Dublin, March 21, 2024 (GLOBE NEWSWIRE) -- The "Wireless Sensor Network Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The wireless sensor network market size is expected to see rapid growth in the next few years. It will grow to $201.1 billion in 2028 at a compound annual growth rate (CAGR) of 17.7%. Forecasted growth is fueled by government investments, support, increased demand for electric vehicles, rising urbanization, and expanding internet penetration. Key trends include heightened mergers and acquisitions, ongoing technological developments, increased partnerships and collaborations, widespread adoption of IoT connectivity, and continuous product innovations.
The escalating demand for smart consumer devices is set to drive the growth of the wireless sensor network market. This surge in demand is attributed to the desire for enhanced comfort, convenience, ease of use, automation, affordability, and security in consumers' lives. Smart consumer devices have become increasingly popular due to their ability to make daily life more efficient and intelligent, utilizing technologies such as the Internet of Things (IoT) and automation. The wireless sensor network is a key technology employed in making these devices smart. Addressing needs such as remote home monitoring and the growing concerns of the general public regarding safety, security, and convenience, wireless sensor networks play a crucial role. As per a survey by Oberlo, a Lithuania-based software company, in 2022, approximately 57.4 million US households actively use smart home devices, reflecting a 6.7% increase from 2021 when 53.8 million households utilized such devices. This increased demand for smart consumer devices is expected to propel the growth of the wireless sensor network market.
The surge in demand for electric vehicles is poised to support the expansion of the wireless sensor network market. Wireless sensors play a vital role in managing various functions in electric vehicles, including engine control systems, air conditioners, power windows, braking systems, headlights, and steering. In October 2022, the World Economic Forum reported that approximately 4.3 million new battery-powered electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) were sold globally in the first half of 2022, with BEV sales growing by 75% and PHEVs by 37% compared to the previous year. Additionally, retail sales of electric vehicles in India reached 390,399 units in the first half of 2022, marking a remarkable 333% year-over-year growth compared to the same period in 2021. This substantial increase in the demand for electric vehicles is expected to be a key driver for the growth of the wireless sensor network market.
Report Scope
Markets Covered:
1) By Component: Hardware, Software, Services
2) By Sensor Type: Ambient Light Sensors, Motion and Position Sensors, Temperature Sensors, Heart Rate Sensors, Pressure Sensors, Image Sensors, Other Sensor Types
3) By Connectivity Type: Wi-Fi, Bluetooth, Cellular Network, GPS/GNSS Module, Zigbee, NFC, WHART, ISA100, Other Connectivity Types
4) By End-Use Industry: Building Automation, Wearable Devices, Healthcare, Industrial, Automotive and Transportation, Other End-Users
Key Companies Mentioned Include
- NXP Semiconductors N.V.
- Texas Instruments Inc
- Emerson Electric Co
- STMicroelectronics N.V.
- Infineon Technologies AG
- Analog Devices
- TE Connectivity Ltd
- Cisco Systems Inc
- Siemens AG
- ABB Ltd
- pureLiFi. Private Company
- BAE SYSTEMS PLC
- Nikola Labs
- OpenSignal
- IntelliSense.io
- SONAS Technology
- Monnit
- Holykell Technology Company Limited
- Hansi Technology (shenzhen) Co. Ltd
- Acrel E-Business (Shanghai) Co. Ltd
- Bengbu SUNMOON Instrument Research Institute Co. Ltd
- Foshan SCS Medical Instrument Co. Ltd
- Ningbo Haishu Kaiau Electronics Co. Ltd
- Anhui Ronds Science & Technology Incorporated Company
- SPIRENT COMMUNICATIONS PLC
- UR Group Ltd
- Adaptive Wireless Solutions Ltd
- TEKTELIC
- Sigfox
- Acceco
- Networks Pl
- SiliconBrane
- Parker Hannifin Corporation
- Aretas Sensor Networks Inc
- Intel Corporation
- TeleSense
- Synaptics
- Semtech Corporation
- Eleven-X
- NOVUS Automation Inc
- DEV Tecnologia
- Adperc Representacoes Comerciais Ltda
- Claro Chile
- VackerGlobal
- VISIO AE
- IoT Plus Middle East for Control Equipment LLC
- SENSOR NETWORKS (PTY) LTD
- Security Management Services
- HOPE MicroElectronics
- Powalert
For more information about this report visit https://www.researchandmarkets.com/r/o5w802
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