Rise in demand for Industrial Automation and IIoT is anticipated to boost Industrial Wireless Transmitter market during the forecast period 2021-2026. Industrial Wireless Transmitter Market Size is forecast to reach $6.7 billion by 2026, at a CAGR of 8.6% during 2021-2026.
The wireless transmitters market was in the growth phase in 2020 and is projected to reach $6.7 billion by 2026 at a CAGR of 8.6%. The traditional transmitters are being replaced by wireless transmitters owing to their additional functional attributes. Wireless transmitters are projected to continue in the growth stage for the next few years. Adoption rates for these devices are growing due to the introduction of multivariable transmitters as well as governmental regulations driving the need for transmitters. The shift from traditional transmitters to wireless transmitters is projected to be the key growth factor. There is increased penetration, especially in APAC region, as changes in governmental regulations and the increased efficiency are driving the market.
Industrial Wireless Transmitters are used to measure and transmit information regarding a system or process. Industrial Wireless Transmitters can be classified based on the type into six major types, such as general purpose, temperature, level, pressure, flow and tank gauging transmitters. These are further broken down based on the transmission range into three major types, namely: short range, medium range and long range. The introduction of multivariable transmitters is set to result in significant growth in the market as companies launch new products and functionality of these multivariable transmitters rises. These transmitters are majorly used in the process industries and also find application in the transportation and defence industries. The increasing governmental regulations in APAC and Europe have spurred the adoption of flow transmitters. Stringent government policies and lower installation and maintenance costs of these transmitters are the key drivers for this market. Some of the major drivers include shale gas revolution in North America which will lead to increased adoption of wireless transmitters and the increasing demand for accurate measurements in order to improve operational efficiency. The improving power consumption and energy efficiency of wireless transmitters is propelling the market due to increased demand for functionality and reliability.
Wireless transmitters have been gaining popularity. These transmitters are preferred more over the wired transmitters and are replacing the vast wired transmitters market. The ease of installation and lower costs associated with these devices is the major driver. These devices typically have lower installation and maintenance costs when compared with wired transmitters. They typically have lower installation costs by eliminating the cost of wiring runs. These transmitters can also cover tight spots due to the lack of wiring, less hardware and remote access capabilities. These devices can be banded together to cover a large area with lesser devices and thereby result in lower operating costs as well. Another key reason for the increased utilization of the wireless transmission is their high reliability and rugged hardware design. Advancements in wireless communication have resulted in improved data transmission rates, reliability and security. The launch of new wireless transmission products with these improved capabilities will result in higher adoption in the market. The wireless transmitters are highly stable and offer greater reliability when compared with wired transmitters. The interference and cross-talk, leading to distortion of data, in wired transmission has led to an increased shift to wireless transmission as the security of the wireless communication grows with improved technology. The shift to digital technology in the recent future will lead to improved security of the transmitters and their communication. Wireless transmitters are extremely rugged and are preferred over wired transmitters as they can function efficiently in rainstorms, lighting storms, snow, fog and in presence of low frequency magnetic fields. Lower installation and maintenance costs of wireless transmitters coupled with their reliability and rugged design will propel their adoption over the next few years.
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Industrial Wireless Transmitter Market Growth Drivers:
Penetration of IoT
The growing penetration of IoT in in the industries is analyzed to create significant opportunities for the market growth rate during the forecast period 2021-2026. The significant usage of the IoT solutions in the warehouses, manufacturing sector, and so on is set to boost the industrial wireless transmitters market. As a part of digital warehouse solutions implementation, DHL supply chain partnered with Tetra Pak to implement its first digital twin warehouse in Asia Pacific, for better visibility of safety processes and inventory management in July 2019. Adding to this, In 2020 Honeywell stated that around 63% of consumer-packaged goods and 60% of third-party logistics industries are utilizing the automated material handling technologies the most to help grow their businesses. Hence the significant deployment of the wireless transmitters inn the automated technologies is set to impact the market growth rate. Moreover, the growing investments in IoT despite COVID-19 is further contributing to the market growth rate.
The Major Players in this Market Include
Major players in Industrial Wireless Transmitter include ABB Ltd. AMETEK, Inc., Johnson Electric Holdings Limited, Siemens AG, Rockwell Automation, Schneider, Honeywell, GE and Yokogawa among others.
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