Wilmington, Delaware, United States, Feb. 01, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - As per a market report by Transparency Market Research, the global wireless sensors market value is projected to reach US$ 21.3 Bn by 2031, from US$ 5.7 Bn in 2021. The report projects that the global market would grow at a CAGR of 14.2% from 2022 to 2031. Rise in demand for next-generation, efficient wireless sensors in end-use industries, such as transportation, healthcare, energy and utility, automotive, and consumer electronics, is positively affecting the wireless sensors market.
Surge in demand for level sensors, vibration sensors, pressure sensors, and temperature sensors in industrial applications is also anticipated to drive market growth. Moreover, increase in adoption of these sensors in condition monitoring and industrial automation systems to ensure real-time monitoring, enhanced safety, and additional flexibility for increasing productivity, is also fostering the market.
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Wireless Sensors Market: Key Findings of Report
- Increase in Demand for Wireless Sensors for Smart City Applications: Growth in adoption of smart city projects across the world has created numerous expansion opportunities for industry players. In smart city projects, emerging technologies, such as artificial intelligence, big data, and Internet of Things (IoT), are used to enhance the efficiency of public safety, energy and utilities, and transportation operations. Wireless sensors are useful in these projects, as they can effectively monitor and analyze the data related to water and air quality, weather conditions, traffic updates, and energy consumption in real time. This data can be utilized to enhance the livability, as well as operational efficiency of smart city operations.
- Surge in Adoption of IoT Technologies: Rise in adoption of handheld and portable consumer electronics devices, advent of 5G, and increase in demand for innovative Industrial Internet of Things (IIoT) solutions are boosting market development. IoT and IIoT technologies are increasingly being incorporated in numerous industrial, as well as certain residential and commercial settings. IoT technologies and enabled devices (including wireless sensors) have seen a sharp rise in demand in the past few years from several end-use industries, such as healthcare, aerospace & defense, and automotive & transportation.
Wireless Sensors Market: Growth Opportunities
- Surge in demand for next-gen IoT enabled devices from commercial, industrial, and residential sectors propels market development
- Rise in demand for vehicular electrification in several developed and developing nations fosters market growth
- Rapid adoption of Industry 4.0 and IIoT supports market expansion
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Wireless Sensors Market: Key Players
Leading companies operating in the global industry are ABB Ltd., CAREL INDUSTRIES S.p.A., Honeywell International, Inc., TE Connectivity, Ambient Micro, Emerson Electric Co., OMEGA Engineering, Inc., Texas Instruments Incorporated, Ambient Micro, E+E Elektronik Ges.m.b.H., Monnit Corporation, Banner Engineering Corp., and Honeywell International, Inc. The global market has a large number of leading multinational players and manufacturers that control a major market share, making the competitive landscape of this industry fragmented. Key players are engaged in adoption of growth strategies, such as product inventory expansion, offering their customers application-specific and customized solutions. Players are also active in mergers & acquisitions.
Wireless Sensors Market: Regional Growth Assessment
Asia Pacific is projected to lead the global industry during the forecast period. This trend can be attributed to increase in demand for next-gen wireless sensors from end-use industries, such as consumer electronics, industrial, and automotive. Furthermore, surge in demand for these products from economies, such as Japan, India, and China, as a result of growing investments in smart city projects and fast-paced industrialization, is also augmenting market development in Asia Pacific. Another lucrative region is North America, which is anticipated to register a notable growth in market share during the forecast period. This can be ascribed to rapid penetration of Industry 4.0 and IoT technologies and equipment in industries such as automotive, industrial, and healthcare.
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Wireless Sensors Market: Segmentation
Wireless Sensors Market, by Sensor Type
- Pressure Sensor
- Temperature Sensor
- Level Sensor
- Photoelectric Sensor
- Gas Sensor
- Environmental Sensor
- Others (Biosensor, Flow Sensor, etc.)
Wireless Sensors Market, by Application
- Industrial Monitoring
- Water Quality Monitoring
- Health Monitoring
- Area Monitoring
- Air Pollution Monitoring
- Security & Surveillance
- Others (Forest Fire Detection, Landslide Detection, etc.)
Wireless Sensors Market, by End-user
- Consumer Electronics
- Automotive & Transportation
- Aerospace & Defense
- IT & Telecommunication
- Industrial
- Energy & Utility
- Healthcare
- Others (Buildings & Construction, Food & Beverage, etc.)
Wireless Sensors Market, by Region
- North America
- South America
- Europe
- Asia Pacific
- Middle East & Africa
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