Industrial Wireless Sensor Network Market is Anticipated to Exhibit the Highest Revenue

According to a recent report published by Allied Market Research, titled, Industrial Wireless Sensor Network Market by Sensor, Technology, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global industrial wireless sensor network market was valued at $573 million in 2016, and is projected to reach at $1,200 million by 2023, growing at a CAGR of 11.0% from 2017 to 2023.

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.

Surge in Popularity of Industrial Wireless Sensor Network

Industrial wireless sensor technology has gained traction over recent years, as it enables enterprises to monitor and control various parameters such as temperature, vibration, pressure, and others remotely which reduce time and cost. Furthermore, increase in need to improve process efficiencies and to meet corporate financial objectives is fueling the demand for low-cost industrial automation systems such as industrial wireless sensor networks. In addition, these systems provide multiple benefits over traditional wired industrial monitoring and control systems such as rapid development, flexibility, self-organization, and intelligent processing capability. Moreover, the significant role played by them in creating reliable and self-healing system that responds to real-time events with appropriate actions is fueling the growth of the market.

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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.

Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

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