Wireless Sensor Market Trends, Demand and Business Opportunities 2024

According to the latest report by IMARC Group titled, "Wireless Sensor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024", the global wireless sensors market reached a value of US$ 3.7 Billion in 2018. Looking forward, IMARC expects the global wireless sensors market size is expected to reach US$ 11.7 Billion by 2024, exhibiting a CAGR of 21.4% during 2019-2024.

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Wireless sensors are self-configured networks consisting of a radio transceiver, microcontroller and a battery. These sensors are portable, and they assist in collecting useful data and transmitting it to a central location. As a result, they are widely used in the monitoring of industrial processes and physical conditions, such as temperature, sound, vibration, pressure, motion and pollutants.

Advancements in communication technology, along with the rising sales of electronics around the world, represents one of the key factors driving the global wireless sensors market growth. Furthermore, wireless sensors are extensively utilized in the defense, and food and beverage (F&B) industries for tracking the production flow, building automation and handling materials. Apart from this, they are also used in the monitoring of humidity levels in a greenhouse. Other factors, such as extensive research and development (R&D), significant investments in wireless sensing technology, and widespread utilization for monitoring greenhouse gas (GHG) emission, owing to enhanced focus on sustainable development, are expected to impel the market growth in the coming years.

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On the basis of the product type, the market has been categorized into temperature sensors, pressure sensors, level sensors, flow sensors, humidity sensors, biosensors, gas sensors, surveillance and security sensors, motion and positioning sensors, and others. Amongst these, the flow sensor currently represents the dominant product type.
Based on the technology, the market has been divided into Bluetooth, Wi-Fi and WLAN, Zigbee, WirelessHART, RFID, EnOcean and others.
On the basis of the end use, the market is classified into industrial, medical, energy, defense, agriculture, office and residential, and others. Currently, the industrial segment accounts for the majority of the market share.
On the geographical front, the market has been segregated into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. At present, North America holds the leading position in the market.
The competitive landscape of the market has also been analyzed with some of the major players being ABB Ltd, STMicroelectronics, Texas Instruments Incorporated, Freescale Semiconductors Inc, Rockwell Automation Inc., Emerson Electric Co, Honeywell International Inc., Schneider Electric SA, Endress+Hauser SA, Yokogawa Electric Corporation, Siemens AG and General Electric.
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