FREMONT, CA: The global industrial wireless sensor network (IWSN) market is likely to grow by a CAGR of 15 percent, reaching USD 954.06 million by 2020, forecasts Technavio. To calculate the market size, the report considers revenue generated from the implementation of wireless sensor networks in industrial facilities throughout industries and geographies. The report anticipates Asia Pacific to outpace other regions in next few years.
Industries are now replacing wired sensors with their wireless alternatives, as it facilitates industries in achieving both cost and energy efficiency. Applications of wireless sensor networks enable industries to easily implement effective processes. This enables them to achieve operational and energy efficiency and in turn, increase productivity. “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.” Says Sunil Kumar Singh, Research Analyst, Technavio.
Growth in the automation and industrial robots, which require a number of wireless sensors, is predicted to lead to the rise in demand for IWSNs. “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 industrial automation and robotics is resulting in a rise in demand for wireless sensors worldwide, thereby contributing to the growth of the global IWSN market,” adds Sunil.
To increase their productivity and achieve energy efficiency, oil and gas companies are also incorporating the use of wireless sensors in their plants and refineries.
North America has major 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. But the presence of several manufacturing plants in China, the growth of the oil and gas, metals and mining, and aerospace industries in India, and the growth of the automotive industry are expected to bring the change. APAC is predicted to become the leading market in the next few years with 34 percent of the total shares, overtaking America, which is currently dominating the market with 33.2 percent market share. EMEA is said to hold 29.4 percent of the global IWSN market. The rest of the world, comprising Russia and other countries, account for only 4.5% share of revenue in the global IWSN market. 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.