DUBLIN--(BUSINESS WIRE)--The "Wireless Sensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Wireless Sensors Market was valued at USD 4,435.7 million in 2020 and is expected to reach a value of USD 15,998.2 million in 2026, registering a CAGR of about 23.5% during the period from 2021 to 2026.
- Honeywell International Inc.
- Schneider Electric SE
- Emerson Electric Co.
- Texas Instruments Incorporated
- Siemens AG
- ABB Ltd.
- Point Six Wireless LLC (Mesa Laboratories Inc.)
- Pasco Scientific
- Monnit Corporation
- Phoenix Sensors LLC
Key Market Trends
Energy and Power Are Expected to Witness Significant Growth
- Energy conservation is increasingly essential to reduce power consumption and its associated costs and minimize environmental impact for any enterprise, including a business's environmental footprint. For improved energy conservation, accurate wireless sensor measurements are required in portable and stationary weather stations, wind energy systems, testing devices for diesel truck emissions, wind engineering concerning new building design aerodynamics, high-altitude weather research balloons, ocean research, water pollution control devices, atmospheric studies, and smokestack mercury sampling.
- Zero power wireless sensors require energy processing low power management circuitry to monitor the transducer output power, store energy, and deliver power to the rest of the wireless sensor. Energy harvesting helps in powering wireless sensor networks in industrial apps. Advancements in low-power and reliable wireless communications, together with improvements in sensor and energy harvesting technologies, make it more practical and efficient to use these types of communications instead of a wired infrastructure.
- Energy harvesting-based autonomous wireless sensor nodes are a convenient and cost-effective solution. The utilization of energy harvesting removes one of the critical factors limiting the proliferation of wireless nodes. The power-conserving characteristics of sensor nodes enable them to work for years without battery replacement. Significant economic advantages are realized when zero wireless power sensors are deployed vs. hard-wired solutions.
- Boilers and furnaces are used in various applications ranging from thermal power plants to residential heating systems. Optimizing the operation of boilers and furnaces with wireless sensors can improve fuel efficiency. According to a researcher in UMass Lowell, a 1% improvement in boiler efficiency will provide energy savings of around 30 billion kilowatt-hours, which corresponds to about 300 billion cubic feet of natural gas and about 17 million tons of carbon emission saved.
Asia Pacific Accounts for Largest Market Share
- The Asia Pacific is one of the largest regions in the electrical and electronics manufacturing market. The region is also a significant vendor of wireless sensor technologies, especially in China and Japan.
- China is also the world's largest car market and the world's largest production site for cars, including electric cars, with much growth potential. According to the China Association of Automobile Manufacturers (CAAM), in September 2021, approximately 317,000 commercial vehicles were sold in China. Sales in China accounted for about 32.56% of global motor vehicle sales. In 2020, around 0.25 million plug-in hybrid cars had been sold in China, which increased from less than 0.1 million a few years back.
- As these industries account for a significant portion of the wireless sensor market, the region offers an excellent opportunity over the forecast period. The growing concept of connected cars and regulations regarding automotive safety is also expected to drive the adoption of wireless sensors in the region.
- Another reason for increasing the adoption of wireless sensors is the region's high activity level in deploying these sensors to enhance its growing IT healthcare market and to innovate new healthcare equipment and devices.
- Recently, Yokogawa Electric Corporation announced the release of the Sushi Sensor, an OpreX brand wireless solution, in Japan. The sensor is a compact wireless device with integrated sensing and communication functions that are intended for use in the monitoring of plant equipment vibration and surface temperature.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Technology Snapshot
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.4 Technology Snapshot
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Adoption of Wireless Technologies (Especially in Harsh Environments)
5.1.2 Emergence of Smart Factory Concepts (Industrial Automation)
5.2 Market Challenges
5.2.1 Higher Security Needs and Cost Associated with the Sensor Products
5.2.2 Concerns Pertaining to Cybersecurity in the IoT Space and Recent Developments
6 MARKET SEGMENTATION
6.2 End-user Industry
7 COMPETITIVE INTELLIGENCE
7.1 Company Profiles
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/dyxlej