The global wireless sensor network market is expected to grow at a compound annual growth rate (CAGR) of greater than 14% from 2016 – 2022, according to a study by Market Research Future, which expects revenue by 2022 to reach $1.5 billion.
According to the firm, increasing adoption of automation in industries is projected to drive the growth of the wireless sensor network market. In addition, the development of smart technologies is also expected to reflect on the growth curve of the market across the forecast period. Rising investments in research & development for the sensor industry will further propel the wireless sensor network market.
Wireless sensors are used to monitor and transmit information about physical or environmental conditions such as pressure, sound, flow, and temperature. Applications span a wide range of areas including oil & gas, entertainment, transport, precision agriculture, military, food & beverage, mining, healthcare, environmental monitoring and others.
According to the study, North America currently dominates the global wireless sensor network market with the largest market share, due to high adoption of wireless sensor networks especially by the U.S. military, which is expected to continue driving the market. However, the study projects the Asia-Pacific region to be the fastest growing global region for wireless sensor networks the next few years, followed by Europe.
ABB Ltd. (Switzerland), Emerson Electric Co. (U.S.), Endress+Hauser AG (Switzerland), General Electric Company (U.S.), Honeywell International Inc. (U.S.), ST Microelectronics (Switzerland), Siemens AG (Germany), Yokogawa Electric Corporation (Japan), Texas Instruments (U.S.) and Schneider Electric SA (France) are some of the key players of the global wireless sensor network market, according to the study.