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Wireless Sensor Network Market Overview
Factors including the rapid industrial automation, growing demand for home appliances, increasing government initiatives for developing smart cities, and rising demand for sensors from the automotive industry are pushing the growth of the global wireless sensor network market.
A wireless sensor network is a system of sensors, working cooperatively to transfer real-time data. These are self-configured networks, which help collect information from the physical environment and then wirelessly transmit the data to a base station. Each sensor in the network supports each other to transmit the information to the base station. The sensors sense physical and environmental conditions, such as temperature, pressure, humidity, and sound.
The software category, within the offering segment, is expected to witness the highest growth rate, in the wireless sensor network market, during forecast period (2020–2030). Software is an integral part of a wireless sensor network system, where it is the governing element for the decision making. The software is responsible for controlling a number of functions in a wireless sensor device, which include data transfer, power management, self-configuration, and fault tolerance. Further, due to the increasing advancements in the software, to increase interoperability and safety & security in the sensors, the software category is progressing significantly.
Based on sensor, image sensor is projected to register the highest CAGR, in the wireless sensor network market, during forecast period. The fast growth of image sensors can be attributed to the growing demand for surveillance and monitoring industrial activities. Further, the rising security concerns, as a result of rising crime rate and increasing terrorist activities and the increasing use of these sensors in industries including healthcare, industrial, automotive, retail, aerospace and defense, and banking, financial services, and insurance (BFSI), are some of the major factors driving the growth of the image sensor market.
Building automation is the major application area in the wireless sensor network market. Basic, wired building automation systems are being replaced by wireless variants, to make them more scalable. Consumers are preferring wireless sensor networks, owing to their changing needs, over time. Such networks are highly compatible for situations in which the building configuration changes over time. Moreover, such devices are being adopted where the building structure is quite complex, therefore wired connections are not a suitable option.
North America held the largest revenue share in the wireless sensor network market in 2019. The continent is at the forefront of technological innovations, globally, and here, the development of smart cities and adoption rate of building and factory automation is quite high. Apart from this, North America accounts for the largest share of technologically advanced healthcare facilities in the world. Moreover, the increasing penetration of wearable devices is another of the major driving factors for the market in North America.
Wireless Sensor Network Market Dynamics
The increasing government initiatives toward developing smart cities is being observed as one of the major driving factors for the growth of the wireless sensor network market. Wireless sensor networks are used in a smart city for a number of applications, including traffic monitoring, intelligent connected street lights, waste tracking, and pollution management. The smart city market is expected to reach over $25 trillion by 2025, with government initiatives being the major driver for its growth. For instance, in 2015, Government of India allocated resources for developing 100 smart cities across the nation, under the Smart City Mission.
Wireless Sensor Network Market Competitive Landscape
With the presence of numerous players, the wireless sensor network market is highly competitive in nature. Further, the players in the market are collaborating with each other to combine technologies and provide better solutions to end users. For instance, In January 2020, Honeywell International Inc. collaborated with Verizon Communications, to integrate the latter’s Managed Connectivity LTE solutions into its smart meters, to develop next-generation smart grids. This technology will enable energy utility companies to better manage the energy distribution during periods of peak demand.
Some of the key players operating in the global wireless sensor network market include ABB Ltd., Intel Corporation, Honeywell International Inc., Huawei Investment & Holding Co., Texas Instruments Inc., STMicroelectronics N.V., Cisco Systems Inc., NXP Semiconductors N.V., Hewlett Packard Enterprise Company, Robert Bosch GmbH, Advantech Co. Ltd., Broadcom Limited, Emerson Electric Company, Infineon Technologies AG, Eurotech S.p.A, Analog Devices Inc., Sensirion AG, and Invensense Inc.
The report will also provide a country-wise analysis. Some of the major countries that are covered in the report are the U.S., Canada, the U.K., Germany, France, Italy, Spain, Russia, Poland, China, Japan, India, South Korea, Australia, Thailand, Indonesia, Malaysia, Singapore, Mexico, Brazil, Argentina, Colombia, Peru, South Africa, the U.A.E., Saudi Arabia, Israel, Turkey, Iran, Qatar, and Kuwait.
Wireless Sensor Network Market Segmentation
Market Segmentation by Offering
Market Segmentation by Sensor Type
Market Segmentation by Connectivity
Market Segmentation by Application
Market Segmentation by End User
Market Segmentation by Geography