According to a recent report published by Allied Market Research, titled,Industrial Wireless Sensor Network Market by Sensor, Technology, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global industrial wireless sensor network market was valued at $573 million in 2016, and is projected to reach at $1,200 million by 2023, growing at a CAGR of 11.0% from 2017 to 2023.
Presently, North America dominates the industrial wireless sensor network market. However, China is expected to register the highest growth in Asia-Pacific by 2023. Moreover, the UK is anticipated led the overall market in the European region in 2023. Presently, the U.S. dominates the North American market.
Surge in popularity of industrial wireless sensor technology has driven the market growth. Furthermore, low cost and easy deployment of industrial wireless sensor network fuel the growth of the market. However, data security and privacy concerns are expected restrain the growth of the market.
Industrial wireless sensor network has transformed the controlling and monitoring process, as it controls, troubleshoots, and monitors various parameters such as temperature, vibration, pressure, and others remotely. This reduces cost, time, and the hassle of installing & maintaining wired sensor network. Furthermore, the benefits offered by IWSN such as easy deployment, flexibility, self-organization, and intelligent processing capability are attracting organizations towards it. However, increase in data security concerns related to data access from Bluetooth networks, Zigbee, IoT other wireless network are expected to hinder the market growth.
Key Findings of the Industrial Wireless Sensor Network Market:
- Oil & gas generated the highest revenue in 2016.
- In 2016, the Wi-Fi segment accounted for the highest revenue in the industrial wireless sensor network.
- Asia-Pacific is anticipated to exhibit the highest revenue in 2023.
In 2016, the Wi-Fi segment dominated the global industrial wireless sensor network market, in terms of revenue. However, based on sensor type, others sensor segment led the global market, followed by flow sensor in 2016.
The key players profiled in the report include ABB Ltd., STMicroelectronics, Honeywell International Inc., Texas Instruments, Inc., Siemens AG, Endress+Hauser AG, Linear Technology Corporation, NXP Semiconductors, Schneider Electric, and Emersion Electric.
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