According to estimates, the UWB Market would increase at a CAGR of 19.6% from USD 1.1 billion in 2020 to USD 2.7 billion by 2025. The demand for UWB technology in RTLS applications and the rapid use of the Industrial Internet of Things are two major drivers propelling the UWB market's expansion (IIoT). The range of UWB technology has expanded as a result of ongoing improvements in new wireless sensor network application areas and a growing adoption of this technology in mobile devices.
The market for outdoor positioning systems is anticipated to expand at a higher CAGR over the forecast period based on positioning system. Because UWB chips are expensive and have a restricted wireless communication range, they are currently only used for a few outdoor locating applications. Due to its low power consumption, UWB technology is increasingly being employed in portable devices for a variety of outdoor communications applications, asset tracking, surveillance, medical imaging, radar imaging, and intelligent transportation. Along with GPS, UWB is employed in outdoor positioning systems.
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The communication application has the biggest market share in terms of applications in 2019. Due to new applications like mobile ad hoc networking and wireless sensor networks for data collection, the need for wireless wideband communications systems has significantly expanded. Due to its narrow pulses and excellent localization accuracy, UWB wireless technology offers a number of advantages in this application. UWB communications systems are getting a lot of interest because of their fast data rates, low power requirements, and interference-reduction capabilities. In the ad hoc sensor network, UWB technology is also used as a communication channel. As more businesses use UWB technology in smartphones for mobile tracking services and improved connectivity, there is an abrupt increase in communication applications for this technology.
According to vertical, the automotive and transportation market is anticipated to expand at the fastest rate. UWB location tracking technology improves and simplifies the human-machine interface in autos. It leads to creative comfort applications like driver authentication, smart card access, and customised user settings like seat adjustment or climate control. A very promising technology for transit vehicles is UWB. In order to ensure wireless communication between the train and small equipment mounted on the wayside, UWB technology is also employed in railway control systems. It is also used to regulate bus operations.
In 2019, the UWB market in North America was the largest. Due to the growing popularity of smart homes and the increased adoption of home automation technology in the region, RTLS will experience the quickest rate of growth in the North American UWB market. A substantial CAGR of RTLS and imaging applications in the North American UWB market is anticipated during the forecast period due to factors like the recent development of precision positioning systems based on UWB technology and their use in healthcare RTLS and medical imaging applications. The North American UWB market is anticipated to be driven by recent improvements in positioning accuracy of impulse radio-based UWB technology and declining average selling prices (ASP) of UWB chips throughout the forecast period.
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