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The industrial wireless sensor networks (IWSN) market size is estimated to grow at a CAGR of 14.72% between 2022 and 2027. The market size is forecast to increase by USD 4,126.03 million. The growth of the market depends on several factors, including the increasing adoption of Industry 4.0 and smart manufacturing processes, the growing demand for industrial automation and digitalization, and the need for real-time monitoring and control of industrial processes.
This industrial wireless sensor networks market report extensively covers market segmentation by technology (ZigBee, WirelessHART, ISA-100.11A, Wi-Fi, and Bluetooth), end-user (automotive, food and beverage, metals and mining, oil and gas, and waste management), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing adoption of Industry 4.0 and smart manufacturing processes are notably driving the market growth, although factors such as concerns regarding data security and privacy may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing adoption of Industry 4.0 and smart manufacturing processes is the key factor driving the growth of the global IWSN market. Global demand for IWSNs is driven by Industry 4.0 and the increasing adoption of smart manufacturing technologies. A new industrial revolution known as Industry 4.0 involves integrating cutting-edge technologies such as IoT, cloud computing, and data analytics to build smart factories. IWSN is a key part of Industry 4.0 as it enables end users to monitor and manage industrial processes in real-time.
IWSN provides advantages like improved efficiency, reduced downtime, and cost-effectiveness, which are increasingly needed for the digitalization and automation of manufacturing and other industrial processes. Thus, the increasing relevance of Industry 4.0 in many end-user industries is anticipated to fuel the growth of the global IWSN market during the forecast period.
The adoption of cloud-based IWSN solutions for data storage and analysis is the primary trend shaping the global IWSN market. The use of cloud-based IWSNs for data storage and analysis is a growing trend in the global IWSN market. The massive amounts of data generated by wireless sensor networks can be efficient and scalable, processed, and stored using cloud-based solutions. By enabling real-time data analysis and insights, these solutions help organizations make better decisions and streamline operations.
Using cloud-based solutions, the data can be easily accessed from any location and on any device, making it easier for businesses to operate their IWSN infrastructure. As more businesses look to leverage the advantages of cloud-based solutions for their industrial processes, this trend is anticipated to continue and drive the growth of the market in focus during the forecast period.
Increasing concerns about data security and privacy are major challenges impeding the growth of the global IWSN market. IWSN poses significant challenges in terms of data security and privacy. IWSN solutions collect and transmit sensitive data from industrial processes, making them highly vulnerable to issues such as unauthorized access, data breaches, and cyber-attacks. The IWSN system has inherent flaws that can be exploited by malicious actors to steal or manipulate data, causing serious harm to both businesses and individuals.
Additionally, the deployment and upkeep of IWSNs are made more challenging by the need for compliance with data protection laws like the General Data Protection Regulation (GDPR) in the EU and the California Consumer Privacy Act (CCPA) in the US. To address these issues and reduce the risk of data breaches and cyberattacks, businesses must implement strong security measures to guarantee the confidentiality, integrity, and availability of their data. This challenge is expected to hinder the growth of the global IWSN market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Industrial Wireless Sensor Networks (IWSN) Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd.: The company offers industrial wireless sensor networks which are used in electric vehicle applications.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the ZigBee segment will be significant during the forecast period. In the global IWSN market, Zigbee is a very commonly used wireless communication technology. In industrial applications, it provides low-power, low-cost, and dependable communication.
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The ZigBee segment was valued at USD 826.29 million in 2017 and continued to grow until 2021. Zigbee is suitable for IWSN application because of its low power consumption and ability to support huge networks. Applications such as asset tracking, environmental monitoring, and energy management all make heavy use of Zigbee. Therefore, Zigbee technology is expected to grow in these application areas and emerge as a preferred technology, contributing to the growth of the featured market during the forecast period.
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North America is estimated to contribute 29% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America held the major market share in the global IWSN market in 2022. A major share of the revenue was generated by the US, as it is the key manufacturing country in the region with a strong presence of industries such as power generation, oil and gas, automotive, food and beverage, and pharmaceutical. A few of the leading manufacturing industries in the US are steel, automotive, chemicals, food and beverage, and aerospace. Moreover, the market in North America is expected to gain traction due to the reshoring of manufacturing from low-cost countries back to the US and Mexico over the forecast period.
The IWSN market in the region witnessed a decline in its growth rate in 2020 due to the outbreak of the COVID-19 pandemic. However, in late 2020 as well as in the first half of 2021, the governments of several countries in the region announced a series of economic packages to help industrial units return to normalcy. Additional investments will be helpful in putting the regional economy back on track. In the first half of 2021, industrial activities resumed owing to the rising vaccination coverage. Such steps fueled the growth of the regional IWSN market in 2021 and 2022 as industries that are potential users of industrial sensors resumed their operations completely in 2021 and exhibited significant growth. This growth trend is expected to continue between 2023 and 2027 and drive the growth of the regional IWSN market during the forecast period.
The industrial wireless sensor networks market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global industrial wireless sensor network (IWSN) market as a part of the global electronic equipment and instruments market within the overall electronics market. The super parent global electronics market includes manufacturers of communications equipment, technology hardware storage and peripherals, electronic equipment and instruments, electronic components, consumer electronics, and industrial electronics products, as well as electronic manufacturing services. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Industrial Wireless Sensor Networks (IWSN) Market Scope |
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Report Coverage |
Details |
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Page number |
173 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 14.72% |
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Market growth 2023-2027 |
USD 4,126.03 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
14.5 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 29% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading vendors, market positioning of vendors, competitive strategies, and industry risks |
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Key companies profiled |
ABB Ltd., Advantech Co. Ltd., Analog Devices Inc., Banner Engineering Corp., Cisco Systems Inc., Dell Technologies Inc., Emerson Electric Co., Endress Hauser Group Services AG, Honeywell International Inc., Huawei Technologies Co. Ltd., Intel Corp., Lantronix Inc., Schneider Electric SE, Siemens AG, TE Connectivity Ltd., Texas Instruments Inc., Yokogawa Electric Corp., STMicroelectronics NV, and NXP Semiconductors NV |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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