications of UWB technology are also expected to boost the market’s growth.
Because UWB technology is more accurate than Wi-Fi and RFID, many industries that use RTLS have switched from Wi-Fi and RFID to UWB technology to increase efficiency, shorten lead times, and lower costs. These things also boosted the demand for ultra-wideband technology, which will drive the market over the next few years.
The UWB market is getting stiff competition from substitute products such as Bluetooth, GPS, and Wi-Fi. UWB is better than Bluetooth and Wi-Fi in many ways, such as high security, low power, high bandwidth, two-way communication, etc., which makes it useful for a wide range of applications. But UWB may not be used as much by end-user industries because it is more expensive than alternatives.
Ultra-wideband is a wireless technology that can measure the location of a device to within a few centimeters inside and outside. This makes it possible to track a device’s position and distance in real time with more accuracy than ever before. Applications for COVID-19 contact tracing and social distancing were made in many different countries to stop the pandemic from spreading further. This created an opportunity for UWB-based devices during the pandemic because of their accuracy, which made them a very good fit for these apps.
Ultra Wideband (UWB) Market Trends
Consumer Electronics to Hold Significant Market Share
Ultra-wideband (UWB) technology has been used in a lot of consumer electronics in the past few years because it can send and receive high-speed data wirelessly.Ultra-wideband technology is used a lot in Apple, Samsung, and Google Pixel high-end smartphones, some high-end laptops (Lenovo), speakers (HomePod Mini), and wearable devices. It is also being used more and more in smart home applications, which gives the UWB market in consumer electronics a lot of room to grow in the next few years.
In the past few years, UWB technology has become more popular in smartphones. In September 2019, Apple will release the iPhone 11 Pro, which will have UWB chips (U1) that will allow it to find other U1-equipped Apple devices.Since then, the company has deployed UWB technology in its flagship products, such as the iPhone 12, iPhone 13, and iPhone 14. The company is also using UWB technology in wearables such as the Apple Watch Series 6, Series 7, and Series 8.
UWB technology is also being marketed as a way to track personal items for different consumer applications. Wallets, keys, and other personal items with a UWB tag can be found with a smartphone that has an ultra-wideband chip built in. UWB tags provide highly accurate, directional, and low-latency positioning.
Smartphones are thought to have the largest share of shipments because they are so popular in places like China, India, the United States, and other places. Even though not all smartphones have UWB technology, many companies, including Google, Samsung, and Xiaomi, have released products with UWB technology since the iPhone 11 came out in September 2019.Since there are a lot of sales of UWB-enabled smartphones, the shipments are thought to be higher than for IoT devices.
In the IoT, devices such as airtags, airpods, and those in the smart home market are considered.
Asia Pacific is Expected to Witness Fastest Growth
In the Asia-Pacific region, there are a lot of developing economies, like China, India, Taiwan, Japan, Vietnam, South Korea, and others. The region has been witnessing rapid industrial growth in developing countries. According to the GSMA, many Asia-Pacific countries have developed plans to assist Industry 4.0 in their marketplaces. Additionally, manufacturing and healthcare are the top sectors expected to immediately experience the benefits of Industry 4.0.
Several local businesses have made low-power UWB wireless transceiver ICs that allow a new class of short-range wireless connectivity applications, such as IoT sensors that don’t need batteries. UWB wireless transceivers offer continuous, rich data streaming as well as precise range and location with orders of magnitude more energy efficiency, latency, and throughput than Bluetooth Low Energy or ZigBee.This is because UWB technology lets wireless devices like sensors work without batteries and dramatically increases the battery life of electronic gadgets when combined with energy-harvesting technologies. This is why UWB technology is becoming more popular in the APAC region, where companies are putting an emphasis on energy-saving strategies.
As the number of connected cars and electric vehicles on the market grows, regional UWB technology solution providers will have a chance to do business.Companies are partnering to develop UWB-enabled automobile products, which drive the APAC market. For instance, in July 2022, NXP Semiconductors and Taiwan’s Hon Hai Technology Grove signed a memorandum of understanding to build platforms for a new generation of smart, connected automobiles that feature the NXP S32 domain embedded with UWB technology.
Due to the growing need for UWB technologies in IoT devices, the use of IoT in the manufacturing and auto industries is creating an opportunity for the market. Also, Taiwan and China are important places for making chips, and India’s mission to make chips would help the market for UWB technology chips in the region.
Ultra Wideband (UWB) Industry Overview
The market for Ultra-Wideband is exceptionally competitive, mainly due to the presence of various critical vendors in the market operating in both international and domestic markets. The market appears to be moderately concentrated, with the significant players adopting strategies such as mergers, acquisitions, and product innovation to widen their product portfolio and extend their geographic reach. Some vital players in the market are Texas Instruments, DecaWave Limited, and NXP Semiconductors, among others.
July 2022 - Humaticsset up the HRNS on a single test vehicle and 1.5 km of the Hitachi Rail test track in Naples, Italy, to evaluate the HRNS’s position and speed performance compared to real-world sensors and Hitachi Rail’s CBTC odometry criteria. Additionally, the HRNS was connected to a Communication Based Train Control (CBTC) simulator, and various tests were run, which included Ultra-Wideband (UWB) and sensors like Inertial Measurement Units (IMU) and GNSS technology provided by Humatics.
July 2022 - NXP Collaborates with ING and Samsung to test the first peer-to-peer payment application based on UWB. The pilot intends to improve the usability and seamlessness of peer-to-peer payments by leveraging ING’s payment expertise and NXP’s ultra-wideband technology.
*Additional Benefits:*
The market estimate (ME) sheet in Excel format
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