Rising shift towards Single Mode BLE Modules along with increased demand for wireless audio devices are anticipated to boost Bluetooth Low Energy Modules market during the forecast period 2021-2026.
Bluetooth Low Energy Modules Market Size is forecast to reach $6.7 billion by 2026, at a CAGR of 15.2% during 2021-2026. APAC has the highest user base in the world, and emerging technologies introduced in this region have more transformational potential. Since APAC is home to the bulk of the world's population, the wireless communication device demand in APAC is projected to expand at a substantial pace as the IoT market grows. Moreover, government investments in business growth and modernization in China and India have increased the penetration rate of IoT-connected devices, including communication ICs.
Asia-Pacific has a large share of the market due to its well-established consumer electronics industry. The key driving force behind demand growth is the increasing population of middle-class customers in emerging economies such as China, India, and Japan. However, during COVID-19's difficult period, some Bluetooth markets saw opportunities to develop. Bluetooth PC accessories grew in popularity as more people worked from home. With more people spending time at home, there's a higher demand for Bluetooth home automation devices that make our lives easier, safer, and more connected. The region's growing emphasis on fitness and wellbeing boosted demand for Bluetooth wearables. Additionally, researchers anticipate a significant uptick in Bluetooth real-time locating device (RTLS) implementations owing to high interest in secure return solutions. Furthermore, China is expected to be the market leader in terms of smartphone production, . India's mobile market share is growing as a result of its technological adaptation and increased smartphone use. This emphasizes the significance of wireless audio devices in China and India, as well as their increasing demand.
Chinese based technology company Easpeed has recently attracted customers towards its smart lift buttons as the country has been looking out for ways for improving its technologies. This system works through a wireless connection elevators to improve user experience. This new technology has been already adopted by hospitals of Yichang, Hubei province and Beijing and the company has also received orders from Shanghai, Hangzhou and many other cities. Such growing adoption is anticipated to boost the growth towards Bluetooth Low Energy Modules Market. Japan has been facing high market growth towards consumer electronics products in 2019, thus making it the third largest industry contributing towards its economy. Technological advancements towards Internet of Things and wireless technology to drive innovations in the field of consumer products have caused major players in the country to invest towards developing smart devices. Such growing advancements are expected to boost the market demand towards Bluetooth Low energy Modules.
The acceptance of the Bluetooth 4.0 standard, backed by native support for the platform from leading smartphone operating system vendors including Android, iOS, and Windows, has ushered in a sea shift in the Bluetooth Low Energy market. The ability of the Bluetooth Low Energy protocol to create easy wireless communication to master devices such as laptops, smartphones, and a variety of other hub devices has allowed new technologies in a variety of markets, including mobile accessories, automobile, computer peripherals, wearable electronic devices, and more. The boom in ‘crowd financing' for businesses with valuable insights about how wireless networking can improve the product is a noteworthy factor advancing Bluetooth Low Energy into the mainstream. The Bluetooth Special Interest Group (SIG) has established new guidelines that greatly broaden the demand for Bluetooth Low Energy (BLE)-enabled devices. The technology allows existing BT-enabled smartphones, laptops, and PCs to communicate with new BLE-compatible devices. Bluetooth Low Energy is developing into a versatile low-power wireless networking technology. Home automation, lighting, building automation, beacons, shopping, and location-based applications are all set to offer lucrative market opportunities during the forecast period 2021-2026.
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Bluetooth Low Energy Modules Market Growth Drivers:
Growing Shift towards Wireless Audio Devices
Bluetooth technology is a widely recognized standard that is compatible with virtually any smartphone, which is the primary explanation for the technology's superior performance over competing technologies. The launch of Qualcomm aptX and Bluetooth 4.0, for instance, has resulted in a major improvement in the speaker's sound quality, boosting its acceptance. As compared to other wireless audio communication systems, Bluetooth uses less power. Bluetooth technology has become a popular alternative for wireless audio communication in smartphones due to this reason. Furthermore, industry leaders such as HTC, Samsung, and OnePlus have been listed as incorporating Bluetooth 5.0 technology into their devices, further growing the technology's acceptance. This in turn contributes towards the market growth of Bluetooth low energy module.
The Major Players in this Market Include
Major players in Bluetooth Low Energy Modules include STMicroelectronics, Cypress Semiconductor, Murata, Panasonic and Texas Instruments among others. In September 2021, Panasonic and NXP Semiconductors expanded their partnership to deliver strong support and more streamlined experience for customers in the application development process. Through this Panasonic offers products combined with NXP’s offerings Bluetooth low energy module for IoT applications, Wi-Fi module and Wi-Fi 4 radio module with integrated bluetooth technology.
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