Global Wireless Sensor Market Is Expected to Reach $102.5 Billion by 2031: Allied Market Research
Growing adoption of wireless-sensor applications for remote monitoring, rise in the establishment of smart cities, buildings, and factories, and growth in industrialization and industry 4.0 initiatives in recent years across emerging economies such as India, South Korea, Brazil, Italy, and others drive the growth of the global wireless sensor market. Region-wise, the market in Asia-Pacific is likely to maintain its leadership during the forecast period.
Portland, OR, Feb. 15, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global wireless sensor market generated $15.5 billion in 2021, and is estimated to reach $102.5 billion by 2031, witnessing a CAGR of 20.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report Coverage & Details:
|Market Size in 2021||$15.5 Billion|
|Market Size in 2031||$102.5 Billion|
|No. of Pages in Report||428|
|Segments Covered||Product Type, Industry Vertical, and Region|
|Drivers||Surge in the use of wireless sensors in IoT applications|
|Rise in adoption of wireless-sensor applications for remote monitoring|
|Rise in the establishment of smart cities, buildings, and factories|
|Rise in industrialization and industry 4.0 initiatives in recent years across emerging economies such as India, South Korea, Brazil, Italy, and others|
|Opportunities||Rise in adoption of wireless sensors in wearable devices|
|Restraints||High risk associated with data privacy and security-related concerns|
- The COVID-19 pandemic outbreak had a significant impact on the growth of the wireless sensor market. Manufacturing operations came to a standstill which left a significant impact on the demand for wireless sensor solutions during the initial phase of the pandemic.
- Moreover, a dearth of availability of skilled workforce due to the partial and complete lockdowns implemented by governments worldwide hindered the wireless sensor market growth.
- However, the rise in demand for wireless monitoring solutions, wireless IoT sensors, Wi-Fi sensors, and monnit sensors led to the growth of wireless sensor solutions and is expected to drive the growth of the wireless sensor market during the forecast period.
The report offers a detailed segmentation of the global wireless sensor market based on product type, industry vertical, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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Based on product type, the others segment held the largest share in 2021, accounting for nearly one-fourth of the global wireless sensor market and would maintain its dominance in terms of revenue through 2031. However, the flow sensors segment is estimated to witness the fastest CAGR of 22.28% during the forecast period. The report also discusses the biosensors, temperature sensor, pressure sensor, humidity sensors, gas sensors, level sensors, and motion and positioning sensors segments.
Based on industry vertical, the consumer electronics segment held the largest share in 2021, capturing more than one-third of the global wireless sensor market, and would lead the trail through 2031. The industrial segment, on the other hand, is estimated to witness the fastest CAGR of 22.27% during the forecast period. The report also discusses automotive and transportation, aerospace and defense, healthcare, agriculture, and others segments.
Based on region, the market in Asia-Pacific was the largest in 2021, accounting for half of the global wireless sensor market share and is likely to maintain its leadership status during the forecast period. Moreover, the same market is expected to manifest the highest CAGR of 21.66% from 2022 to 2031. The other regions analyzed in the study include North America, LAMEA and Europe.
Leading players of the global wireless sensor market analyzed in the research include ABB Ltd., Texas Instruments Inc., STMicroelectronics, Emerson Electric Co., Honeywell International Inc., Siemens AG, Schneider Electric, General Electric Company, NXP Semiconductors., Rockwell Automation Inc., TE Connectivity Ltd., and Broadcom Inc.
The report analyzes these key players of the global wireless sensor market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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Key Benefits for Stakeholders
- This study comprises an analytical depiction of the market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall Wireless Sensor market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current global Wireless Sensor market forecast is quantitatively analyzed from 2021 to 2031 to benchmark financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the Wireless Sensor market.
- The report includes the market share of key vendors and global Wireless Sensor market trends.
Wireless Sensor Market Key Segments:
- Temperature Sensor
- Pressure Sensor
- Humidity Sensors
- Gas Sensors
- Flow Sensors
- Level Sensors
- Motion and Positioning Sensors
- Consumer Electronics
- Automotive and Transportation
- Aerospace and Defense
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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