USD 4.97 billion
Industrial Wireless Sensor Networks (IWSN) Market Size, Share, Growth Analysis, By Offering(services, software, and hardware), By End use(Building Automation, Banking, Financial Services, and Insurance (BFSI)), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45H2024 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|Tables:
69
|Figures:
75
Industrial Wireless Sensor Networks (IWSN) Market Insights
Industrial Wireless Sensor Networks (IWSN) Market size was valued at USD 8.62 billion in 2022 and is poised to grow from USD 9.23 billion in 2023 to USD 16.02 billion by 2031, growing at a CAGR of 7.13% during the forecast period (2024-2031).
A network infrastructure called an industrial wireless sensor network (IWSN) makes it possible to connect sensor nodes and gateways without the use of fibre cables. Through radio nodes configured in suitable topologies, it also makes improved communication possible. As a result, the demand for IWSN has been growing over the past few years, and this trend is anticipated to continue during the course of the forecast. The demand for network infrastructure is expected to increase over the upcoming years, and big data analytics, artificial intelligence (AI), and machine learning (ML) advancements will all contribute to this growth.
These technologies have made it possible for businesses to examine the massive amounts of data collected from many sorts of sensors, including temperature, motion, pressure, gas, flow, and chemical, to name a few. In order to provide flawless communication via wireless networks, emerging economies around the world place a strong emphasis on developing communication links between industrial devices. As a result of their capacity to operate without interruption in challenging distant areas, industries like oil & gas and utilities are deploying wireless sensor networks. For industrial applications like environmental sensing, condition monitoring, and process automation, major sectors like utilities, oil & gas, and automotive are embracing wirelessly connected devices like sensor nodes, routers, and gateways. Infrastructure for wireless sensor networks has been put in place as a result of consumers' increasing usage of connected gadgets.
US Industrial Wireless Sensor Networks Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2023-2030
Global Market Size
Largest Segment
software
Fastest Growth
software
Growth Rate
7.13% CAGR
Global industrial wireless sensor networks (IWSN) Market ($ Bn)
Country Share for North America Region (%)
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Industrial Wireless Sensor Networks (IWSN) Market Segmental Analysis
The global Industrial Wireless sensor network market is segmented into offerings, end use, and region. By offering Industrial Wireless sensor network market is segmented into services, software, and hardware. On the basis of end use Building Automation, Financial Services, and Insurance (BFSI), Banking, Industrial, Wearable Devices, Healthcare, Retail, and Others based on the end-user industry. Based on region, the Industrial Wireless sensor network market is segmented into North America, Latin America, Europe, Asia Pacific, and MEA.
Industrial Wireless Sensor Networks Market Analysis by Offering
The market is divided into three categories based on offerings: services, software, and hardware. The software sector dominated the market due to the growing need for self-organizing networks and service-oriented software architecture. Additionally, it is anticipated to have the fastest growth rate over the forecasted time frame. The market in industries has been further bolstered by the implementation of Software Defined Network (SDN) in the IWSN to increase efficiency and sustainability.
Industrial Wireless Sensor Networks Market Analysis by End Use
The market is divided into Building Automation, Banking, Financial Services, and Insurance (BFSI), Industrial, Wearable Devices, Healthcare, Retail, and Others based on the end-user industry. Due to wireless sensor networks' crucial contribution to the development of new technologies that assist patient monitoring, diagnostics, and therapy, the healthcare sector commands a sizable portion of the market. As healthcare systems advance, it is anticipated that medical devices that can monitor daily activities and gather crucial data through sensors in emergency rooms, as well as data analytics tools, will become more crucial.
Global industrial wireless sensor networks (IWSN) Market By Type
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Industrial Wireless Sensor Networks (IWSN) Market Regional Insights
During the anticipated period, Due to the presence of key players and technological improvements, North America is anticipated to hold the biggest market share over the projection period.
Since there is an increase in demand for wireless sensor networks from a variety of end-use sectors, including the automotive, food and beverage, and manufacturing, the Asia Pacific is anticipated to grow at the quickest rate over the projection period. Asia Pacific is anticipated to hold a larger market share for industrial wireless sensor networks. The presence of well-established businesses throughout the area, particularly in China and Japan, has led to an increase in the adoption of industrial wireless sensor networks, which is primarily responsible for the expansion. Additionally, Asia Pacific is anticipated to have the highest CAGR of any region.
During the projection period, Latin America is anticipated to be the second-largest market for industrial wireless sensor networks. Due to strict regulatory frameworks and rising demand from end-use sectors, the European market is expected to grow at a moderate rate.
Global industrial wireless sensor networks (IWSN) By Region
- Largest
- Fastest
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Industrial Wireless Sensor Networks (IWSN) Market Dynamics
Industrial Wireless Sensor Networks Market Drivers
Surge of Driverless Vehicles to Bolster Market Growth
- Since wireless networks are crucial to driverless automobiles, there has been a surge in demand for them globally in recent years. The increased popularity of driverless vehicles has fueled this requirement. These networks are used in a range of automotive applications, including as the management of car pollution, the prevention of vehicle theft, the control of headlight intensity, the identification of vehicle locations, and the monitoring of vehicle health. Additionally, the sensors used in autonomous vehicles help to strengthen vehicle connectivity and reduce the amount of maintenance needed. As a result, the use of these networks in the automotive industry is increasing.
- Due to its ability to remotely monitor and control a range of variables, including temperature, pressure, and vibration, industrial wireless sensor technology is becoming more and more common. Thanks to wireless sensor technology, businesses can now increase their operational cost-effectiveness and efficiency. Additionally, it helps organisations reach their financial objectives by offering cutting-edge solutions and services. These factors increase the demand for low-cost industrial automation systems, which favourably affects the growth of the wireless sensor network market.
Industrial Wireless Sensor Networks Market Restraints
Concerns related to Data Privacy to Hinder Market Growth
- Together with the advancement of technology that facilitates increased communication, the number of data breaches is rapidly increasing. Data will be more and more crucial as the number of connected devices and connections keeps growing exponentially. The network platforms' security compliances are not very strong because they have only recently been constructed. Due to the necessity of ensuring the security of corporate data while developing analytics solutions for a number of applications that are specialised to distinct verticals, this serves as a barrier to the growth of the market for wireless sensor networks.
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Industrial Wireless Sensor Networks (IWSN) Market Competitive Landscape
The major competitors in the market offer services for garbage collection, transportation, and disposal through vertical integration throughout the supply chain. As a result, operational costs are optimised, profit margins are raised, and the enterprises are able to capture a large portion of the market.
Industrial Wireless Sensor Networks Market Top Player's Company Profiles
- ABB Ltd.
- Emerson Electric Co.
- Honeywell International Inc.
- Siemens AG
- Schneider Electric SE
- Yokogawa Electric Corporation
- Texas Instruments Inc.
- Endress+Hauser AG
- NXP Semiconductors N.V.
- STMicroelectronics N.V.
- Linear Technology Corporation
- Atmel Corporation
- Analog Devices, Inc.
- Broadcom Inc.
- General Electric Company
- Rockwell Automation, Inc.
- Advantech Co., Ltd.
- Cisco Systems, Inc.
- Digi International Inc.
- Murata Manufacturing Co., Ltd.
Industrial Wireless Sensor Networks Market Recent Developments
- In September 2022, Intel launched the 13th Gen Intel Core processor family alongside the new Intel Unison solution.
Industrial Wireless Sensor Networks (IWSN) Key Market Trends
- The growing need for IWSN to improve industrial device connectivity and enable perfect wireless system communication is one of the key factors driving the market. To assess the enormous database of temperature, motion, pressure, gas, and chemicals, big data analytics, machine learning, and artificial intelligence (AI) are also being used more frequently. This is contributing to the market's growth, together with the developing network infrastructure.
- Furthermore, the expanding need for IWSN in the oil and gas industry to remotely monitor pipelines, gas leaks, and corrosion is offering industry investors attractive development possibilities. Furthermore, ISA-100.11a and WirelessHART technologies are in greater and greater demand from a variety of international businesses. Together with the increased demand for internet of things (IoT) connected items like smart mobiles, refrigerators, fire alarms, door locks, bicycles, and fitness trackers around the world, this is having a beneficial impact on the market. The market is also developing as a result of the increased use of IWSN in robotics for sensing, recognition, and programme interpretation.
Industrial Wireless Sensor Networks (IWSN) Market SkyQuest Analysis
SkyQuest’s ABIRAWA (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research
According to our global industrial wireless sensor networks (IWSN) market analysis, The rising demand for industrial wireless sensor networks across various sectors and applications is majorly responsible for the growth factors of the Industrial Wireless Sensor Network (IWSN) market. The hardware segment is expected to grow significantly as it detects activities and transmits data from one device to another via various communication technologies.
The miniaturisation of electronic components and advancements in communication technology enable the development of a seamless network. The software handles device-specific tasks such as hardware initialization, memory management, process management, and scheduling. The hardware segment is expected to grow significantly as it detects activities and transmits data from one device to another via various communication technologies.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 4.97 billion |
| Market size value in 2030 | USD 9.02 billion |
| Growth Rate | 7.13% |
| Base year | 2023 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Industrial Wireless Sensor Networks (IWSN) Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Industrial Wireless Sensor Networks (IWSN) Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Industrial Wireless Sensor Networks (IWSN) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Industrial Wireless Sensor Networks (IWSN) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Industrial Wireless Sensor Networks (IWSN) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Industrial Wireless Sensor Networks (IWSN) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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