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Global Wireless Sensors Market to Reach US$10.1 Billion by the Year 2026
Wireless sensor networks are groups of dedicated and spatially distributed sensors that monitor and record the environment`s physical situations and enable centralized organization of the collected information. Wireless sensor networks can be easily deployed and they are much cheaper compared to traditional wired networks. WSN emerged as a suitable option for the industrial sector, owing to its high return on investments and low replacement costs, which in turn increase the scalability and reliability of the mesh networking. The major factors driving growth include the increasing need for remote monitoring; and the growing market for end-user industries, including aerospace & defense, automotive & transportation, BFSI, and healthcare. The increasing adoption of wireless sensor networks by the health care industry is driven by the critical role that these networks play in the development of new technologies for supporting diagnostics, therapy and in patient monitoring. As health care systems develop, the demand for medical devices capable of measuring routine activities and leveraging sensors installed in emergency rooms for collecting critical data, as well as for data analytics solutions, is expected to increase.
Amid the COVID-19 crisis, the global market for Wireless Sensors estimated at US$4.6 Billion in the year 2020, is projected to reach a revised size of US$10.1 Billion by 2026, growing at a CAGR of 14.1% over the analysis period. Automotive & Transportation, one of the segments analyzed in the report, is projected to grow at a 15.6% CAGR to reach US$3.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Healthcare segment is readjusted to a revised 18.3% CAGR for the next 7-year period. This segment currently accounts for a 20.9% share of the global Wireless Sensors market. The emerging adoption of wireless pressure sensors by the automotive and health care industries is the primary factor fueling growth within the wireless pressure sensors market. Utmost reliability and high quality are always the priority of automotive industry. because of emerging applications, including vehicle dynamics control, tire pressure monitoring, external airbag deployments, offline navigation, and so on, wireless pressure sensors are being increasingly adopted by the automotive industry. The healthcare industry is continuously taking measures for developing advanced technology with enhanced designs for continuous patient monitoring, which fuels the market in the next years.
The U.S. Market is Estimated at $1.5 Billion in 2021, While China is Forecast to Reach $1.8 Billion by 2026
The Wireless Sensors market in the U.S. is estimated at US$1.5 Billion in the year 2021. The country currently accounts for a 28.3% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$1.8 Billion in the year 2026 trailing a CAGR of 20.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 10% and 12.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 12.3% CAGR while Rest of European market (as defined in the study) will reach US$404.6 Million by the end of the analysis period.
Aerospace & Defense Segment to Reach $1.6 Billion by 2026 Select Competitors (Total 129 Featured) -
With the ever-rising budget on defense, wireless sensors are a growing technology area with a wide scope of application in the aerospace & defense industry. It is vital to monitor the integrated vehicle health monitoring (IVHM) of aerospace vehicles for the safety of the crew and the vehicle. Different types of sensors are utilized for various purposes. For instance, pressure sensors check the pressure in the cabin of the aircraft, temperature sensors check the temperature of the engine as well as motor parts. In the global Aerospace & Defense segment, USA, Canada, Japan, China and Europe will drive the 12.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$602.1 Million in the year 2020 will reach a projected size of US$1.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$179.8 Million by the year 2026, while Latin America will expand at a 13.2% CAGR through the analysis period.
- ABB Ltd.
- Bosch Security Systems, LLC
- Digi International Inc.
- Emerson Electric Co.
- Honeywell International Inc.
- Johnson Controls International plc
- Monnit Corporation
- NXP Semiconductors N.V.
- Pasco Scientific
- Phoenix Sensors LLC
- Point Six Wireless LLC
- Qualcomm Inc.
- Renesas Electronics Corporation
- Schneider Electric SE
- Siemens AG
- Texas Instruments Incorporated