Industrial Wireless Solution Market to Hit US$ 42,960.89 million By 2030 | In-Depth Research
Industrial Wireless Solution Market is projected to register a CAGR of 16.8% during 2023-2030, due to the rising demand for real-time control and monitoring in industries, and major participants includes are Belden, Cisco Systems, Inc., Emerson Electric Co., ProSoft Technology, Inc., Siemens AG, Eaton Corporation PLC
New York, Sept. 15, 2023 (GLOBE NEWSWIRE) — As per the research report “Global Industrial Wireless Solution Market” published by Consegic Business Intelligence, the market was worth USD 12,783.29 million in 2022 and is anticipated to reach over USD 42,960.89 million by the year 2030, growing at a CAGR of 16.8%.
An industrial wireless solution is a reliable communication network particularly designed for industrial environment, enabling seamless data transmission and control between various systems and devices. The solution utilizes wireless technologies including WLAN and Wi-Fi, tailored to withstand harsh conditions and interference that are found in industrial settings. Additionally, the solution optimizes productivity, enhances safety, and facilitates real-time monitoring and automation, empowering businesses to streamline operations and improve the efficiency of industrial processes.
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The rise of the Internet of Things serves as the key factor responsible for accelerating the growth of the industrial wireless solution market. Additionally, the advent of wireless temperature and pressure sensors, receivers, and gateways offer users a convenient way to add IoT connectivity to the equipment for increased productivity. For instance, in October 2021, Sensata Technologies launched industrial wireless systems to simplify IoT connectivity for industrial equipment in a cost-effective way. The wireless system delivers sensor data up to 500m and also supports a range of connectivity options, hence contributing considerably in accelerating the growth of the market.
Moreover, the rollout of 5G networks is predicted to create numerous future opportunities for the growth of industrial wireless solutions market. 5G networks provide significantly higher data transfer speeds and throughput compared to previous generations. The high speed allows industrial devices and sensors to transmit and receive large amounts of data in real-time, enabling remote monitoring, and control of critical processes. However, security concerns associated with industrial wireless solutions is restraining the market growth.
|Report Attributes||Report Details|
|Market Size By 2030||USD 42,960.89 Million|
|Key Players||NEXCOM International Co., Ltd., Advantech Co., Ltd., HMS Networks, Phoenix Contact India Pvt. Ltd., Belden Inc., Cisco Systems, Inc., Emerson Electric Co., ProSoft Technology, Inc., Siemens AG, Eaton Corporation PLC, WiTricity Corporation, ABB|
|By Type||Wireless Field Instrument, Wireless Network, and Wireless Computing Devices|
|By Connectivity||3G, 4G, 5G, and 6G|
|By Frequency Band||Below 1000 MHz, 1000 HHz-2000 MHz, 2000 MHz-3000 MHz, and Above 3000 MHz|
|By Enterprise Size||Large Enterprise and Small Enterprise|
|By Industry Vertical||Automotive, Medical, Power & Energy, Transportation, Mining, Industrial Automation, Manufacturing, and Other|
|Report Coverage||Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more|
|By Region||North America, Europe, Asia-Pacific, Latin America, Middle East & Africa|
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Industrial Wireless Solution Market Growth Drivers:
- Rise of Internet of Things is driving the growth of the industrial wireless solution market.
- Growing demand for real-time control and monitoring in industries is accelerating the growth of the industrial wireless solution market.
- Increasing adoption of industrial wireless solutions in manufacturing sector enabling operators to access data, adjust settings, and receive alerts remotely, leading to better process optimization and faster response to issues is propelling the market growth.
- Security concerns associated with industrial wireless solutions is restraining the market growth.
- Rollout of 5G networks is predicted to create numerous future opportunities for the growth of industrial wireless solutions market.
Global Industrial Wireless Solution Market Segmentation Details:
Based on Type, the wireless networks segment contributed the largest shares to the market growth in 2022 as the networks provide real-time data transmission, enabling industries to monitor control processes with minimal delay. The real-time capability is essential for optimizing energy consumption, managing demand-response programs, and ensuring reliable operations. Additionally, in hazardous and remote industrial environments, wireless networks improve safety by reducing the need for personnel to physically access certain areas. Moreover, industrial applications involve challenging environments including extreme temperatures, vibration, and dust. Wireless networks designed for industrial use are built to withstand the conditions, ensuring reliable performance in harsh environments. Consequently, the growing adoption of wireless networks in the industrial sector to offer secure high-bandwidth at low latency is boosting the market growth.
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Based on Connectivity, 4G connectivity segment accounted for the maximum revenue share in the year 2022 as 4G technology has extensive coverage in many regions worldwide, including remote and rural areas. Additionally, 4G provides a cost-effective solution for wireless communication, further driving the growth of 4G connectivity segment. Moreover, 4G devices are more power-efficient than 5G devices, particularly important for battery-powered industrial applications, where reducing power consumption is crucial for extending the device’s operational life. Furthermore, the adoption of 4G wireless solutions in various IoT applications to withstand the harsh conditions of industries is also contributing to the growth of 4G connectivity segment.
Based on Frequency Band, below 1000 MHz segment accounted for the maximum revenue share in the year 2022 as lower frequency bands have better penetration capabilities through obstacles and travel longer distances. In industrial settings, lower frequency signals are more reliable as wireless devices need to communicate across large areas. Additionally, lower frequency bands are less susceptible to interference from other wireless devices and environmental factors. In industrial environments, many wireless devices and electronic equipment operate simultaneously and use lower frequencies to mitigate potential interference issues. Moreover, low-frequency bands consume less power and deliver maximum output and are vastly employed in cell battery devices including smart sensors and condition monitors.
Based on Enterprise Size, the large enterprise segment accounted for the maximum revenue share in the year 2022 as the enterprises have substantial financial resources, to invest in the development and implementation of advanced industrial wireless solutions. Additionally, large enterprises have extensive industrial operations with numerous facilities, assets, and processes. Industrial wireless solutions are better suited to scale and address the diverse needs of such large-scale operations. Moreover, large enterprises have dedicated research and development (R&D) departments focused on developing cutting-edge technologies and solutions. The enterprises invest in developing proprietary wireless technologies or collaborate with leading vendors to tailor solutions to specific requirements. Subsequently, the aforementioned factors are collectively responsible in bolstering the growth of large enterprises segment.
Based on Industry Vertical, the manufacturing segment accounted for the maximum revenue share in the year 2022 as industrial wireless solutions enable real-time monitoring and control of manufacturing processes and equipment. The solution enables operators to access data, adjust settings, and receive alerts remotely, leading to better process optimization and faster response to issues. Additionally, wireless sensors are utilized for quality control processes, enabling manufacturers to monitor and analyze data during production to identify defects, ensure product traceability, and maintain product quality standards. Consequently, the increasing adoption of industrial wireless solutions in the manufacturing sector to enable real-time monitoring of machines is accelerating the growth of the manufacturing segment.
Based on region, North America accounted for the largest revenue share in the year 2022 as the region, particularly the United States, is at the forefront of technological advancements and innovation. The region has a robust ecosystem of research institutions, technology companies, and startups that continuously develop cutting-edge solutions for various industries, including industrial wireless applications. Additionally, North America has a diverse and strong industrial base, with well-established sectors including automotive, aerospace, pharmaceuticals, and electronics. The industries have significant demand for industrial wireless solutions to enhance productivity, streamline operations, and improve overall efficiency. Consequently, the robust ecosystem and expanding industrial sector are contributing remarkably in bolstering the market growth in the North America region.
Key Market Highlights
- Globally, the industrial wireless solution market is divided based on the type into wireless field instrument, wireless network, and wireless computing devices.
- In the context of connectivity, the market is segregated into 3G, 4G, 5G, and 6G.
- In the context of the frequency band, the market is separated into below 1000 MHz, 1000 HHz-2000 MHz, 2000 MHz-3000 MHz, and above 3000 MHz.
- In the context of the enterprise size, the market is trifurcated into large enterprise and small enterprise.
- In the context of the industry vertical, the market is classified into automotive, medical, power & energy, transportation, mining, industrial automation, manufacturing, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- Asia-Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in industrial wireless solutions.
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List of Major Global Industrial wireless solution 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 the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
• NEXCOM International Co., Ltd.
• Advantech Co., Ltd.
• HMS Networks
• Phoenix Contact India Pvt. Ltd.
• Belden Inc.
• Cisco Systems, Inc.
• Emerson Electric Co.
• ProSoft Technology, Inc.
• Siemens AG
• Eaton Corporation PLC
• WiTricity Corporation
- In July 2021, Advantech launches a dual-band industrial WiFi I/O module for equipment security and industrial IoT devices with 2.4GHz/5GHz dual-band connectivity.
- In June 2020, ABB introduced industrial-scale wireless condition monitoring solution with HPE’s Aruba Wi-Fi and Bluetooth-enabled access points to provide industrial customers with insight into the health and performance of the equipment.
Global Industrial Wireless Solution Market Segmentation:
- By Type
- Wireless Field Instrument
- Wireless Network
- Wireless Computing Devices
- By Connectivity
- By Frequency Band
- Below 1000 MHz
- 1000 HHz-2000 MHz
- 2000 MHz-3000 MHz
- Above 3000 MHz
- By Enterprise Size
- Large Enterprise
- Small Enterprise
- By Industry Vertical
- Power & Energy
- Industrial Automation
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Key Questions Covered in the Industrial Wireless Solution Market Report
- What is an industrial wireless solution?
- An industrial wireless solution refers to a comprehensive and reliable communication network specifically designed for industrial environment, enabling seamless data transmission and control between various devices and systems.
- What specific segmentation details are covered in the industrial wireless solution market report, and how is the dominating segment impacting the market growth?
- 4G technology dominate the market and has extensive coverage in many regions worldwide, including remote and rural areas. Additionally, 4G provides a cost-effective solution for wireless communication, further driving the growth of 4G connectivity segment.
- What specific segmentation details are covered in the industrial wireless solution market report, and how is the fastest segment anticipated to impact the market growth?
- 2000 MHz-3000 MHz segment referred to as mid-band spectrum is anticipated to register the fastest CAGR as the spectrum provides higher data transfer rates and lower latency compared to lower frequency bands. Additionally, the 2000 MHz-3000 MHz spectrum offers higher capacity compared to lower frequency bands, allowing for the connection of a larger number of devices and supporting data-intensive applications in industrial settings.
- Which region is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
- Asia Pacific is anticipated to witness the fastest CAGR during the forecast period due to the expanding manufacturing powerhouses, which raise the demand for advanced industrial wireless solutions to improve production efficiency.
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