DUBLIN--(BUSINESS WIRE)--The "Wireless Temperature Sensors Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The wireless temperature sensors market is expected to register a CAGR of 7% over the forecast period of 2019-2024.
NMP Europa, the Industrial Technologies Program, developed a wireless sensor that measures temperature in harsh environments, such as high-temperature furnace up to 700C, airplane engines, or chemical reactors.
- Substantial investments in the industry to innovate and develop new sensor technologies and upgrading existing infrastructure to support IoT and automation have been the primary trends impacting the industry on a global scale.
- Innovation in sensor technologies, such as smart and intelligent sensors and the low power consumption capabilities, are expected to support the adoption of wireless technologies in the market. All these factors are expected to contribute to the wireless temperature sensors market growth.
- The capabilities to operate without onboard power supply has further augmented the market opportunities for the wireless temperature sensors, as these devices can be placed in a remote location. For instance, surface acoustic wave devices can operate without an onboard power supply using a dedicated interrogation unit that is sensitive to temperature changes.
- However, higher infrastructure updating costs in order to maintain security needs stands as a major challenge for the market.
Major Market Trends
Building Automation Sector Expected to Hold Significant Share
- The integrated building solution system with wireless temperature sensors accesses control to share information and strategies to reduce energy consumption, improve energy efficiency management, and provide value-added functionality. This factor not only increases energy and operational efficiency but also provide a level of occupant control unmatched by single-purpose and non-integrated systems.
- Moreover, for the millions of building built over the past decades, smart HVAC systems are expected to become an essential investment opportunity if the companies are resolute to mitigate their effects on the environment and energy savings.
- Globally, owing to the increasing government regulations across developed and developing countries, most of the buildings need smarter heating and cooling in new buildings. The wireless temperature sensors are used in smart home devices to monitor physical and environmental conditions, such as temperature, to pass the data in a structured manner through the network to the primary location. So the growth in smart home devices is directly impacting the growth of wireless temperature sensors market.
North America Expected to Hold a Major Share
- Adoption of smart factories, intelligent manufacturing, and the presence of multiple industrial wireless temperature sensor manufacturers and system integrators in the different part of North America are expected to drive the growth in the market.
- In North America, 5G adoption initiative has made it possible for temperature sensor network to transfer multimedia files at a fast rate and enable MIMO (Multiple Input Multiple Output) networking capabilities. Furthermore, avoiding wired sensors and replace them with wireless temperature sensors in commercial spaces result in reduced maintenance and increased space availability.
- For instance, In the United States, existing wireless technologies in the communication industry, such as the IEEE 802.15.4 communication protocol with reduced power consumption by continuous investment in strengthening the 5G adoption, MIMO communication, and industry 4.0 capabilities are expected to create a supportive ecosystem for the market players.
- Additionally, the end-user industry's readiness for the adoption of new technology in the North America region is expected to present the market vendors the potential opportunities for the growth in the wireless temperature sensors market.
The wireless temperature sensors market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
2.1 Analysis Methodology
2.2 Research Phases
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
5 MARKET DYNAMICS
5.1 Introduction to Market Drivers and Restraints
5.2 Market Drivers
5.2.1 Increasing Adoption and Evolution of Wireless Technologies
5.2.2 Declining Unit Cost of Wireless Sensors
5.3 Market Restraints
5.3.1 Higher Security Needs and Infrastructure Updating Costs
6 TECHNOLOGY SNAPSHOT
6.1 Network Technology (Connectivity)
6.1.5 Other Network Technologies
6.2 By Technology
6.2.4 Other Technologies
7 MARKET SEGMENTATION
7.1 By End-user Application
7.1.1 Military and Security
7.1.4 Industrial Monitoring
7.1.5 Building Automation
7.1.6 Other End-user Applications
7.2.1 North America
7.2.4 Latin America
7.2.5 Middle East & Africa
8 COMPETITIVE LANDSCAPE
8.1 Company Profiles
8.1.1 ABB Ltd
8.1.2 Schneider Electric SE
8.1.3 Emerson Electric Co.
8.1.4 Analog Devices Inc.
8.1.5 NXP Semiconductors N.V.
8.1.6 General Electric Company
8.1.7 Honeywell International Inc.
8.1.8 Siemens AG
8.1.9 Texas Instruments Incorporated
8.1.10 Yokogawa Electric Corporation
8.1.11 Microchip Technology Inc.
9 INVESTMENT ANALYSIS
10 MARKET OPPORTUNITIES AND FUTURE TRENDS
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