The global wireless sensor network market size is predicted to reach USD 148.67 billion by 2026, exhibiting a CAGR of 18.3% during the forecast period. The increasing government initiatives for smart city projects and infrastructure development will spur demand for advanced wireless sensors and networks, which in turn, will boost the wireless sensor network market growth during the forecast period. Moreover, the rising focus towards green infrastructure to reduce air pollution as well sustainability will create new opportunities for the wireless sensor network market revenue in the forthcoming years.
As per the published report by Fortune Business Insights, titled “Wireless Sensor Network Market Size, Share & Industry Analysis, By Component (Hardware, Software, and Services), By Sensor Type (MEMS Sensors, CMOS-based Sensors, LED Sensors, Motion and Position Sensor, Flow Sensor, and Others), By Application (Home and Building Automation, Industrial Automation, Military Surveillance, Smart Transportation, Patient Monitoring, Machine Monitoring, and Others), By End-User (Automotive and Transportation, Aerospace and Defence, Oil and Gas, Healthcare, Manufacturing, Retail, Agriculture, and Others) and Regional Forecast, 2019-2026” the market size stood at USD 38.99 billion in 2018.The wireless sensor network market report focuses on demonstrating a complete assessment of the analysis. It contains facts, thoughtful insights, historical information, industry-validated market information, and projections with a suitable set of assumptions and methodology. It offers valuable insights into all the notable developments of the market. It shares a complete overview of all the segments & parts of the wireless sensor network market and also provides statistical data on all the regions. It is created after extensive research followed by an all-encompassing analysis to benefit companies, stakeholders, financers, and potential investors. Moreover, it also includes product launches, acquisitions, collaborations & partnerships, and industry developments.
The Report Lists the Key Companies in the Wireless Sensor Network Market
PARKER HANNIFIN CORP Cisco Systems, Inc. NXP Semiconductors Huawei Technologies Co., Ltd. Texas Instruments Incorporated TE Connectivity Advantech Co., Ltd. ABB Honeywell international Inc. Market Driver
Stellar Demand for Autonomous Vehicles to Augment Growth
The rising demand for connected vehicles has fuelled demand for wireless sensors and networks, thus aiding growth of the market. The growing concerns regarding air pollution will spur demand for autonomous vehicles, which in turn will augur well for the market. The growing awareness about the benefits of wireless networks in autonomous vehicles such as automobile pollution control, car theft control, headlight intensity control, vehicle site detection, and vehicle health monitoring, will boost the wireless sensor network market trends in the forthcoming years. Moreover, wireless sensors improve the interconnectivity and reduces maintenance task of autonomous vehicles. This, factor will create lucrative business opportunities for the market. In addition, the launch of innovative products by major players will enable speedy growth of the market. For instance, in November 2017,
Honeywell International Inc. an American publicly traded, multinational, conglomerate company unveiled Sensepoint XRL, a ground-breaking connected gas detector that helps in monitoring industrial processes for extremely dangerous gases, such as carbon monoxide or methane in order to support safety in industrial operations.
High Adoption of Advanced Technology to Support Growth in North America
The market in North America stood at USD 11.27 billion and is predicted to rise significantly during the forecast period due to increasing adoption of WSN, especially in the military and defense sector. Moreover, the presence of leading companies will stimulate growth in the region. Asia Pacific is predicted to witness high growth in the forthcoming years owing to the rapid urbanization and industrialization. The surge in safety requirements along with booming automotive industry will encourage growth in Asia Pacific. In addition, the implementation of wireless sensors across various industries such as, agriculture, automotive, and healthcare in India, China, and Japan can be vital factor in augmenting growth in the region during the forecast period.