• Signaling a major shift in the IoT connectivity landscape, u-blox has sold its cellular IoT module business to Trasna and dual-mode cellular-satellite business to Trident.
• With this deal, Trasna gains end-to-end IoT capabilities, including chip design, SIM/eSIM manufacturing, and cloud platforms, positioning itself as a full-stack IoT solution provider.
• For Trident, this deal allows it to enter the growing satellite IoT market, leveraging u-blox’s proven dual-mode technology to target sectors like remote tracking, maritime and agriculture.

The cellular IoT market is undergoing a profound transformation as established players face mounting headwinds. In a significant move earlier this year, u-blox announced its exit from the cellular IoT module business, citing persistent challenges such as low-margin, high-volume dynamics, aggressive pricing pressures, and intensifying competition from Chinese vendors like Quectel and Fibocom. While geopolitical tensions are prompting Western IoT players to diversify supply chains beyond China, the competitive environment remains fierce.

However, u-blox’s exit from cellular IoT doesn't mark the end of its legacy in this space. In a parallel development, the assets and expertise from u-blox's cellular and dual-mode cellular-satellite businesses have found new homes, signaling a continued evolution of the IoT connectivity landscape. Trasna and Trident have made bold moves by acquiring u-blox’s cellular IoT module business and dual-mode cellular-satellite communications business, respectively. This includes intellectual property, workforce, sites and product portfolio, with Trasna committing to retain all employees and customers. Announced in March and April 2025, these acquisitions reflect a clear strategic realignment by u-blox, aimed at sharpening its focus on core strengths such as GNSS and short-range communication technologies.

According to Counterpoint Research, global cellular IoT module shipments are projected to grow at a 9% CAGR from 2024 through 2030. The acquisitions by Trasna and Trident could accelerate several important trends within this fast-moving market:

• Increased competition: Trasna, now equipped with end-to-end capabilities from chip design to module manufacturing to cloud platform, emerges as a serious contender to established players like Quectel, Telit Cinterion, Semtech and Fibocom. Meanwhile, Trident’s entry into the dual-mode cellular-satellite communications market introduces fresh competition to satellite-IoT players like ORBCOMM and Iridium while strengthening the trend toward terrestrial-satellite hybrid connectivity.
• Innovation boost: Trasna’s integration of u-blox’s modem and module expertise with its semiconductor and cloud-based platform solutions sets the stage for faster, more efficient IoT product development. Similarly, Trident’s focus on satellite communications could yield advanced solutions tailored for agriculture, maritime, and remote asset tracking applications.
• Supply chain shifts: As security and trust become increasingly critical amid geopolitical uncertainty, Quectel’s addition to the US 1260H list has intensified concerns over supply chain stability and accelerated the push for vendor diversification among Western IoT adopters. Trasna’s base in Ireland and Trident’s US roots position them as viable Western alternatives to the Asia-Pacific-dominated supply chain.

While these developments promise long-term innovation and diversification, challenges such as supply chain constraints and geopolitical tensions may cause short-term disruption. OEMs and customers may also need time to adapt to new providers and platforms.

Benefits for Trasna

Trasna stands to gain significantly from acquiring u-blox’s cellular IoT module business. In 2023, u-blox had a shipment share of 3% in the cellular IoT module market.

• End-to-end leadership: With assets spanning semiconductor design, SIM and eSIM manufacturing, and cloud device management, Trasna can now deliver a complete chip-to-cloud solution. This positions it as a one-stop shop for OEMs. Integrating u-blox’s modem IP will drive innovation and efficiency, shorten product cycles and reduce costs.
• Market expansion: Leveraging u-blox’s global distribution network and established OEM relationships, Trasna can scale into new geographies and verticals, especially in industrial, metering and tracking applications.
• Talent and stability: Retaining u-blox’s workforce ensures continuity and expertise, reducing transition risks. This move also bolsters Trasna’s reputation as a reliable employer, potentially attracting further talent.

Benefits for Trident

Trident’s acquisition of u-blox’s dual-mode cellular-satellite business brings its own set of advantages:

• Market entry and growth: The deal positions Trident to capitalize on the expanding satellite-IoT market, which is expected to activate over 40 million connections by 2030. This opens doors to remote asset tracking, agriculture and maritime sectors where cellular coverage is limited.
• Technological edge: u-blox’s proven dual-mode technology enhances Trident’s portfolio, enabling it to offer hybrid communication solutions that combine terrestrial and satellite connectivity, which is a growing need for global IoT deployers.
• Strategic alignment: Trident can leverage this acquisition to target high-value industrial applications, building on top of u-blox’s legacy in automotive and industrial markets. This aligns with trends toward integrated terrestrial-satellite IoT solutions.
• Customer continuity: u-blox’s assurance of a seamless transition ensures that Trident inherits a stable customer base, providing an immediate revenue stream to fuel further expansion.

Conclusion

Trasna is actively expanding across multiple segments of the IoT value chain. With the recent acquisition of u-blox’s cellular IoT business and last year’s acquisition of Workz for eSIM cloud capabilities, Trasna is steadily positioning itself as a potential end-to-end IoT solution provider. Looking ahead, if Trasna enters the connectivity space, either through a strategic partnership with a network operator or by acquiring an IoT MVNO, it could evolve into a fully integrated player, akin to China Mobile. Such a move would significantly enhance its market position and unlock substantial long-term value.

Trident secures a strategic foothold in the rapidly growing satellite-IoT segment. As an early adopter, this positions the company to reap long-term benefits as the market continues to mature and the demand for hybrid connectivity solutions accelerates.

For detailed research, refer to the following reports available for subscribers:

• Global Cellular IoT Module Forecast, Q4 2024

• Global Cellular IoT Module Forecast by Region, Q4 2024

• Global Cellular IoT Module Tracker by Application, Q4 2024

Counterpoint tracks 1,500+ IoT module SKUs on a quarterly basis and provides forecasts on shipments, revenues and ASP performances for 80+ IoT module vendors, 12+ chipset players and 18+ IoT applications across 10 major geographies.