How Big is The Industrial Wireless Sensor Network Market?
IMARC Group, a leading market research company, has recently releases report titled “Industrial Wireless Sensor Network Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The global industrial wireless sensor network market size reached US$ 5.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 16.1 Billion by 2028, exhibiting a growth rate (CAGR) of 17.69% during 2023-2028.
An industrial wireless sensor network (IWSN) consists of tiny autonomous sensors or nodes that are physically distributed in space. It usually relies on radio frequency (RF) waves to monitor and communicate numerous conditions, including temperature, vibration, pressure, pollutants, motion, etc. An industrial wireless sensor network is easy to install and relocate while saving labor costs, energy, materials, etc., as compared to wired solutions. It enhances productivity as IWSN can directly supervise processes without any manual intervention. As a result, an industrial wireless sensor network finds extensive applications in machine health analysis, condition-based maintenance, automated metering, remote monitoring, inventory, vehicle, and personnel management, etc.
Industrial Wireless Sensor Network Market Trends and Drivers:
The escalating demand for IWSN to ensure seamless communication is primarily augmenting the industrial wireless sensor network market. Besides this, the rising utilization of artificial intelligence (AI), machine learning (ML), and Big Data analytics to analyze the large database of temperature, motion, pressure, gas, flow, and chemicals is acting as another significant growth-inducing factor. Furthermore, the development of network infrastructures and the widespread adoption of IWSN in the oil and gas sector to remotely monitor pipelines, natural gas leaks, and corrosion are positively influencing the global market. Apart from this, the growing popularity of industrial wireless sensor network in robotics for sensing, recognition, and interpretation of various programs is further catalyzing the market growth. Apart from this, the inflating need for Wireless HART and ISA-100.11a technologies in several sectors across countries is expected to fuel the industrial wireless sensor network market in the coming years.
Who are the key players operating in the industry?
The report covers the major market players including:
ABB Ltd, Analog Devices Inc., Banner Engineering Corp., Emersion Electric Co., Endress+Hauser Management AG, Honeywell International Inc., NXP Semiconductors N.V, Schneider Electric, Siemens AG, ST Microelectronics, Texas Instruments Inc. and Yokogawa Electric Corporation.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
- Hardware
- Software
- Service
Breakup by Sensor Type:
- Pressure Sensor
- Temperature Sensor
- Level Sensor
- Flow Sensor
- Biosensor
- Others
Breakup by Application:
- Machine Monitoring
- Process Monitoring
- Asset Tracking
- Safety and Surveillance
Breakup by End Use:
- Automotive
- Food and Beverages
- Manufacturing
- Mining
- Oil and Gas
- Utilities
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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