Industrial Wireless Sensor Network Market

According to Stratistics MRC, the Global Industrial Wireless Sensor Network Market is accounted for $6.81 billion in 2023 and is expected to reach $19.85 billion by 2030 growing at a CAGR of 16.5% during the forecast period. The industrial wireless sensor network (IWSN) is a wirelessly connected network of distributed sensing platforms. IWSN uses wireless technology to transmit signals to the control room from remote locations. The system can also be remotely managed, troubleshot, and watched over. Additionally, it is primarily utilized for data processing and process control monitoring.

According to Intel's Whitepaper, wireless sensors have a reliability of more than 99%, making them ideal for automation, monitoring, and prevention.



Market Dynamics:

Driver:

Rising usage of industrial wireless sensor network

Industrial wireless sensor technology has become more prevalent as it allows businesses to remotely monitor and control a variety of parameters, such as temperature, vibration, pressure, and others, which saves time and money. Additionally, the need for low-cost industrial automation systems like industrial wireless sensor networks is growing due to the need to increase process efficiencies and meet corporate financial goals. Furthermore, their crucial contribution to the development of dependable, self-healing systems that react to real-time events with the appropriate actions is promoting the market's expansion.

Restraint:

Maintenance and deployment costs

An industrial setting can require costly and time-consuming installation and maintenance of wireless sensor networks. The price of the network infrastructure, sensors, and ongoing maintenance are all included in this. Furthermore, interoperability between various sensors and systems becomes essential as industrial processes develop and grow. Such factors are limiting market growth.

Opportunity:

Increase in demand for remote monitoring

Industrial monitoring and diagnostics are being transformed by a technology called the wireless sensor network (WSN). With the aid of this technology, monitoring stations for sensor networks can be outfitted with cheap, power-efficient WSNs. These networks are made up of battery-powered motes that can quickly assemble a network. Sensors can communicate wirelessly with one another within this network. Consumer-grade applications that could profit from the use of wireless sensor networks include remote controls, home automation, and computer peripherals.

Threat:

Privacy concerns and Security

Along with the advancement of technology that facilitates increased communication, the rate of data breaches is rapidly increasing. Data will become more crucial as the number of active connections and devices keeps growing exponentially. Due to the network platforms' recent construction, their security compliance is not very strong. As a result, it is difficult to develop analytics solutions for a variety of applications that are tailored to specific verticals, which hinders the growth of the market for wireless sensor networks.

Covid-19 Impact

The market was negatively affected by the COVID-19 pandemic outbreak. Industries were temporarily shut down as a result of the pandemic's emergency lockdown, which was imposed by regional government bodies to stop the virus from spreading. Furthermore, a trade business was impacted by social norms that encourage social distance and a travel ban. This gap between demand and the supply chain and the subsequent need to halt production had a significant impact on the market. Because of the global COVID case count's gradual decline, the market is anticipated to soon resume its uptrend.

The WirelessHART segment is expected to be the largest during the forecast period

The WirelessHART market segment is anticipated to dominate the market due to benefits like the provision of a user-friendly environment by maintaining compatibility with current tools, systems, and devices. WirelessHART makes it possible for open wireless communication to be widely used, including in applications for process measurement and monitoring. It is also widely used in industries like manufacturing, utilities, and oil and gas due to benefits like cost effectiveness and simplicity. These various elements are promoting the segment's expansion.

The oil & gas segment is expected to have the highest CAGR during the forecast period

The oil and gas segment is anticipated to grow at a significant CAGR during the forecast period. Due to IWSNs' excellent communication, sensing, and processing capabilities, which make them ideal for keeping track of various downstream, midstream, and upstream operations in the oil and gas industry, a further factor driving the segment's growth is the use of IWSNs, which lower maintenance and malfunctioning costs while also boosting output and reducing the likelihood of accidents.

Region with largest share:

Owing to the presence of a strong manufacturing sector, the North American regional market is estimated to dominate during the forecast period. Additionally, businesses in the area are among the first to adopt cutting-edge technologies for process improvement and raising health and safety standards. Another important factor propelling the expansion of the North American regional market is the growing use of IWSN by oil and gas companies for offshore operations.

Region with highest CAGR:

Due to the increasing adoption of smart manufacturing processes, the Asia-Pacific regional market is expected to experience the highest growth. Industrial automation technologies have been rapidly adopted in APAC nations, particularly in China and India, to streamline production processes, lower operating expenses, and boost overall effectiveness. Programs have been started by some APAC governments to encourage the creation and use of wireless sensor networks across a range of industries. As a result, market growth could be boosted by these initiatives.



Key players in the market

Some of the key players profiled in the Industrial Wireless Sensor Network Market include ABB, Advantech, Analog Devices, Broadcom, Cisco Systems, Dell, Emerson Electric, Eurotech, Hewlett Packard Enterprise, Honeywell, Huawei, Infineon Technologies, Intel, Invensense, Lantronix, Inc., NXP Semiconductors, Schneider Electric, Sensirion AG, Siemens AG, Srobert Bosch, Stmicroelectronics, TE Connectivity, Texas Instruments and Yokogawa Electric Corporation.

Key Developments:

In August 2023, ABB is investing in a strategic partnership with Pratexo, an edge-to-cloud acceleration platform company. The partnership involves a minority investment in Pratexo through ABB’s venture capital unit, ABB Technology Ventures (ATV). Financial details of the investment were not disclosed.

In August 2023, Viavi Solutions has launched the industry’s first Reduced Capability (RedCap) device emulation for 5G network testing. It enables true performance validation for the Internet of Things (IoT) and private networks based on a new class of simpler, lower-cost devices including wearables, industrial wireless sensors, and video surveillance. This solution is based on the TM500 network test platform, used by the majority of network equipment manufacturers for base station performance testing.

In February 2023, Tata Communications and Oasis Smart SIM announced the launch of SanCloud, an embedded subscriber identity module (eSIM). The solution offers monitoring and remote controlling for the operational performance of industrial equipment.

Types Covered:
• Chemical Sensor Networks
• Flow Sensor Networks
• Gas Sensor Networks
• Humidity Sensor Networks
• Level Sensor Networks
• Light Sensor Networks
• Motion & Position Sensor Networks
• Pressure Sensor Networks
• Temperature Sensor Networks
• Other Types

Components Covered:
• Hardware
• Service
• Software

Applications Covered:
• Machine Monitoring
• Process Monitoring
• Asset Tracking
• Safety & Surveillance

End Users Covered:
• Automotive
• Food & Beverages
• Manufacturing
• Mining
• Oil & Gas
• Utilities
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026 and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances