iCrowdNewswire Jan 14, 2021 11:53 AM ET
Market Research Future published a research report on “Industrial Wireless Solution Market Research Report – Global Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Market Research Future (MRFR), in its research report, highlights that the global demand 2020 is projected to rise rapidly over the forecast period, ensuring substantial market valuation from USD 2.55 billion in 2017 to USD 9.35 billion by 2023, and a healthy 25% CAGR over the review period.
Drivers and Restraints
In technology, the introduction of wireless technologies plays a major role in the rapid growth of radio frequencies and other connected computer applications, such as the industrial Internet of Things (IIoT). The industrial wireless solution is based prominently on the radio waves that generally occur at a network’s plysical layer. Radio waves are required in industries to connect various devices, such as tablets, computers , servers and even Wi-Fi routers. The adoption of wireless devices in industries has been witnessed to increase as they provide higher operational efficiency and rapid decision-making capabilities. In addition, wireless devices are easy to deploy, and lower infrastructure costs.
The factors leading to the development of the demand for wireless infrastructure in the augmented shift from businesses to cloud-based services and growing IIoT services. Additionally , the increased adoption of SDWAN solutions in industries also contributes to market growth. There are, however, numerous factors refraining from market growth. These factors include data security concerns, and connectivity issues. Furthermore, high power consumption from wireless devices, sensor nodes and the lack of a global wireless standard pose a challenge to the Industrial Wireless Solution Market.
The global wireless solution market for industrial applications is segmented into form, organizational size, vertical and area.
The market is segmented by type into wireless field tools, mobile computing devices and a wireless network.
The market is bifurcated into large enterprises and small and medium sized enterprises by organizational size.
The market is segmented vertically into process industry, and discrete industry. Furthermore, the process industry segments into food & beverage, chemicals and materials, energy and utilities, and others. Additionally, discrete industry is segmented into automobile, semiconductor & electronics , medical equipment, and transport.
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The global business regional analysis was conducted in four major regions including Asia Pacific , North America, Europe and the rest of the world.
Due to the wide presence of key network service providers and wireless solution providers North America is expected to dominate the market for industrial wireless solutions. In addition, the US employs major IT & Telecom vendors such as Qualcomm and Cisco Systems Inc. who actively contribute to industrial wireless solutions and integrate new technologies such as IoT and Artificial Intelligence with wireless networks.
On the other hand, however, countries such as China, Japan, India and South Korea are advancing rapidly in the industrial race, and wireless connectivity plays an important role in their development. As the semiconductor industry grows, it is expected that the adoption of wireless solutions will double in rate.
The major market players operating in the global market as identified by MRFR are Cisco Systems Inc (US), ABB Limited (Switzerland), Eaton Corporation PLC (Ireland), Belden Inc (US), Emerson Electric Company (US), Siemens AG (Germany), Honeywell International Inc (US), Yokogawa Electric (Japan), AT&T (US), and Phoenix Contact GmbH & Co (Germany)
Apart from the top key players, the other players contribute nearly 30–35 % in the industrial wireless solution market. These include Ruckus Networks (US), DataGear Inc (US), OleumTech (US), Molex, LLC (US), Neratec Solutions AG (Switzerland), General Electric (US), Westermo Network Technologies AB (Sweden), Value Line Inc (US), Wipro Ltd (India), Cambium Networks, Ltd (US), Accenture PLC (US), Maestro Wireless Solutions Limited (China), Cognizant Technology Solutions Corp (US), Fluidmesh Networks LLC (US), HMS Industrial Networks (Sweden), Advantech Co., Ltd (Taiwan), and others.
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