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Wireless Sensor Network Global Market Report 2024 To 2033 | NXP Semiconductors N.V., Texas Instruments Inc, Emerson Electric Co, STMicroelectronics N.V., Infineon Technologies AG
Wireless Sensor Network Market Share
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According to The Business Research Company's, The wireless sensor network market size has grown rapidly in recent years. It will grow from $89.44 billion in 2023 to $104.66 billion in 2024 at a compound annual growth rate (CAGR) of 17.0%. The growth in the historic period can be attributed to emerging markets growth, an increasing demand for smart consumer devices and a rise in demand for remote monitoring..
The wireless sensor network market size is expected to see rapid growth in the next few years. It will grow to $201.1 billion in 2028 at a compound annual growth rate (CAGR) of 17.7%. The growth in the forecast period can be attributed to government investments in government support, an increasing demand for electric vehicles, rising urbanization and an increasing internet penetration. Major trends in the forecast period include mergers and acquisitions, technological development, partnerships and collaborations, internet of things (iot) connectivity and product innovations..
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Market Drivers and Trends:
The increasing demand for smart consumer devices is expected to propel the growth of the wireless sensor network market. The demand for smart consumer devices is growing due to comfort, convenience, ease of use, automation, affordability, security, and other reasons that make people's lives better. This increasing demand for smart consumer devices will create demand for the wireless sensor network as it is one of the technologies used to make consumer devices smart and intelligent by using IoT and automation. The wireless sensor networks address needs such as remote home monitoring and the general public's growing concern about safety, security, and convenience. For instance, according to a survey by Oberlo, a Lithuania-based software company, in 2022, nearly 57.4 million US households are actively using smart home devices, which is a 6.7% increase from 2021, during which 53.8 million households were using smart home devices. Thus, the increasing demand for smart consumer devices will drive the growth of the wireless sensor network market.
Major companies in the wireless sensor network market are focused on developing new technological solutions to strengthen their position in the market. For example, in October 2021, Honeywell, a US-based conglomerate, unveiled an all-new aircraft cockpit system, the first in the industry built with an always-on, cloud-connected experience that improves flight efficiency, operations, safety and comfort. Honeywell Anthem is powered by a flexible software platform that can be customized for virtually every type of aircraft and flying vehicle, including large passenger and cargo planes, business jets, helicopters, general aviation aircraft, and the rapidly emerging class of advanced air-mobility (AAM) vehicles. Further, in June 2021, Salunda Limited, a UK-based offshore wireless network solution provider, launched the Hawk wireless sensor network to provide reliable and secure connectivity of critical production, operational and safety systems in the oil and gas industry. Offering the latest in robust standalone technology, the patent-protected Hawk network can accommodate more than 5,000 ultra-low power sensors as part of a fully integrated and functioning wide area network, providing real-time location and monitoring of people and equipment operating in hazardous environments.
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Major Key Players of the Market:
Panasonic, Daikin Industries Ltd, Carrier, Mitsubishi Electric, LG Electronics, Midea Group Co. Ltd., Johnson Controls, Twin City Fan and Blower, Greenheck Fan Corporation, Honeywell International Inc., Skanray Technologies Pvt. Ltd, LifeLine Biz Pvt. Ltd, Advanced Energy Industries Inc, Zhongshan Aden Environmental Technology Co. Ltd, Suzhou Mia Intelligent Technology Co. Ltd, Beijing Holtop Air Conditioning Co. Ltd, Shandong Beideli HVAC Equipment Co. Ltd, Porzellanfabrik Hermsdorf GmbH, TLT-Turbo GmbH, DOD Technologies Inc, Kemper GmbH, LK Metallwaren GmbH, Michell Instruments Ltd, ALNOR VENTILATION SYSTEMS LTD, Bluevent Air Systems Sp. Z O.o, Telzas ETC Group, Vent-Ex Sp. Z O.o., Entalpia Europe Sp. z o. o., KOMFOVENT, CaptiveAire Systems, Nortek Air Solutions, MW Solutions, Nomad Go, Accruent, Lijan Insulation Contracting LLC, Constromech Fzco, Air Master Equipments Emirates LLC, Bisan Inc, Modern Systems for Environmental Tech. Co., Munters, Bacharach Inc, Acme Engineering Prod., Eigenbrodt GmbH & Co, Atlas Air Conditioning, CFW Fans, Trox Africa, FabricAir South Africa, Univent, Daikin Egypt, Aerovent
Wireless Sensor Network Market 2024 Key Insights:
• The wireless sensor network market size is expected to see rapid growth in the next few years. It will grow to $201.1 billion in 2028 at a compound annual growth rate (CAGR) of 17.7%.
• Rising Demand For Smart Consumer Devices Boosts Wireless Sensor Network Market Growth
• Industry Leaders Spearhead Innovation With Advanced Technological Solutions In The Wireless Sensor Network Market
• North America was the largest region in the wireless sensor network market in 2022
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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