Industrial Wireless Sensor Network Market Expected to Increase at a CAGR 10.7% Through 2026
Persistence Market Research has announced the addition of the “Global Market Study on Industrial Wireless Sensor Network: Emphasis on Operation Efficiency to Drive the Market Growth During 2017 to 2026" report to their offering.
New York, NY -- (SBWire) -- 08/17/2018 --A new analytical research report composed by Persistence Market Research projects the global market for industrial wireless sensor network market to record a spectacular expansion during the assessment period 2017 to 2026. Revenues from worldwide sales of industrial wireless sensor network are estimated to close in on approximately US$ 7,000 Mn by 2026-end.
Operational efficiency has remained a key priority among various industries for retaining their position in the industrial marketplace, wherein competition is becoming intense. This has further prompted industries around the world to direct their focus toward implementation of automation technologies. Automation helps these industries in efficiently monitoring, managing, and controlling their processes, which in turn enables realization of operational efficiency. Automation can be achieved through deployment of industrial robots that enable maximizing productivity, meanwhile inhibiting manufacturing errors. Adoption of industrial robots and automation further entails the requirement for numerous wireless sensors and an efficient network of these sensors to carry out the processes effectively.
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Influence of the widespread economic development on demand for energy and power has been continuously increasing over the past few years, which in turn has been putting huge pressure on the oil & gas industry. In a bid to cater growing demand, oil & gas companies are exploring potential opportunities, while focusing on the upgradation of their existing processes. Effective deployment of a wireless sensor network has become a top priority within these companies, for increasing their productivity and achieving energy efficiency. This facilitates oil & gas industries to efficiently monitor the equipment condition, apart from maintaining industrial safety and efficiency.
Based on technology type, WirelessHART will continue to hold the largest market revenue share, with demand driven by its provision of user-friendly environment and effective maintenance of compatibility with systems, tools, and devices. In addition, WirelessHART seeks extensive adoption in open wireless communication for process management & monitoring applications.
North America will continue to spearhead the global industrial wireless sensor network market, in terms of revenues. Adoption of industrial wireless sensor network in the region's industrial sectors has surged tremendously in light of its easy access to data, easy installation, compactness, and elimination of the wired networks in movable parts and hazardous environments. Increasing investment in wireless connectivity by various industries is a key growth determinant for the market in North America.
Based on end-use industry type, automotive and food & beverage are expected to account for major shares of the market during 2017 to 2026. Increasing utilization of sensor network and large availability of the predictive maintenance, automated process management solutions, and quality control solutions will boost adoption of industrial wireless sensor networks in these end-use industries.Temperature sensors and sound sensors will remain sought-after in the market, with revenues collectively estimated to account for over one-third market share by 2026-end.Machine monitoring will prevail as the largest application of industrial wireless sensor network, in terms of revenues.
The global industrial wireless sensor network market is characterized by the occupancy of numerous large- and small-scale companies, which in turn has made the market's nature highly fragmented. Lack of technological standardization is likely to intensifying the degree of the market competition. Small vendors fundamentally compete in terms of their ability of offering user-friendly & technologically advanced industrial wireless sensor networks, and aid end-use industries in maximizing their productivity.
Highly innovation-driven, vendors in the market are continuously making enormous investments in the development of wireless sensor networks that consumer low energy & power, as well as the enhancement of these wireless sensors' battery life. Key market players listed in PMR's report include BeanAir, Banner Engineering Corp, NXP Semiconductors, Yokogawa Electric Corporation, Emerson Electric Co., Schneider Electric, Linear Technology, Honeywell International Inc., and STMicroelectronics.
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