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.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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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.
- Honeywell international Inc.
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.
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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.
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