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Wireless Sensors Market is Expected to Accumulate a Value of US$ 21.3 Billion by Registering a CAGR of 14.2% in the Forecast Period 2023 to 2031 - TMR Report

Friday, 23 June 2023 11:45 AM

WILMINGTON, DE / ACCESSWIRE / June 23, 2023 / Transparency Market Research Inc. - The global wireless sensors market was valued at US$ 5.7 Bn in 2021 and is projected to expand at a CAGR of 14.2% from 2022 to 2031 and reach US$ 21.3 Bn by the end of 2031.

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Rapid increase in implementation of wireless sensor network in industrial process monitoring and control systems presents lucrative growth opportunities for companies in the market. Ease of installation, low maintenance cost due to lack of wiring/cables, and flexibility of configuration and troubleshooting are key benefits, which have bolstered the preference for wireless sensors over conventional wired sensors in industrial automation applications for the past few years.

Continuous advancements in communication standards and protocols are broadening the wireless sensors market outlook. As a result of evolving standards, end-use industries are deploying wireless sensors, which is expected to accelerate market development in the next few years. An instance is many global oil & gas companies are benefitting from the deployment of wireless sensor network that uses ZigBee/IEEE 802.15.4 radio modules.

Rise in investments by governments in numerous countries in deployment of technologies used to monitor critical infrastructure is fueling market growth. Example is considerable investments made in wireless sensor networks that are used for condition monitoring in the railway industry. Surge in deployment of temperature sensors, pressure sensors, and vibration sensors in Industry 4.0 technologies is anticipated to strengthen the market size.

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Market Snapshot:

Report CoverageDetails
Market RevenueUS$ 5.7 Bn
Estimated ValueUS$ 21.3 Bn
Growth Rate - CAGR14.2%
Forecast Period2022-2031
No. of Pages168 Pages
Market SegmentationSensor Type, Application, End-user
Regions CoveredNorth America, Europe, Asia Pacific, Middle East & Africa, South America
Companies CoveredABB Ltd., Ambient Micro, Banner Engineering Corp., CAREL INDUSTRIES S.p.A., E+E Elektronik Ges.m.b.H., Emerson Electric Co., Honeywell International Inc., Monnit Corporation, OMEGA Engineering Inc., TE Connectivity, Texas Instruments Incorporated

Key Findings of Study

  • Rapid Adoption of Wireless Sensor Network Technology in IIoT: The usage of wireless sensors is rapidly expanding in a wide range of industrial applications. Wireless sensor system is widely utilized in SCADA systems. Rapid emergence of Industrial Internet-of-Things (IIoT) is anticipated to bolster the usage of smart wireless sensors and augment the market growth.
  • Steady increase in the demand for low power wireless sensor nodes in IIoT presents significant revenue opportunities for companies in the market. Considerable technological advancements in recent years for development of Power-over-Fiber-based wireless sensor system presents lucrative opportunities to companies in the market.
  • Rise in Usage of Wireless Sensors in Smart City Applications: Rise in deployment of wireless sensor networks in smart homes is expected to augment the market size in the next few years. Wireless sensor network is a crucial technology for a multitude of smart city applications. These include rise in usage of data from wireless sensors to improve traffic control and parking, deploy smart buildings, facilitate efficient city planning to manage and optimize city municipal resources. Surge in utilization of IoT in safety and security management is likely to spur the adoption of wireless sensors in smart city projects.

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Wireless Sensors Market: Key Growth Drivers

  • Extensive utilization of smart sensors in industrial automation and conditioning monitoring applications is a key factor that is expected to drive the market evolution. Considerable adoption of wireless sensor network technology in SCADA in numerous industries, such as oil & gas, power generation, chemical, automotive & transportation, and consumer electronics, is driving the expansion of the market; for instance, the preference for wireless sensors in system meant for real-time supervisory control for industrial processes.
  • Rapid digital transformation of many industries is a significant driver of the wireless sensors market. Demand for wireless industrial Internet of Things (IoT) sensor stems from steady need for wireless transmission of data in end-use industries. Example is a rise in utilization of wireless sensors for real-time monitoring of the health of critical assets in manufacturing facilities.

Regional Growth Dynamics

Asia Pacific is anticipated to account for the leading share of the global wireless sensors market from 2022 to 2031. Surge in adoption of wireless sensors in numerous industries, such as automotive, consumer electronics, and manufacturing, is anticipated to propel the market.

Surge in demand for wireless sensor network in industrial automation and control monitoring applications is expected to drive the market in the region. Rapid pace of urbanization in developing countries such as India, China, and Japan is likely to bolster the demand for wireless sensors in smart city projects, where the sensors are used in remote sensing and monitoring applications.

The market in North America is projected to offer lucrative opportunities for companies from 2022 to 2031. Rapid deployment of industrial wireless sensor networks in the region is anticipated to generate significant revenue to these companies in the near future.

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Competition Landscape

The competition landscape is characterized by a high degree of fragmentation due to presence of a large number of players in the global wireless sensors market.

Prominent companies in the market are

  • ABB Ltd.
  • Ambient Micro
  • Barner Engineering Corp
  • CAREL Industries S.p.A.
  • Emerson Electric Co.
  • Honeywell International Co.
  • Monnit Corporation
  • OMEGA Engineering Inc.
  • TE Connectivity
  • Texas Instruments Incorporated

Wireless Sensors Market Segmentation

Sensor Type

  • Pressure Sensor
  • Temperature Sensor
  • Level Sensor
  • Photoelectric Sensor
  • Positioning & Proximity Sensor
  • Gas Sensor
  • Environmental Sensor
  • Others (Biosensor, Flow Sensor, etc.)

Application

  • Industrial Monitoring
  • Water Quality Monitoring
  • Health Monitoring
  • Area Monitoring
  • Air Pollution Monitoring
  • Security & Surveillance
  • Others (Forest Fire Detection, Landslide Detection, Etc.)

End-user

  • Consumer Electronics
  • Automotive & Transportation
  • Aerospace & Defense
  • IT & Telecom
  • Industrial
  • Energy & Utility
  • Healthcare
  • Others (Building & Construction, Food & Beverage, etc.)

Region

  • North America
  • South America
  • Europe
  • Asia Pacific
  • Middle East & Africa

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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SOURCE: Transparency Market Research inc.

Topic:
Company Update
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