Global Wireless Sensors Market Outlook to 2024: A US$ 11.7 Billion Opportunity –

May 24 18:40 2019
Global Wireless Sensors Market Outlook to 2024: A US$ 11.7 Billion Opportunity –

Global Wireless Sensors Market to Reach US$ 11.7 Billion by 2024, Catalyzed by Thriving Defense Industry – IMARC Group
Over the past few years, the global wireless sensors market has witnessed robust growth. This can be accredited to the thriving defense industry and the development of hi-tech future-based devices and autonomous vehicles.

According to the latest report by IMARC Group, titled “Wireless Sensors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global wireless sensors market reached a value of US$ 3.7 Billion in 2018. Wireless sensors refer to standard measurement tools that are used to record the physical conditions of an environment and organize the data at a particular location. These sensors are assisted by transmitters to convert signals from process control instruments into radio transmission, which is further converted to a specific and desired output. The signals form a network which allows the monitoring of numerous locations from a single station. They are also designed to be used amidst severe environmental conditions like wind, sound, humidity, temperature and pollution levels and can acquire data from difficult-to-access locations. As a result, they are utilized for water management and the detection of forest fires, floods, pests and diseases.

Market Trends:

On account of widespread internet penetration across the globe, the sales of smart and wearable devices are bourgeoning which, in turn, is driving the sales of wireless sensors. Moreover, the thriving defense industry is contributing significantly to the market growth as these sensors are widely employed across the military command, control, communications, computing, intelligence, battlefield surveillance, reconnaissance and targeting systems. Apart from this, manufacturers are continually developing hi-tech future-based devices and focusing specifically on autonomous vehicles. This is expected to accelerate the market growth since wireless sensors form an essential component of these devices. On account of these factors, the global wireless sensors market size is expected to reach US$ 11.7 Billion by 2024, exhibiting a CAGR of 21.4% during 2019-2024.

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Market Summary:

  • On the basis of the product type, the market has been categorized into temperature sensors, pressure sensors, level sensors, flow sensors, humidity sensors, biosensors, gas sensors, surveillance and security sensors, motion and positioning sensors, and others. Amongst these, the flow sensor currently represents the dominant product type.
  • Based on the technology, the market has been divided into Bluetooth, Wi-Fi and WLAN, Zigbee, WirelessHART, RFID, EnOcean and others.
  • On the basis of the end use, the market is classified into industrial, medical, energy, defense, agriculture, office and residential, and others. Currently, the industrial segment accounts for the majority of the market share.
  • On the geographical front, the market has been segregated into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. At present, North America holds the leading position in the market.
  • The competitive landscape of the market has also been analyzed with some of the major players being ABB Ltd, STMicroelectronics, Texas Instruments Incorporated, Freescale Semiconductors Inc, Rockwell Automation Inc., Emerson Electric Co, Honeywell International Inc., Schneider Electric SA, Endress+Hauser SA, Yokogawa Electric Corporation, Siemens AG and General Electric.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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