The global industrial wireless sensor network market size is expected to reach USD 8,669.8 million by 2025, growing at a CAGR of 15.2% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. The benefits offered by IWSN over wired networks, such as mobility, self-discovery capability, compact size, cost-effectiveness, and reduced complexity, are anticipated to play a significant role in increasing global demand.
IWSN
is an advanced method of communication between two or more remotely located
devices without interruption. The systems comprise nodes that act as access
points to form a better communication system. In IWSN, sensor nodes are
connected through various wireless technologies such as ZigBee, Wi-Fi,
Bluetooth, and WirelessHART. Increasing adoption of wireless communication,
need for strong connectivity across remote locations, and demand for network
infrastructure are expected to fuel market growth.
Recent
advancements in the fields of Internet of Things (IoT) and Artificial
Intelligence (AI) have further increased demand for wireless networks and
strong connectivity. Accelerated adoption of these technologies by the oil and
gas, manufacturing, utilities, and automotive verticals is expected to boost
the growth of the industrial wireless sensor network market. In addition, key
players in the market are investing heavily in R&D to explore the scope of
the technology for innovations, integration, and new product developments. For
instance, ABB Ltd., which has 7 research centers and more than 8,000
technologists, invested USD 1.5 billion in R&D in 2016.
The
hardware segment is anticipated to witness substantial growth as they detect
activities and send information from one device to another through various
communication technologies. Increasing miniaturization of electronic components
and advancements in communication technology make it possible to develop a
seamless network. The software handles device-specific tasks, such as
initialization of hardware, memory management, and process management, as well
as scheduling. The software segment generated the highest revenue in 2016 and
the trend is expected to continue over the forecast period.
Global
players in the IWSN market are collaborating with new entrants to provide
improved products and systems with enhanced performance. In January 2017,
Honeywell Process Solutions collaborated with AEREON to develop solutions that
help the industrial sector improve operational efficiency, safety, and
reliability.
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Further key
findings from the study suggest:
- The software segment is
anticipated to emerge as the fastest-growing segment over the forecast
period owing to the increasing demand for advanced process & control
monitoring, data collection, and data processing software.
- The gas sensors segment is
anticipated to emerge as the fastest growing segment due to rapidly
increasing focus on workplace safety in industries such as oil & gas,
pharmaceuticals, chemical & petroleum, building automation, and food
& beverages.
- The Asia Pacific regional
market is expected to grow at the highest CAGR from 2019 to 2025 owing to
the significant growth in manufacturing sector in developing countries
such as India and China.
- The cellular network segment
is expected to witness fastest growth over the forecast period due to the
rapidly growing demand for Low Power Wide Area Network (LPWAN)
technologies-based Internet of Things (IoT) devices using LTE-M and
Narrowband-IoT (NB-IoT) networks.
- Key players operating in the
IWSN market include ABB Limited, Analog Devices, Inc.; Honeywell Process
Solutions, Lantronix, Inc.; NXP Semiconductors, Schneider Electric,
Siemens AG, STMicroelectronics N.V., Texas Instruments Inc.; and Yokogawa
Electric Corporation, among others.
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Grand View Research has segmented
the global Industrial Wireless Sensor Network market based on component, type,
technology, application, end use, and region:
Industrial Wireless
Sensor Network (IWSN) Component Outlook (Revenue, USD Million, 2014 - 2025)
- Hardware
- Software
- Service
Industrial Wireless
Sensor Network (IWSN) Type Outlook (Revenue, USD Million, 2014 - 2025)
- Temperature Sensors
- Pressure Sensors
- Level Sensors
- Flow Sensors
- Humidity Sensors
- Motion & Position
Sensors
- Gas Sensors
- Light Sensors
- Chemical Sensors
- Others
Industrial Wireless
Sensor Network (IWSN) Technology Outlook (Revenue, USD Million, 2014 - 2025)
- Bluetooth
- ZigBee
- Wi-Fi
- Near Field Communication
(NFC)
- Cellular Network
- WirelessHART
- ISA 100.11a
Industrial Wireless
Sensor Network (IWSN) Application Outlook (Revenue, USD Million, 2014 - 2025)
- Machine Monitoring
- Process Monitoring
- Asset Tracking
- Safety & Surveillance
Industrial Wireless
Sensor Network (IWSN) End Use Outlook (Revenue, USD Million, 2014 - 2025)
- Automotive
- Food & Beverages
- Manufacturing
- Mining
- Oil & Gas
- Utilities
- Others
Industrial Wireless
Sensor Network (IWSN) Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- Middle East & Africa
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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