September 21, 2023 11:00 ET | Source: CONSEGIC BUSINESS INTELLIGENCE PRIVATE LIMITED CONSEGIC BUSINESS INTELLIGENCE PRIVATE LIMITED
New York, Sept. 21, 2023 (GLOBE NEWSWIRE) -- According to the research report “Global Wireless IoT Sensor Market” published by Consegic Business Intelligence, the market was sized at USD 8.23 Billion in 2022 and is projected to grow by USD 10.20 Billion in 2023. The market is expected to reach over USD 70.36 Billion by the year 2031, growing at a CAGR of 27.30%. Voltage Transformers And Regulators
Wireless IoT sensors are small devices equipped with wireless communication capabilities that allow the sensors to collect and transmit data from the surroundings to a central system. Additionally, the sensors monitor various environmental parameters including temperature, humidity, light, motion, and others. Furthermore, the sensors enable the creation of interconnected networks of devices to gather and analyze real-time information for automating various processes.
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The growing adoption of wireless IoT sensors in smart factors is a major factor responsible for fueling the growth of wireless IoT sensors by enabling real-time data collection, improved automation, and enhanced operational efficiency. In addition, the sensors facilitate seamless communication between machines and systems, leading to optimized production processes, reduced downtime, and predictive maintenance. For instance, in March 2023, Volvo Group implemented wireless IoT network including IoT sensors for the development of smart factories to monitor the health of equipment and also to improve the automation. Subsequently, the aforementioned factors are responsible for bolstering the growth of wireless IoT sensors.
Moreover, integration of wireless IoT sensors with edge computing is anticipated to create potential opportunities for the growth of the market. Edge computing significantly reduces the latency associated with sending data to a distant cloud server for processing, crucial for applications that require real-time responses including autonomous vehicles, industrial automation, and healthcare monitoring. However, limited operational range of wireless IoT sensors is restraining the growth of the market.
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Wireless IoT Sensor Market Growth Drivers:
Global Wireless IoT Sensor Market Segmentation Details:
Based on Component, the hardware segment contributed the largest shares to the market growth in 2022 as wireless IoT sensors rely on physical hardware components to gather data from the environment. The sensors measure parameters namely temperature, humidity, pressure, light, and motion. Additionally, the accuracy, sensitivity, and reliability of the sensors directly impact the quality of data collected, making hardware a crucial component. Moreover, several wireless IoT sensors incorporate microcontrollers or microprocessors that enable edge computing capabilities. The hardware components process and analyze data locally, reducing latency and enhancing real-time decision-making. In conclusion, the above-mentioned factors are contributing notably in boosting the growth of the hardware segment.
Based on Type, the temperature sensors segment offered substantial shares to the market in the year 2022 as temperature monitoring is relevant across numerous sectors, including industrial processes, agriculture, environmental monitoring, HVAC systems, and others. Additionally, in industries namely food and pharmaceuticals, temperature directly impacts product quality and safety. Wireless IoT temperature sensors ensure that products are stored, transported, and processed within optimal temperature ranges. Moreover, the ability of IoT temperature sensors to operate at vast temperature ranges to monitor the energy loss from steam leaks is also contributing notably in promoting the market growth.
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Based on Technology, Wi-Fi segment holds the largest market share in 2022 as Wi-Fi offers relatively high data transfer rates compared to some other wireless technologies. Additionally, Wi-Fi technology is suitable for applications that require the transmission of large amounts of data quickly including video streaming or high-resolution image transfers. Moreover, Wi-Fi networks cover relatively short to medium ranges, thus ideal for applications within homes, offices, factories, and other indoor environments, further boosting the growth of Wi-Fi segment.
Based on End-User, the industrial segment offered substantial shares to the global wireless IoT sensor market in the year 2022 as wireless IoT sensors are employed to monitor the condition of machinery and equipment in real-time. The sensors collect data on parameters namely temperature, vibration, and energy consumption, reducing downtime, preventing unexpected breakdowns, and extending the lifespan of equipment. Additionally, IoT sensors enable remote monitoring of critical industrial processes and infrastructure including environmental conditions and performance metrics remotely. Moreover, wireless IoT sensors also enable continuous asset monitoring and communicate with other systems in a cost-effective manner, further contributing to the market growth.
Based on Region, North America has been a major contributor to the growth of the wireless IoT sensor market. North America encompasses leading technology companies and research institutions, which are at the forefront of technological advancements, driving innovation in IoT sensor development and applications. Moreover, the region has well-developed IT and communication infrastructure, including high-speed internet connectivity, cellular networks, and Wi-Fi coverage. The growing telecom sector provides a foundation for IoT sensor communication and data transfer, accelerating the growth of the market. Furthermore, the increasing investment by the government in the development of electronic equipment for high-speed internet networks is also fueling the market growth.
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List of Major Global Wireless IoT Sensor Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
Global Wireless IoT Sensor Market Segmentation:
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Key Questions Covered in the Wireless IoT sensor Market Report
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