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Industrial Wireless Sensor Network Market to Grow at an Impressive CAGR of 15% until 2020, Declares TechnavioTechnavio analysts forecast the global industrial wireless sensor network (IWSN) market likely to reach USD 954.06 million by 2020, according to their latest report. The research study covers the present scenario and growth prospects of the global IWSN market for 2016-2020. To calculate the market size, the report considers revenue generated from the implementation of wireless sensor networks in industrial facilities throughout industries and geographies. As of 2016, the Americas constitute a major share of 33.2% of the global IWSN market. APAC with 32.9% market share follows the Americas, whereas EMEA accounts for 29.4% of the global IWSN market. The rest of the world (ROW) comprising Russia and other countries account for a minimal 4.5% share of revenue in the global IWSN market. The IWSN market in the US is the largest in the world and is likely to retain its leading position during the forecast period. North America is home to major multinational companies (MNCs) that are making significant investments in IoT and industrial IoT (IIoT) in an effort to increase productivity, enable product tracking throughout their life cycle, and to deliver high quality products. Moreover, countries such as Brazil are one of the major growth economies in the world and are currently undergoing major technological advances and expansion in the industrial sector. With the expansion of industries, these countries will need efficient monitoring of their processes to stay in line with competitors worldwide. This will further drive the adoption of IWSNs in the region during the forecast period. Technavio hardware and semiconductor analysts highlight the following three factors that are contributing to the growth of the global IWSN market:
Replacement of wired sensors As of 2016, achieving high standards of industrial safety and energy efficiency are two of the major focus areas for industries across the globe. A number of factors such as power efficiency and low costs of installation govern the efficiency of industrial facilities that are difficult for industries to achieve using wired sensors. Industries are now replacing wired sensors with their wireless alternatives, as it facilitates the industries in achieving both cost and energy efficiency. Sunil Kumar Singh, a lead research analyst at Technavio, specializing in sensors, says, "Industrial facilities and buildings require proactive expansion in order to sustain in the competitive environment. Consecutively, the ideal design for an industrial building involves scope for expansion so that the structure can accommodate any new machines and future building requirements. Wired sensors require conduit spaces within the building structure for effective installation. This incurs extra costs for industries during expansion, as there is an additional work of designing the conduits for wired sensors." As wireless sensors do not require any wirings and hence, no conduits for installation, they provide industries with better cost efficiency than wired sensors. Thus, industries prefer deployment of wireless sensors to wired sensors and consider replacement of already installed wired sensors with their wireless alternatives in an effort to increase their operational efficiency, thereby driving the global IWSN market. Growth of industrial automation and robotics Operational efficiency is the key to sustenance in the highly competitive industrial environment and to achieve that, industries across the globe are focusing on automation technologies. Automation facilitates industries to efficiently monitor, control, and manage the processes and work force associated with the optimum functioning of the industry, thereby achieving operational efficiency. Automation is achieved by industries by the efficient deployment of robotic technologies within the plant to maximize productivity and reduce the scope of error in manufacturing. "Industrial automation and robotics employ a variety of wireless sensors such as proximity sensors, range sensors, force sensors, and motion sensors. Wireless sensors also form indispensable components of industrial robotics to enable sensing, recognition, and interpretation. As wireless sensors play a significant role in automation, the growth of industrial automation and robotics is resulting in a rise in demand for wireless sensors worldwide, thereby contributing to the growth of the global IWSN market," asserts Sunil. Increase in demand for wireless sensors in oil and gas industry The widespread economic development has led to a significant growth in economies across the globe, especially in the developing countries. With the growth of the economy, demand for energy and power is constantly increasing, which has resulted in a rise in demand for oil and gas globally. In order to cater to the growing demand for oil and gas, companies need to expand their exploration opportunities and upgrade their existing processes. To increase their productivity and achieve energy efficiency, oil and gas companies are focusing on the effective deployment of wireless sensors in their plants and refineries. Effective deployment of wireless sensors facilitates efficient monitoring of equipment condition apart from monitoring industrial safety and efficiency for oil and gas companies. This helps the companies in satisfying the growing demand and also ensures achievement of energy and operational efficiency. Top vendors in the market are:
Source (News - Alert): Technavio Browse Related Reports:
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