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Smart city infrastructure, low-power devices, and IoT expansion fuel NB-IoT chipset growth, with market set to more than double by 2030.
The Narrowband Internet of Things (NB-IoT) chipset market is expected to expand from $11.3 billion in 2025 to $14.09 billion in 2026, reflecting the increasing need for low-power wide-area connectivity solutions. The increasing demand for smart city infrastructure and IoT device adoption reflects the increasing use of NB-IoT chipsets to improve real-time data acquisition and device management.
The market is expected to continue growing at a CAGR of 24.7% to reach $34.13 billion by 2030, according to the latest report. The key factors driving the market include the increasing adoption of IoT devices, the adoption of long-life battery technology, the expansion of cellular IoT networks, and the development of ultra-low power chipsets. The early adoption of LTE networks and the reduction in the cost of IoT modules also contribute to the growth of the market. Major companies such as Samsung Electronics, Qualcomm, Huawei, Verizon, and Ericsson are working to develop chipset technology for smart meters, healthcare, and industrial applications in Asia-Pacific, Southeast Asia, and international markets.
“NB-IoT chipsets play a crucial role in realizing low-power, massive IoT deployments,” said a spokesperson for Renesas Electronics. “Our RH1NS200 modem for the Indian smart metering market illustrates the power of low-power, high-connectivity technology to inform better decision-making.”
The NB-IoT chipset market is a reflection of the overall trend of IoT device growth, with close to 4 billion cellular IoT connections forecasted by 2024, as Ericsson predicts. Geographical diversification of the supply chain and trade tariffs are also influencing production plans, to ensure robust and economical production.
In light of the increasing need for industrial IoT solutions, smart city connectivity, and long battery life devices, the NB-IoT chipset market is poised to continue being the backbone of the global IoT ecosystem, providing innovation opportunities through 2030 and beyond.
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