Market forecast for Industrial Wireless Sensor Networks Through 2033: Growth Prospects, Recent Developments, and Market Trends

Industrial Wireless Sensor Network Market

There is little doubt that the industrial wireless sensor network industry will continue to grow significantly over the next few years. Because the ICT sector is now seeing the most innovation, consider cybersecurity. As a result, the ICT vertical would place a higher priority on safety, and the other verticals would support the progress the same vertical accomplished within the anticipated time period.

According to Persistence Market Research, the market for industrial wireless sensor networks would expand at an astounding rate between 2017 and 2026. Revenues from industrial wireless sensor networks are expected to surpass US$ 7,000 million by the end of 2026.

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Growing Implementation of Automation Technologies to Drive Demand for Industrial Wireless Sensor Network

Operational efficiency has remained a key priority among various industries for retaining their position in the industrial marketplace, wherein competition is becoming intense. This has further prompted industries around the world to direct their focus toward implementation of automation technologies. Automation helps these industries in efficiently monitoring, managing, and controlling their processes, which in turn enables realization of operational efficiency.

Automation can be achieved through deployment of industrial robots that enable maximizing productivity, meanwhile inhibiting manufacturing errors. Adoption of industrial robots and automation further entails the requirement for numerous wireless sensors and an efficient network of these sensors to carry out the processes effectively.

Key Players:

The report has profiled some of the Important players prevalent in the global like - Siemens AG, STMicroelectronics, ABB Ltd., Honeywell International Inc., Endress+Hauser Management AG, Linear Technology, Yokogawa Electric Corporation, and Banner Engineering Corp and more.

This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the Industrial Wireless Sensor Network.

Influence of the widespread economic development on demand for energy and power has been continuously increasing over the past few years, which in turn has been putting huge pressure on the oil & gas industry. In a bid to cater growing demand, oil & gas companies are exploring potential opportunities, while focusing on the upgradation of their existing processes.

Effective deployment of a wireless sensor network has become a top priority within these companies, for increasing their productivity and achieving energy efficiency. This facilitates oil & gas industries to efficiently monitor the equipment condition, apart from maintaining industrial safety and efficiency.

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Key Research Findings from the Report

• Based on technology type, WirelessHART will continue to hold the largest market revenue share, with demand driven by its provision of user-friendly environment and effective maintenance of compatibility with systems, tools, and devices. In addition, WirelessHART seeks extensive adoption in open wireless communication for process management & monitoring applications.
• North America will continue to spearhead the global industrial wireless sensor network market, in terms of revenues. Adoption of industrial wireless sensor network in the region's industrial sectors has surged tremendously in light of its easy access to data, easy installation, compactness, and elimination of the wired networks in movable parts and hazardous environments. Increasing investment in wireless connectivity by various industries is a key growth determinant for the market in North America.
• Based on end-use industry type, automotive and food & beverage are expected to account for major shares of the market during 2017 to 2026. Increasing utilization of sensor network and large availability of the predictive maintenance, automated process management solutions, and quality control solutions will boost adoption of industrial wireless sensor networks in these end-use industries.
• Temperature sensors and sound sensors will remain sought-after in the market, with revenues collectively estimated to account for over one-third market share by 2026-end.
• Machine monitoring will prevail as the largest application of industrial wireless sensor network, in terms of revenues.

The global industrial wireless sensor network market is characterized by the occupancy of numerous large- and small-scale companies, which in turn has made the market's nature highly fragmented. Lack of technological standardization is likely to intensifying the degree of the market competition. Small vendors fundamentally compete in terms of their ability of offering user-friendly & technologically advanced industrial wireless sensor networks, and aid end-use industries in maximizing their productivity.

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Expert analysis, actionable insights, and strategic recommendations - the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.

This release was published on openPR.