Owing to a massive increase in adoption rates of wireless technology worldwide, the global wireless sensors market is set to chart a significant growth curve between 2019 and 2027, owing to a massive CAGR (Compound Annual Growth Rate), leading to a stellar increase in market worth. This will also lead to opportunities worth a king’s ransom arising in the global wireless sensors market.
It is pertinent to note here that these are vital for monitoring data in factory settings. Besides, they play a crucial role in building automation and the defence sector. Some other industries that are opting for wireless sensors is the food and beverage industry.
Other factors that are leading to this growth include rapid technological advancement, efforts directed towards unearthing and developing new and alternate sources of energy.
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Global Wireless Sensors Market: Competitive Landscape
The global wireless sensors market is a hotbed of notable developments and the trend will continue in the forecast period. Some of the very significant happening have been outline below. For a few analyses, Transparency Market Research’s upcoming research study will be a comprehensive analysis of market dynamics and can be referred to 2018: In the February of the stated year, Honeywell adopted wireless connectivity to improve its product – handheld PID (Photoionization) monitors. It also incorporated a mobile APP to aid processes such as creation of reports and collection of data. As a result, hygienists and engineers working with remediation reduce time taken to cull out relevant information and process it faster. It is particularly true of RAE PID monitors which allow use of smartphones for the tasks to be achieved.
It is important to note at this point that the global wireless sensors market is quite fragmented and thus the competition is quite intense to as players clamor to attain a larger share of the market growth that the forecast period promises. This will lead to more fragmentation over the forecast period. General Electric, Yokogawa Electric Corporation, Honeywell International Inc., Texas Instruments Incorporated, Schneider Electric, Emerson Electric Co, and Rockwell Automation Inc. among others are some of the prominent players the global wireless sensors market boasts of.
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Global Wireless Sensors Market: Key trends and driver
Some of the critical factors that are contributing positively to the massive growth that the global wireless sensors market is set to chart include the following. Detailed analysis of the trends and drivers can be had in the upcoming market report from TMR.
- One of the biggest factors of growth of the global wireless sensors market is the demand and rapid adoption of the product by defence which is increasingly improving expenditure on technology in the current era than ever before. Used extensively in conflict zones and counter terrorism operations, wireless technology is quite significant for the sector.
- Use in aerospace is also significant. In fact, IVHM (Integrated Vehicle Health Monitoring) comes into the picture to show the significance of wireless sensors in making sure that crew is safe and the vehicle is in a robust shape. Here, it is pertinent to note that while it is true that the rigid core can do without the product, the flexible core cannot.
Global Wireless Sensors Market: Regional Analysis
North America is set to dominate the global wireless sensors market owing to rising demand from the end-use segments. Another factor that is critical here is the environmental impact on sensors. Also, the research and development initiatives in the region are quite intense. Quest for renewable energy sources is also a significant factor, driving growth in the global wireless sensors market.
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