New York, Jan. 24, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners; “Industrial Wearable Market Size, Share, Growth, Trends and Global Forecasts to 2027 - COVID-19 Impact and Global Analysis and Forecasts by Product (AR Glasses, VR Headsets, Smartwatches and Smart Bands, Patches, Others); End-User Industry (Automotive, Aerospace, Manufacturing, Oil & Gas, Energy & Power, and Others); Component (Processors and Memory Modules, Optical Systems and Displays, Electromechanical Components, Touchpads and Sensors, Connectivity Components, Camera Modules, and Others)”, The global industrial wearable market size to grow at a CAGR of 15% from 2020 to 2027; it is estimated to grow from USD 2.89 billion in 2019 to USD 8.63 billion by 2027.
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Global Industrial Wearable Market – Report Scope:
| Market Size Value in | USD 2.89 Billion in 2019 |
| Market Size Value by | USD 8.63 Billion by 2027 |
| Growth rate | CAGR of 15% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
| No. of Pages | 153 |
| No. of Tables | 59 |
| No. of Charts & Figures | 77 |
| Historical data available | Yes |
| Segments covered | Product, Industry, Component |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Industrial Wearable Market: Competitive Landscape and Key Developments
ACUITY BRANDS, INC., Signify Holding (Philips), Cree Lighting, Siteco GmbH, and GE Lighting are the top five key players profiled in the industrial wearable market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their growth. A few developments in the industrial wearable market are mentioned below:
In June 2017: Kenzen Inc. raised $5 million from a stable of mostly strategic investors, including Digitalis Ventures, Flex (formerly Flextronics), Hickory Ventures, the San Francisco 49ers football team, and the Women’s Capital Connection. Through this funding, the company aimed to develop ECHO Smart Patch and further focus on strengthening its manufacturing capabilities.
In October 2018: Kinetic announced the close of its US$4.5 Mn seed funding round. The US$4.5 million in seed funding comes from a well-established group of global technology investors such as
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Industrial Wearable Market: Industry Overview
The industrial wearable market has been segmented on the basis of product, end-user industry, component, and geography. Based on product, the industrial wearable is segmented into AR glasses, VR headsets, smartwatches and smart bands, patches, and others. Based on the end-user industry, the industrial wearable is segmented into automotive, aerospace, manufacturing, oil & gas, energy & power, and others. Based on components, the industrial wearable is segmented into processors & memory modules, optical systems & displays, electromechanical components, touchpads & sensor, connectivity components, camera modules, and others. Based on geography, the industrial wearable market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
The industrial wearable market in the Asia Pacific is projected to witness impressive growth during 2019–2027. The Asia Pacific countries are witnessing an upsurge in the middle-class population and urbanization that offers ample opportunities for key players in the wearables industry market. APAC is the largest continent in the world and is known for its technological innovations. Rapid technological advances and policy support, as well as economic digitization and the growing disposable income of the middle-income class community, are among the factors that help the economy transition from growth to the developed phase. APAC integrates the industrial wearables sector more quickly into the global economy's life cycle compared to other regions in the world.
Europe is well known for well-developed countries that favor adopting and applying new technologies. Growth of the market in Europe for industrial wearable devices in the consumer products industry is due to growing demands in this market for wristwear and bodywear products. With significant companies foraying into the market, such as Apple and Samsung, the industrial wearables market is expected to increase enormously. These devices target the sense of fashion and the necessity of health, thus doubling market growth. In addition, it is anticipated that various start-ups will enter the wearable device market and offer innovative devices for use in different industries will also drive the wearable industrial market. Such as inter alia, Aktiia, Loop, 8sense, aucobo, and Lifee
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Growing Manufacturing Sector to Provide Lucrative Opportunities for Global Industrial Wearable Market Growth during (2020-2027)
The manufacturing industry continues to witness a heavy investment towards the adoption of various automated and smart industrial solutions. Additionally, the adoption of data-driven solutions has gained major popularity among several leading manufacturers and enterprise owners to mitigate unanticipated errors, faults, and damage through predictive techniques. The growing popularity of wearable products across different industrial application for monitoring fatigue, exhaustion, medical condition, and fitness level of their personnel to minimize the workplace accidents is anticipated to provide substantial lucrative market growth opportunities across developed economies during the coming years. Moreover, the stringent government and regulator policies to minimize personnel-based workplace accidents are also anticipated to favor the market growth through continuous monitoring of the individuals. Thus, the manufacturing sector is poised to provide numerous profitable business opportunities for the market players during the forecast period.
The industrial wearable market growth in North America is growing rapidly. The significant share of this region is mainly due to high customer awareness and greater acceptance of innovative wearable technologies in this region. The presence of developed internet infrastructure and key established wearable device market players and start-ups also support the more significant proliferation of industrial wearable devices in North America. Industrial wearable devices are increasingly being used in high-risk environments, such as mining operations, oil and gas recovery, and construction sites. Moreover, the presence of leading industrial wearables market players such as Microsoft (US), Vuzix (US), Google (US), and Magic Leap (US) in North America is expected to drive the market in this region.
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