In the fast-paced field of technology, innovations are often the key to transforming industries and shaping our future. One of the innovations that is most revolutionizing the industrial sector is LoRaWAN® technology. Currently, the IoT LoRaWAN® market is estimated at $5.6 billion and is expected to reach $25.5 billion by 2028, with a remarkable CAGR of 35.3 percent. This tremendous growth reflects the incredible potential of LoRaWAN® technology in revolutionizing the way industries operate and function.
Understanding the LoRaWAN® Technology
But what exactly is LoRaWAN® technology, and how can it be so influential for the industrial setting? LoRaWAN® stands for Long Range Wide Area Network, a standard technology that enables long-range, low-power connectivity for Industrial Internet of Things (IIoT) devices. It creates a wireless communication system that distributes small amounts of data over a wide area. This capability makes it ideally suited for a variety of industrial applications.
Industry 5.0: The Future of the Industrial Revolution
The LoRaWAN® standard has emerged as the market leader, propelling the industrial revolution to Industry 5.0 on a global scale. Building on the foundation of Industry 4.0, Industry 5.0 incorporates the human element to address and meet Environmental, Social, and Governance (ESG) criteria. It's all about strengthening sustainability, efficiency, and quality of life for both businesses and society as a whole.
The Power of LoRaWAN® in Industrial Applications
One of the standout features of LoRaWAN® technology is its remarkable sensitivity, which allows it to detect even weak signals and transmit data over extensive distances. In an era where precision and reliability are paramount, this technology offers businesses unparalleled wireless connectivity for collecting and transmitting critical data.
For example, the LoRaWAN® technology can be extremely useful in the case of the alarming statistic that indicates how, every day, 344 billion liters of clean water are lost due to pipe leakages. 43% of these undetected leaks are attributed to inefficiencies in the Industrial sector and result in significant costs and environmental responsibilities. The main cause of monitoring inefficiencies often lies in poor asset operation and maintenance visibility. Many pipes are located in remote or underground areas, making regular inspections difficult and costly.
The consequences of these undetected leaks are substantial:
- Environmental Impact
- Escalating Expenses
- Reputation and Compliance Issues
Quick Algorithm: the innovative startup that makes the LoRaWAN® Standard accessible for a Sustainable Future
At Quick Algorithm, we are proud members of the LoRa Alliance® ecosystem, a global organization dedicated to developing and promoting the open LoRaWAN® standard for IoT solutions. Through this partnership, we strive to make it as easy as possible for companies to implement this innovative technology, collecting and analyzing energy consumption and physical equipment data.
Our Plug & Play Scops.ai solution combines advanced IoT monitoring, wireless LoRaWAN® standard connectivity, and AI-powered Data Analytics to enable real-time monitoring, predictive maintenance, and energy consumption insights. With Scops, your company can promptly identify and address energy and performance anomalies from physical assets, machinery, plants, buildings, and infrastructures, saving precious resources and minimizing financial and environmental impact.
The LoRaWAN® technology is a game-changer for companies looking to thrive in the era of Industry 5.0. Its ability to provide precise, long-range connectivity, coupled with Scops’ advanced data analytics, empowers businesses to operate more efficiently, sustainably, and profitably. As the industrial landscape continues to evolve, embracing LoRaWAN® technology may be the key to staying ahead of the curve and ensuring a brighter, more sustainable future.
