DUBLIN–(BUSINESS WIRE)–The “Wireless Sensors Market – Growth, Trends, and Forecast (2019 – 2024)” report has been added to ResearchAndMarkets.com’s offering.
The wireless sensors market is expected to grow at a CAGR of 24.2% during the forecast period 2019-2024. The increase in the adoption of wireless technology will drive the wireless sensor market in the forecast period.
- Wireless sensors are used in factory settings for data monitoring of production flow. They are also used in building automation, defense, and other industries like materials handling and food & beverage. Quest for new energy sources, renewable energy development, government regulations, and rapid technological advancements are the key drivers propelling market growth.
- Wireless sensors are also a vital component in smart grids for remote monitoring of transformers and power lines where they are put into service to monitor line temperature and weather conditions.
- The government regulation for the increased use of the sensor for safety has driven the market. For Instance, the areas with difficult environmental conditions such as extreme temperature, high pressure etc, with the help of the wireless sensors, it can be constantly controlled and monitor the facility from a safe distance. They can also acquire the data from the locations which is difficult to access.
- The major challenge for the wireless market would be the constraints in the bandwidth, since its a wireless technology, also the compatibility of the sensor with the previously installed variety of devices.
Major Market Trends
Applications in Aerospace & Defence to Drive Market Growth
- With the increase in defense expenditure, wireless sensors are an emerging technology area with many applications within the defense industry. Integrated vehicle health monitoring (IVHM) of aerospace vehicles is needed to ensure the safety of the crew and the vehicle, yet often high costs, weight, size, and other constraints prevent the incorporation of instrumentation onto spacecraft.
- The rigid core does not necessarily require wireless sensors; however, the flexible shell does, since wires do not always survive the folding process. Different kinds of sensors are used for different purposes.
- For instance, pressure sensors are used to check for the pressure in the cabin and entire aircraft. Temperature sensors are used to monitor the temperature of the engine and other motor parts. Impact detection, leak detection, condensation on the inside surface of the bladder, humidity, pressure, and strain, could be measured with wireless sensors. The shape of the structure during folding and after deployment also needs monitoring.
North America to Account for a Significant Market Share
- The growth of North America’s wireless sensors market is currently being driven by the application in the end-user segment and environmental impact on sensors. Manufacturers focus on investing in R&D activities to improve the accuracy and reliability of these wireless sensors.
- Wireless sensors are used in factory settings for data monitoring, the flow of production, and other similar functions as well as in building automation, defense, and other industries like material handling and food and beverage.
- The increasing quest for new energy sources, renewable energy development, government regulations, and rapid technological advancements are the key drivers that are making the wireless sensors market to grow lucratively. They are also a vital component in smart grids for remote monitoring of transformers and power lines where they are put into service to monitor line temperature and weather conditions.
- Further, industry participants emphasize product differentiation in order to avoid price competition. North America is currently the largest market in the global wireless sensors market. It accounted for around 35% market share of the global wireless sensors market and is estimated to be the largest market during the forecast period.
The major players include General electric, Yokogawa Electric Corporation, Honeywell International Inc., Texas Instruments Incorporated, Schneider Electric, Emerson Electric Co, and Rockwell Automation Inc, among others. The market is fragmented due to the high competition between top players in the industry. Hence, the market concentration will be low.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers & Restraints
4.3 Market Drivers
4.3.1 Increasing Adoption of Wireless Technologies (Especially in Harsh Environments)
4.3.2 Emergence of Smart Factory Concepts (Industrial Automation)
4.4 Market Restraints
4.4.1 Bandwidth Constraints & Compatibility Issues due to Variety of Standards
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness – Porter’s Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
5 TECHNOLOGY SNAPSHOT
5.1 Type of Connectivity
5.1.2 WiFi & WLAN
5.1.7 Other Types of Sensors
6 MARKET SEGMENTATION
6.1 By Type
6.1.4 Chemical & Gas
6.1.5 Position & Proximity
6.1.6 Other Types
6.2 By End-user Industry
6.2.3 Aerospace & Defence
6.2.4 Energy & Power
6.2.5 Oil & Gas
6.2.6 Food & Beverage
6.2.7 Other End-user Industries
6.3.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 Rest of Asia-Pacific
6.3.4 Rest of the World
220.127.116.11 Latin America
18.104.22.168 Middle East & Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 General Electric
7.1.2 Yokogawa Electric Corporation
7.1.3 Honeywell International Inc.
7.1.4 Schneider Electric
7.1.5 Emerson Electric Co.
7.1.6 Texas Instruments Incorporated
7.1.7 Rockwell Automation Inc.
7.1.8 ABB Ltd.
7.1.10 Siemens AG
7.1.11 Freescale Semiconductors Inc.
7.1.12 Endress+Hauser S.A.
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
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Related Topics: Wireless Sensors