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. 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.
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
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.
