Wireless Sensors Networks Market Overview:
‘Real-time’ data is a trend penetrating through numerous sectors such as healthcare, automotive, manufacturing, and industrial that are progressing towards complete automation with the advent of AI and IoT. Owing to this trend wireless sensors network market has emerged as an imperative installation for efficient and real time operations to increase productivity catering to unprecedented consumption. Wireless sensors generate and deliver data via wireless sensors networks, which are a network of spatially circulated sensors employed to monitor several environmental as well as physical conditions and send it to main server for further processing. Abundant scope of application in financial services, automation, healthcare, environmental sensing, oil and gas, transportation, infrastructure, and smart-home devices has driven the wireless sensors network market to a staggering market size of $29.23 billion. Moreover, wireless sensors networks produce a substantial amount of data that can return actionable insights, instigating the uninterrupted process enhancement.
Wireless Sensors Networks Market Outlook:
Wearable medical devices incorporate wireless sensors for several health care monitoring purposes including heartbeat and blood pressure calculator, generating and transferring real time patient data via wireless sensors network, and its market is forecast to reach $41 billion by 2020. Similar affluence in other downstream sectors adapting automation and IoT such as automotive, manufacturing and industrial arcade is escalating opportunities in the wireless sensors networks market to be progressing at a global compound annual growth rate (CAGR) of 18.24% during the forecast period of 2019-2025.
Regional viewpoint of the global wireless sensors network market indicates North America to be the most lucrative terrain holding the apex spot in terms of demand. This region hosting some of the globally advance settlements such as the United States and Canada sourced 35.31% of global wireless sensors networks market demand in 2018. The sheer affluence could be attributed to its numerous sectors equipped with cutting-edge technology and compatibility in terms of infrastructure to install intricate wireless sensors and its networks.
Some factors supporting the argument:
· Smart home appliances market as an imperative future security solution, a luxury tool and a healthcare solution catering pediatric citizen stationed at home is major employer of wireless sensor network market connecting several devices. Some example of such sensors are surveillance and security sensors, motion and positioning sensors. Hence, North America being a global leader in smart home appliances forum capturing 31.57% of global demand in 2018, is generating substantial opportunities for wireless sensors networks market.
· Similarly, Industrial IoT market is a mega-trend in North America, as this region generated 33.5% of global market demand in 2018. IIot platforms for efficient operations install wireless sensors networks hosting industrial monitoring devices and autonomous sensors in industrial facilities to track real-time production, field services, asset tracking, and facility management to quickly adapt to any required changes and cease any adverse economic effect caused by delays. Some censors commonly applied in industries are temperature sensors, pressure sensors, level sensors, flow sensors, humidity sensors, gas sensors. Thus, North American enormous industrial facilities incorporating IIot platforms is a profitable nucleus for wireless sensors networks market.
Wireless sensors networks being an imperative modern-era tool for connectivity has found a tremendous scope of end-use applications such as medical, energy, defense, agriculture, offices and residential. But one application segment delivering tremendous opportunities for the wireless sensors market is the banking, financial services and insurance (BFSI), progressing with an application CAGR of 20.53% going through 2025. The sheer affluence and grip of technological services over the traditional banking domain cab be indicated by the fact that the digital economy now accumulates nearly 16% of the global GDP and as per the Bureau of Economic Affairs 4% of the digital economy is captured by finance and insurance. Now to effectively and smoothly operate such an enormous share of economy, wireless sensors network is an imperative tool for the BFSI.
Wireless Sensors Networks Market Trends and Growth Drivers:
· Smart cities is one of the major trend disrupting the wireless sensors network market. With continuous innovations and technological advancements, improvisations in terms of smart-cities complementing safety, health and overall wellbeing of residents is the catch. Smart cities projects globally are trending application avenue for advanced sensor and networks, information and communication generated and transferred in real-time can help dealing with issues like air pollution, structural health waste management, traffic optimization, and energy efficiency. A smart city connected over wireless network sensors can locate and detect hazards and signal precautions.
· Autonomous vehicles are significantly reliant on wireless technologies. The automotive applications of wireless sensors networks include car theft control, automobile pollution control, headlight intensity control, vehicle health monitoring and vehicle site detection. In 2012, Google achieved the first self –driven vehicle license in Nevada, with its self-driving cars completing a voyage of 8 million kilometers as of March 2018, which a sheer example of wireless sensors network integrated with autonomous vehicles. ITS (Intelligent Transport System) is only achievable via wireless sensors networks.
Wireless Sensors Networks Market Players Perspective:
Some of the key companies identified in the report that are currently holding majority shares in the wireless sensor network market are Intel Corporation, ABB Ltd., Texas Instruments Inc., Huawei Investment & Holding Co., Cisco Systems Inc., STMicroelectronics N.V., TE Connectivity Ltd., NXP Semiconductor N.V., Dell Inc., Hewlett Packard Enterprise Company, Robert Bosch GmbH, Advantech Co., Ltd., Honeywell International Inc., Broadcom Limited, Infineon Technologies AG, Emerson Electric Company, Analog Devices Inc., Eurotech S.p.A, Invensense Inc., and Sensirion AG.
· In 2017, Honeywell came up with novel connected gas sensors to support safe industrial operations. The new Sensepoint XRL is a stationed gas sensor that monitors industrial processes for particular perilous gases, such as carbon monoxide or methane.
· ABB in 2017 delivered a continuous wireless network to an industrialized area within Durban, South Africa. This field area network empowered connectivity to the Ellipse asset management software (EAM) from ABB, which controlled the maintenance of the intricate electrical and stormwater assets.
Wireless Sensors Networks Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the wireless sensors market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various types of applications in global wireless sensors market, and their specific advantages.
The Wireless Sensors Networks Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include: