LONDON, March 02, 2023 (GLOBE NEWSWIRE) -- According to the Business Research Company's wireless sensor network market research, increasing demand for smart consumer devices is a major driver of wireless sensor network market growth. This increasing demand for smart consumer devices will create demand for the wireless sensor network, as it is one of the technologies used to make consumer devices smart and intelligent by using IoT and automation. The wireless sensor networks address needs such as remote home monitoring and the general public's growing concern about safety, security, and convenience. For instance, according to a survey by Oberlo, a Lithuania-based software company, in 2022, nearly 57.4 million US households will be actively using smart home devices, which is a 6.7% increase over 2021, when 53.8 million households were using smart home devices.
The global wireless sensor network market size grew from $75.5 billion in 2022 to $88.7 billion in 2023 at a compound annual growth rate (CAGR) of more than 17%. The wireless sensor network market share is then expected to grow to $172.1 billion in 2027 at a CAGR of almost 18%.
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Innovation in sensor technologies is a key trend gaining popularity in the wireless sensor network market. The use of sensor proliferation, sensor fusion, magnetic, radar, and Bluetooth technologies, along with artificial intelligence (AI), continues to accelerate innovation as it improves IoT security, and sensor proximity, making it safer to transmit critical data. This improves remote operation capabilities while incorporating sensors into devices to reduce costs and improve performance. For instance, in September 2020, Eleven-X, a Canadian information technology company specializing in wireless technology and connectivity, introduced its innovative, wireless, real-time smart parking sensor, the SPS-X. This sensor is helpful for municipalities, campuses, and parking organizations to monitor parking occupancy and understand parking usage.
Major players in the wireless sensor network market are ABB Ltd., Siemens AG, ST Microelectronics, NXP Semiconductors, General Electric Company, Emerson Electric Co., Analog Devices, Honeywell International Inc., Cisco Systems Inc., Texas Instruments Incorporated, and others.
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The global wireless sensor network market is segmented -
1) By Component: Hardware, Software, Services
2) By Sensor Type: Ambient Light Sensors, Motion And Position Sensors, Temperature Sensors, Heart Rate Sensors, Pressure Sensors, IMUs (6-Axis, 9-Axis), Accelerometers (3-Axis), Blood Glucose Sensors, Image Sensors, Humidity Sensors, Carbon Monoxide Sensors, Blood Oxygen Sensors, Flow Sensors, Level Sensors, Chemical Sensors, ECG Sensors, Other Sensor Types
3) By Connectivity Type: Wi-Fi, Bluetooth, Bluetooth/WLAN, Cellular Network, GPS/GNSS Module, Bluetooth Smart/BLE, ZigBee, NFC, WHART, ISA100, ANT+
4) By End-User Industry: Building Automation, Wearable Devices, Healthcare, Industrial, Automotive And Transportation, Oil And Gas, Retail, Agriculture, Aerospace And Defense, BFSI
North America was the largest region in the wireless sensor network market in 2022. The regions covered in the wireless sensor network market analysis are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Wireless Sensor Network Market Global Report 2023 by The Business Research Company provides insights on the wireless sensor network market size, wireless sensor network market segments, wireless sensor network market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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