The global industrial wireless sensors market to grow at a CAGR of 11.09% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global industrial wireless sensors market for 2017-2021. To calculate the market size, the report focuses on the current and forecast market conditions of the major industrial wireless sensor products and the end-users, which will impact the growth of the market. The report also includes a discussion of the key vendors operating in this market.
The global industrial wireless sensors market is extremely dynamic, with the rapid technological advances strengthening its products and applications. The need for monitoring and analyzing real-time data is one of the major factors spurring the use of industrial wireless sensors. These industrial sensors are transducers that alter a physical quantity into electrical signals. The signal indications are processed through an electronic automation system and portray physical variations or error signals in the device or instrument.
Based on this, industrial wireless sensors are classified into the following types: flow, temperature, pressure, gas sensors, and others. The 'others' segment includes proximity, level, position, bio, velocity and vibration sensors. These industrial sensors have a high degree of precision, reliability, range, variety and sensitivity, and enable advanced control and automation of industrial processing units.
One trend in market is high growth potential in emerging economies. In emerging economies, many businesses are small and medium scale and in most cases, cannot fully incorporate sensor devices for manufacturing or other business activities. This is because the capital investment required for the procurement of industrial wireless sensors is high. With the increasing availability of industrial wireless sensors in recent years coupled with some reduction in the cost of such industrial wireless sensors, there has been a substantial increase in penetration.
According to the report, one driver in market is increasing demand for wireless sensors in oil and gas industry. Worldwide, economic development has led to a significant growth in many countries across the globe, especially in the developing and Organization of the Petroleum Exporting (OPEC) countries. As a result, the demand for energy and power is continuously increasing, which has given rise to the demand for oil and gas globally. Following the rise in the demand for oil and gas worldwide, the global oil and gas industry is focusing on the efficient supply of crude oil.
To cater to the growing demand, oil and gas companies need to expand their exploration opportunities and upgrade their existing processes to withstand the pressure of the growing demand. It is also further challenged by the low prices of crude oil from 2014, which brought many E&P projects to a halt, with some projects even being canceled. To increase productivity and to achieve energy efficiency, oil and gas companies are focusing on the effective deployment of wireless sensors in their plants, refineries, and production sites.
Further, the report states that one challenge in market is high cost of bandwidth. Industrial wireless sensors are used widely with sensor networks, which connect the device to the control room. Industrial wireless sensor network operations are available with both licensed and unlicensed bandwidth. The licensed bandwidth reduces the interruptions