A leading global technology research and advisory company, Technavio has predicted through their analyst forecasts the global industrial wireless sensor network (IWSN) market is likely to reach USD 954.06 million by 2020, according to their latest report. The company who develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries in a statement that the research study covers the present scenario and growth prospects of the global IWSN market for 2016-2020. To calculate the market size, the report considers revenue generated from the implementation of wireless sensor networks in industrial facilities throughout industries and geographies. Sunil Kumar Singh, a lead research analyst at Technavio, specializing in sensors, says, “Industrial facilities and buildings require proactive expansion in order to sustain in the competitive environment. Consecutively, the ideal design for an industrial building involves scope for expansion so that the structure can accommodate any new machines and future building requirements. Wired sensors require conduit spaces within the building structure for effective installation. This incurs extra costs for industries during expansion, as there is an additional work of designing the conduits for wired sensors.”
The Top major vendors in the market will be:
|Honeywell Process Solutions|
“Industrial automation and robotics employ a variety of wireless sensors such as proximity sensors, range sensors, force sensors, and motion sensors. Wireless sensors also form indispensable components of industrial robotics to enable sensing, recognition, and interpretation. As wireless sensors play a significant role in automation, the growth of industrialautomation and robotics is resulting in a rise in demand for wireless sensors worldwide, thereby contributing to the growth of the global IWSN market,” asserts Sunil.
According to the report, as of 2016, the Americas constitute a major share of 33.2% of the global IWSN market. APAC with 32.9% market share follows the Americas, whereas EMEA accounts for 29.4% of the global IWSN market. The rest of the world (ROW) comprising Russia and other countries account for a minimal 4.5% share of revenue in the global IWSN market.
The IWSN market in the US is the largest in the world and is likely to retain its leading position during the forecast period. North America is home to major multinational companies (MNCs) that are making significant investments in IoT and industrial IoT(IIoT) in an effort to increase productivity, enable product tracking throughout their life cycle, and to deliver high quality products. Moreover, countries such as Brazil are one of the major growth economies in the world and are currently undergoing major technological advances and expansion in the industrial sector. With the expansion of industries, these countries will need efficient monitoring of their processes to stay in line with competitors worldwide. This will further drive the adoption of IWSNs in the region during the forecast period.
Technavio hardware and semiconductor analysts highlight the following three factors that are contributing to the growth of the global IWSN market:
- Replacement of wired sensors
- Growth of industrial automation and robotics
- Increase in demand for wireless sensors in oil and gas industry
Another area that will have exploration opportunities is the oil and gas industries. In order to cater to the growing demand for oil and gas, companies need to expand their exploration opportunities and upgrade their existing processes. To increase their productivity and achieve energy efficiency, oil and gas companies are focusing on the effective deployment of wireless sensors in their plants and refineries. Effective deployment of wireless sensors facilitates efficient monitoring of equipment condition apart from monitoring industrial safety and efficiency for oil and gas companies. This helps the companies in satisfying the growing demand and also ensures achievement of energy and operational efficiency.