Industrial Wireless Automation Market: Exploring Opportunities in Market 2024

The industrial wireless automation market size has grown strongly in recent years. It will grow from $4.8 billion in 2023 to $5.18 billion in 2024 at a compound annual growth rate (CAGR) of 8%. The growth in the historic period can be attributed to increased demand for remote monitoring and control, remote monitoring and control, demand for real-time data, increased productivity.

The industrial wireless automation market size is expected to see strong growth in the next few years. It will grow to $7.08 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to expansion of IoT and edge computing, demand for remote monitoring and predictive maintenance, growth of smart manufacturing and industrial IoT. Major trends in the forecast period include integration with industry 4.0 initiatives, rapid adoption of 5G technology, AI and machine learning integration, focus on cybersecurity.

Market Overview -
Industrial wireless automation refers to the use of wireless technology to automate and control industrial processes, enabling remote monitoring, data collection, and operation without the need for physical connections or wires. It enhances flexibility, scalability, and efficiency in industrial operations while reducing installation costs and enabling real-time decision-making.

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Automotive Industry Drives Expansion Of Industrial Wireless Automation Market
The rising automotive industry is expected to propel the growth of the industrial wireless automation market going forward. The rising automotive industry is due to a combination of economic, technological, regulatory, and societal factors and the adoption of cleaner and more efficient vehicles. Wireless automation systems can facilitate real-time monitoring and control of manufacturing equipment and processes. This enables manufacturers to optimize production throughput, minimize downtime, and identify and address issues promptly. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based intergovernmental organization, global motor vehicle production reached 85.4 million units in 2022, marking a 5.7% increase compared to the previous year. Therefore, the rising automotive industry is driving the growth of the market.

Competitive Landscape -
Major companies operating in the industrial wireless automation market are Siemens AG, Cisco Systems Inc., Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Eaton Corporation plc, Emerson Electric Co., Rockwell Automation Inc., Omron Corporation, Phoenix Contact GmbH & Co KG, Endress+Hauser AG, Yokogawa Corporation of America, Belden Inc, Rittal GmbH & Co KG, Advantech Co Ltd, Sick AG, Weidmüller Interface GmbH & Co KG, HARTING Technology Group, Pepperl+Fuchs AG, B&R Industrial Automation GmbH, Digi International Inc, Moxa, Turck Holding GmbH, Banner Engineering Corp., OleumTech Corporation, ProSoft Technology Inc.

Advancements In Industrial Wireless Automation With Focus On IoT Controllers
Major companies operating in the industrial wireless automation market are focusing on developing IoT-enabled devices such as IoT controller N20K48, to gain a competitive edge and enhance customer offerings. An IoT (Internet of Things) controller is a device or gateway that is a centralized control point for managing and coordinating IoT devices and systems within a networked environment. The IoT controller acts as a central hub, facilitating communication, data processing, and control within industrial wireless automation systems, optimizing operational efficiency and enabling real-time decision-making in industrial environments. For instance, in May 2023, Novus International, Inc., a US-based industrial automation and control solutions company, launched an IoT controller, N20K48. This controller features a Wi-Fi micromodule that simplifies the integration of legacy devices, making communication between devices affordable and straightforward. The micro module, which uses four slots of the N20K48 controller dock, includes an RP-SMA connector compatible with the panel and magnetic antennas for communication within panels.

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Key Segments -

The industrial wireless automation market covered in this report is segmented -
1) By Product: Process Industry, Discrete Industry
2) By Organization: Large Enterprise, Small And Medium-sized Enterprises (SMEs)
3) By Application: Oil And Gas, Petrochemical, Water And Wastewater, Energy, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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