The wireless sensor market (WSN) is the network of sensing platform that is distributed with wireless communication. This wireless sensor network is positioned in the remote areas and they wirelessly transmit signals to a staging area. This system is controllable with troubleshooting and remote monitoring features. Furthermore, this technology is extensively being utilized in industrial sectors such as oil & gas, automotive, manufacturing, and healthcare domain that is further strengthening the growth of WSN market globally.
Insight by Type
On the basis of type, the WSN market is segmented into underwater WSN, terrestrial WSN, underground WSN, and others. Among all these segments, underwater WSN is anticipated to witness the fastest growth during the forecast period since underwater WSN provides a seamless working environment to its users. The underwater WSN enables users to develop effective communication and localization of sensor technologies, thereby significantly contributing towards the growth of the WSN market across the globe.
Insight by Sensor Type
Based upon sensor type, the WSN market is categorized into motion, temperature, pressure, proximity, gas, flow and others. Among these segments, the motion segment is expected to generate the largest revenue throughout the estimated period. It has been observed that there is an increasing attentiveness in evolving mobile sensor networks that provide seamless motions and autonomous movements are assumed to provide extensive implication in this segment. The introduction of motion in wireless sensor networks thus enhances the flexibility and capability of WSN that helps the automobile domain in addressing the requirements of several dimensions. Furthermore, this anticipated to bolster the growth of the WSN market worldwide.
Insight by End-User
The WSN market on the basis of end-user is segmented into automotive and manufacturing, BFSI, retail, transportation, aerospace & defense, power & energy, oil & gas, food & beverages and others. Among these segments, automotive and manufacturing domain is anticipated to witness the fastest growth during the forecast period since WSN technique helps this domain to process, collect and supply various types of technical data, thereby contributing towards the growth of WSN market globally.
Easy to use and application-specific feature of WSN, the ability to improve process efficiencies and easy arrangement of the technology are the key factors that are pertaining towards the growth of WSN market across the globe. Furthermore, this technology makes the processes in the industry more economic and effective and easy usability and handling of WSN technology makes it a popular option amongst a large number of people across the globe. Moreover, this technique is application specific, which makes the usability of this segment quiet clear. These factors are thereby fueling the growth of WSN market worldwide at an extensive rate.
Lack of knowledge about technology and the resistance to change are the major factors that are hampering the growth of the global wireless sensor network market. Furthermore, a high initial set up costs is another factor that is restraining the growth of the WSN market across the globe.
The vendors for the WSN technology are providing various solutions to users such as advanced technology for better accessibility and new products in order to gain a competitive edge. Globally industry players are leveraging market growth through the development of innovative solutions in the WSN market across the globe. Furthermore, it has been observed that several research and development process is being undertaken in this market to enhance the quality of WSN technique and thereby enabling the users to enhance cost efficiencies and contributing towards the growth of WSN market across the globe.
Geographically, WSN market in North America is anticipated to generate the largest revenue by 2024 due to increasing awareness and adoption of this technology in this region and extensive requirement of WSN technique from oil and gas and chemical domain that is fuelling the growth of WSN market in this region at a rapid pace. Moreover, Asia-Pacific is expected to witness the fastest growth during the forecast period because of the increasing presence of manufacturing industries and increasing adoption of intelligent manufacturing in this region.
Key players in the WSN market are launching new products in order to enhance their product portfolio and gain competitive advantage. For instance, in November 2017 Honeywell had launched connected gas sensors that help to perform secure industrial processes. Some of the prominent players in the WSN market include STMicroelectronics, Honeywell International Inc., Texas Instruments Inc., Siemens AG, NXP Semiconductors, Linear Technology Corporation, Schneider Electric, Emersion Electric, and NXP Semiconductors.