What is the key driver of Global Industrial Wireless Sensor Networks (IWSN) Market?

The key driver of the Global Industrial Wireless Sensor Networks (IWSN) Market is the increasing demand for wireless networks in driverless automobiles. These networks are essential for various automotive applications, including managing car pollution, preventing vehicle theft, controlling headlight intensity, identifying vehicle locations, monitoring vehicle health, and improving vehicle connectivity and maintenance.

What is the key market trend for Global Industrial Wireless Sensor Networks (IWSN) Market?

The key market trend for Global Industrial Wireless Sensor Networks (IWSN) Market is the growing need for these networks to improve industrial device connectivity and enable seamless wireless system communication. Big data analytics, machine learning, and artificial intelligence (AI) are also increasingly used to analyze vast databases of temperature, motion, pressure, gas, and chemicals, contributing to market growth alongside developing network infrastructure.

Global Industrial Wireless Sensor Networks (IWSN) Market Size, Share, Growth Analysis, By Offering(services, software), By End use(Building Automation, Banking) - Industry Forecast 2024-2031

Q: What is the global market size of Industrial Wireless Sensor Networks (IWSN) Market?

The global Industrial 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).

Q: Who are the key vendors in the Global Industrial Wireless Sensor Networks (IWSN) Market?

Key vendors in the Global Industrial Wireless Sensor Networks (IWSN) Market include 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., and Murata Manufacturing Co., Ltd.

Q: Which region accounted for the largest share in Global Industrial Wireless Sensor Networks (IWSN) Market?

During the forecast period, North America is expected to hold the largest market share in the Global Industrial Wireless Sensor Networks (IWSN) Market, attributed to the presence of key players and technological advancements in the region.

Report ID: SQMIG45H2024 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 69 | Figures: 75

Global Industrial Wireless Sensor Networks (IWSN) Market Dynamics

Industrial Wireless Sensor Networks Market Drivers

Surge of Driverless Vehicles to Bolster Market Growth

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.

Due to its ability to remotely monitor and control a range of variables, including temperature, pressure, and vibration, industrial wireless sensor technology is becoming more and more common. Thanks to wireless sensor technology, businesses can now increase their operational cost-effectiveness and efficiency. Additionally, it helps organisations reach their financial objectives by offering cutting-edge solutions and services. These factors increase the demand for low-cost industrial automation systems, which favourably affects the growth of the wireless sensor network market.

Industrial Wireless Sensor Networks Market Restraints

Concerns related to Data Privacy to Hinder Market Growth

Together with the advancement of technology that facilitates increased communication, the number of data breaches is rapidly increasing. Data will be more and more crucial as the number of connected devices and connections keeps growing exponentially. The network platforms' security compliances are not very strong because they have only recently been constructed. Due to the necessity of ensuring the security of corporate data while developing analytics solutions for a number of applications that are specialised to distinct verticals, this serves as a barrier to the growth of the market for wireless sensor networks.

Global Industrial Wireless Sensor Networks (IWSN) Market Report Snapshots

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Global Industrial 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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Global Industrial Wireless Sensor Networks (IWSN) Market Size, Share, Growth Analysis, By Offering(services, software), By End use(Building Automation, Banking) - Industry Forecast 2024-2031

Global Industrial Wireless Sensor Networks (IWSN) Market Dynamics

Global Industrial Wireless Sensor Networks (IWSN) Market Report Snapshots

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FAQs

What is the global market size of Industrial Wireless Sensor Networks (IWSN) Market?

Who are the key vendors in the Global Industrial Wireless Sensor Networks (IWSN) Market?

What is the key driver of Global Industrial Wireless Sensor Networks (IWSN) Market?

What is the key market trend for Global Industrial Wireless Sensor Networks (IWSN) Market?

Which region accounted for the largest share in Global Industrial Wireless Sensor Networks (IWSN) Market?

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