Industrial Wireless Sensor Network Market is expected to Garner $1,200 Million by 2023 growing at CAGR 11.0%
Presently, North America dominates the industrial wireless sensor network market. However, China is expected to register the highest growth in Asia-Pacific by 2023. Moreover, the UK is anticipated led the overall market in the European region in 2023. Presently, the U.S. dominates the North American market.
Surge in popularity of industrial wireless sensor technology has driven the market growth. Furthermore, low cost and easy deployment of industrial wireless sensor network fuel the growth of the market. However, data security and privacy concerns are expected restrain the growth of the market.
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In 2016, the Wi-Fi segment dominated the global industrial wireless sensor network market, in terms of revenue. However, based on sensor type, others sensor segment led the global market, followed by flow sensor in 2016.
Key Findings of the Industrial Wireless Sensor Network Market:
• Oil & gas generated the highest revenue in 2016.
• In 2016, the Wi-Fi segment accounted for the highest revenue in the industrial wireless sensor network.
• Asia-Pacific is anticipated to exhibit the highest revenue in 2023.
The key players profiled in the report include ABB Ltd., STMicroelectronics, Honeywell International Inc., Texas Instruments, Inc., Siemens AG, Endress+Hauser AG, Linear Technology Corporation, NXP Semiconductors, Schneider Electric, and Emersion Electric.
Factors that are expected to impact the global industrial wireless sensor network market during the forecast period are as follows:
• Surge in popularity of industrial wireless sensor network
• Low cost and easy deployment of industrial wireless sensor network
• Data security and privacy concerns
• Increase in industrialization in the emerging markets
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