USD 4.97 billion
Report ID:
SQMIG45H2024 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|Tables:
69
|Figures:
75
Industrial Wireless Sensor Networks (IWSN) Market size was valued at USD 8.62 billion in 2022 and is poised to grow from USD 9.23 billion in 2023 to USD 16.02 billion by 2031, growing at a CAGR of 7.13% during the forecast period (2024-2031).
A network infrastructure called an industrial wireless sensor network (IWSN) makes it possible to connect sensor nodes and gateways without the use of fibre cables. Through radio nodes configured in suitable topologies, it also makes improved communication possible. As a result, the demand for IWSN has been growing over the past few years, and this trend is anticipated to continue during the course of the forecast. The demand for network infrastructure is expected to increase over the upcoming years, and big data analytics, artificial intelligence (AI), and machine learning (ML) advancements will all contribute to this growth.
These technologies have made it possible for businesses to examine the massive amounts of data collected from many sorts of sensors, including temperature, motion, pressure, gas, flow, and chemical, to name a few. In order to provide flawless communication via wireless networks, emerging economies around the world place a strong emphasis on developing communication links between industrial devices. As a result of their capacity to operate without interruption in challenging distant areas, industries like oil & gas and utilities are deploying wireless sensor networks. For industrial applications like environmental sensing, condition monitoring, and process automation, major sectors like utilities, oil & gas, and automotive are embracing wirelessly connected devices like sensor nodes, routers, and gateways. Infrastructure for wireless sensor networks has been put in place as a result of consumers' increasing usage of connected gadgets.
US Industrial Wireless Sensor Networks Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 4.97 billion
Largest Segment
software
Fastest Growth
software
Growth Rate
7.13% CAGR
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The global Industrial Wireless sensor network market is segmented into offerings, end use, and region. By offering Industrial Wireless sensor network market is segmented into services, software, and hardware. On the basis of end use Building Automation, Financial Services, and Insurance (BFSI), Banking, Industrial, Wearable Devices, Healthcare, Retail, and Others based on the end-user industry. Based on region, the Industrial Wireless sensor network market is segmented into North America, Latin America, Europe, Asia Pacific, and MEA.
Industrial Wireless Sensor Networks Market Analysis by Offering
The market is divided into three categories based on offerings: services, software, and hardware. The software sector dominated the market due to the growing need for self-organizing networks and service-oriented software architecture. Additionally, it is anticipated to have the fastest growth rate over the forecasted time frame. The market in industries has been further bolstered by the implementation of Software Defined Network (SDN) in the IWSN to increase efficiency and sustainability.
Industrial Wireless Sensor Networks Market Analysis by End Use
The market is divided into Building Automation, Banking, Financial Services, and Insurance (BFSI), Industrial, Wearable Devices, Healthcare, Retail, and Others based on the end-user industry. Due to wireless sensor networks' crucial contribution to the development of new technologies that assist patient monitoring, diagnostics, and therapy, the healthcare sector commands a sizable portion of the market. As healthcare systems advance, it is anticipated that medical devices that can monitor daily activities and gather crucial data through sensors in emergency rooms, as well as data analytics tools, will become more crucial.
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During the anticipated period, Due to the presence of key players and technological improvements, North America is anticipated to hold the biggest market share over the projection period.
Since there is an increase in demand for wireless sensor networks from a variety of end-use sectors, including the automotive, food and beverage, and manufacturing, the Asia Pacific is anticipated to grow at the quickest rate over the projection period. Asia Pacific is anticipated to hold a larger market share for industrial wireless sensor networks. The presence of well-established businesses throughout the area, particularly in China and Japan, has led to an increase in the adoption of industrial wireless sensor networks, which is primarily responsible for the expansion. Additionally, Asia Pacific is anticipated to have the highest CAGR of any region.
During the projection period, Latin America is anticipated to be the second-largest market for industrial wireless sensor networks. Due to strict regulatory frameworks and rising demand from end-use sectors, the European market is expected to grow at a moderate rate.
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Industrial Wireless Sensor Networks Market Drivers
Surge of Driverless Vehicles to Bolster Market Growth
Industrial Wireless Sensor Networks Market Restraints
Concerns related to Data Privacy to Hinder Market Growth
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The major competitors in the market offer services for garbage collection, transportation, and disposal through vertical integration throughout the supply chain. As a result, operational costs are optimised, profit margins are raised, and the enterprises are able to capture a large portion of the market.
Industrial Wireless Sensor Networks Market Top Player's Company Profiles
Industrial Wireless Sensor Networks Market Recent Developments
SkyQuest’s ABIRAWA (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research
According to our global industrial wireless sensor networks (IWSN) market analysis, The rising demand for industrial wireless sensor networks across various sectors and applications is majorly responsible for the growth factors of the Industrial Wireless Sensor Network (IWSN) market. The hardware segment is expected to grow significantly as it detects activities and transmits data from one device to another via various communication technologies.
The miniaturisation of electronic components and advancements in communication technology enable the development of a seamless network. The software handles device-specific tasks such as hardware initialization, memory management, process management, and scheduling. The hardware segment is expected to grow significantly as it detects activities and transmits data from one device to another via various communication technologies.
Report Metric | Details |
---|---|
Market size value in 2021 | USD 4.97 billion |
Market size value in 2030 | USD 9.02 billion |
Growth Rate | 7.13% |
Base year | 2023 |
Forecast period | 2023-2030 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Industrial Wireless Sensor Networks (IWSN) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Industrial Wireless Sensor Networks (IWSN) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Industrial Wireless Sensor Networks (IWSN) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Industrial Wireless Sensor Networks (IWSN) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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REQUEST FREE CUSTOMIZATIONIndustrial Wireless Sensor Networks (IWSN) Market size was valued at USD 4.97 billion in 2021 and is poised to grow from USD 8.62 billion in 2022 to USD 9.02 billion by 2030, growing at a CAGR of 7.13% in the forecast period (2023-2030).
The major competitors in the market offer services for garbage collection, transportation, and disposal through vertical integration throughout the supply chain. As a result, operational costs are optimised, profit margins are raised, and the enterprises are able to capture a large portion of the market. 'ABB Ltd.', 'Emerson Electric Co.', 'Honeywell International Inc.', 'Siemens AG', 'Schneider Electric SE', 'Yokogawa Electric Corporation', 'Texas Instruments Inc.', 'Endress+Hauser AG', 'NXP Semiconductors N.V.', 'STMicroelectronics N.V.', 'Linear Technology Corporation', 'Atmel Corporation', 'Analog Devices, Inc.', 'Broadcom Inc.', 'General Electric Company', 'Rockwell Automation, Inc.', 'Advantech Co., Ltd.', 'Cisco Systems, Inc.', 'Digi International Inc.', 'Murata Manufacturing Co., Ltd.'
Since wireless networks are crucial to driverless automobiles, there has been a surge in demand for them globally in recent years. The increased popularity of driverless vehicles has fueled this requirement. These networks are used in a range of automotive applications, including as the management of car pollution, the prevention of vehicle theft, the control of headlight intensity, the identification of vehicle locations, and the monitoring of vehicle health. Additionally, the sensors used in autonomous vehicles help to strengthen vehicle connectivity and reduce the amount of maintenance needed. As a result, the use of these networks in the automotive industry is increasing.
The growing need for IWSN to improve industrial device connectivity and enable perfect wireless system communication is one of the key factors driving the market. To assess the enormous database of temperature, motion, pressure, gas, and chemicals, big data analytics, machine learning, and artificial intelligence (AI) are also being used more frequently. This is contributing to the market's growth, together with the developing network infrastructure.
During the anticipated period, Due to the presence of key players and technological improvements, North America is anticipated to hold the biggest market share over the projection period.
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Report ID: SQMIG45H2024