SAN FRANCISCO, March 6, 2018 /PRNewswire/ --
The global industrial wireless sensor network (IWSN) market size is anticipated to reach USD 8.67 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a 14.5% CAGR during the forecast period. Benefits offered by IWSN over wired networks, such as mobility, self-discovery capability, compact size, cost-effectiveness, and reduced complexity, are anticipated to play a significant role in increasing global demand.
IWSN is an advanced method of communication between two or more remotely-located devices without interruption. The systems comprise nodes that act as access points to form a better communication system. In IWSN, sensor nodes are connected through various wireless technologies such as ZigBee, Wi-Fi, Bluetooth, and Wireless HART. Increasing adoption of wireless communication, need for strong connectivity across remote locations, and demand for network infrastructure are expected to fuel market growth.
Recent advancements in the fields of Internet of Things (IoT) and Artificial Intelligence (AI) have further increased demand for wireless networks and strong connectivity. Accelerated adoption of these technologies by the oil and gas, manufacturing, utilities, and automotive verticals is expected to boost the growth of the industrial wireless sensor network market. In addition, key players in the market are investing heavily in R&D to explore the scope of the technology for innovations, integration, and new product developments. For instance, ABB Ltd., which has 7 research centers and more than 8,000 technologists, invested USD 1.5 billion in R&D in 2016.
The hardware segment is anticipated to witness substantial growth as they detect activities and send information from one device to another through various communication technologies. Increasing miniaturization of electronic components and advancements in communication technology make it possible to develop a seamless network. The software handles device-specific tasks, such as initialization of hardware, memory management, and process management, as well as scheduling. The software segment generated the highest revenue in 2016 and the trend is expected to continue over the forecast period.
Global players in the IWSN market are collaborating with new entrants to provide improved products and systems with enhanced performance. In January 2017, Honeywell Process Solutions collaborated with AEREON to develop solutions that help the industrial sector improve operational efficiency, safety, and reliability.
Browse full research report with TOC on "Industrial Wireless Sensor Network (IWSN) Market Analysis Report By Component (Hardware, Software, Service), By Type, By Technology (Bluetooth, ZigBee, Wi-Fi, NFC), By Application, By End Use, And Segment Forecasts, 2014 - 2025" at: https://www.grandviewresearch.com/industry-analysis/industrial-wireless-sensor-networks-iwsn-market
Further Key Findings From the Report Suggest:
- Demand for IWSN has increased over the years owing to benefits such as elimination of complexity and cost-effectiveness as compared to wired networks
- The hardware segment generated the highest revenue in 2016, owing to increased adoption for process monitoring in industries such as automotive, oil and gas, and mining
- Numerous vendors are implementing compatible software for real-time monitoring of data from sensor nodes
- Global players in the IWSN market are collaborating with new entrants to provide improved products and systems with enhanced performance
- The Asia Pacific region is predicted to witness remarkable growth over the forecast period owing to increasing applications of WSN in automotive, manufacturing, and oil and gas industries
- Key players in the market include ABB Ltd., Siemens AG, Schneider Electric, Yokogawa Electric Corporation, and Texas Instruments.
Browse related reports by Grand View Research:
- Wearable Technology Market - The global wearable technology market size was valued at over USD 18 billion in 2014, owing to rapid adoption worldwide. Increasing consumer awareness and rising technically sound population is also anticipated to drive demand over the forecast period.
- IoT Market - The global Internet of Things (IoT) market size was valued at USD 605.69 billion in 2014. Technological proliferation and increasing investments are expected to drive the global market over the next seven years.
- Printed And Chipless RFID Market - The global printed and chipless RFID market size was estimated at over USD 2 billion in 2014. The increasing need among companies for supply chain visibility and inventory management is driving the industry demand.
- Commercial UAV Market - The global commercial UAV market size was valued at USD 500 million in 2014 and is expected to grow at a CAGR of approximately 17% over the forecast period. Surging application in government and retail industry sector is expected to drive the global market for the next seven years.
Grand View Research has segmented the global IWSN market based on component, type, technology, application, end use, and region:
- Industrial Wireless Sensor Network Component Outlook (Revenue, USD Million, 2014 - 2025)
- Industrial Wireless Sensor Network Type Outlook (Revenue, USD Million, 2014 - 2025)
- Temperature Sensors
- Pressure Sensors
- Level Sensors
- Flow Sensors
- Humidity Sensors
- Motion & Position Sensors
- Gas Sensors
- Light Sensors
- Chemical Sensors
- Industrial Wireless Sensor Network Technology Outlook (Revenue, USD Million, 2014 - 2025)
- Near Field Communication (NFC)
- Cellular Network
- Wireless HART
- ISA 100.11a
- Industrial Wireless Sensor Network Application Outlook (Revenue, USD Million, 2014 - 2025)
- Machine Monitoring
- Process Monitoring
- Asset Tracking
- Safety & Surveillance
- Industrial Wireless Sensor Network End use Outlook (Revenue, USD Million, 2014 - 2025)
- Food & Beverages
- Oil & Gas
- Industrial Wireless Sensor Network Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Read Our Blog By Grand View Research: https://www.grandviewresearch.com/blogs/technology
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519
SOURCE Grand View Research, Inc.