Market Analysis
The global industrial wireless solution market will touch USD 21.6 billion at a 25.00% CAGR by 2032, as per the recent Market Research Future report.
Key Players
Eminent industry players profiled in the global industrial wireless solution market report include
- Cisco Systems Inc
- Eaton Corporation PLC
- ABB Limited
- Belden Inc
- Emerson Electric Company
- Honeywell International Inc
- Siemens AG
- Yokogawa Electric
- AT&T
- Phoenix Contact GmbH & Co
- DataGear Inc
- Ruckus Networks
- Oleum Tech
- Molex, LLC
- General Electric (US).
Key players have incorporated several strategies to stay ahead such as partnerships, agreements, new product launch, and others
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Drivers
5G Network Rollout to Boost Market Growth
The 5G network rollout will boost market growth over the forecast period. 5G networks offer comparatively higher data transfer speeds & throughput in comparison to the previous generations. High speed enables industrial sensors and devices in transmitting and receiving huge amounts of data in the real-time, allowing remote monitoring and controlling critical processes.
Opportunities
Burgeoning Demand for Robotic Automation to offer Robust Opportunities
The burgeoning demand for robotic automation across various industries such as chemical and mining will offer lucrative opportunities for the industrial wireless solution market in the forecast period. Industrial wireless solutions helps in maximizing productivity, reducing human errors, and offering workers safety that in turn is propelling market growth.
Restraints and Challenges
Lack of Awareness to act as Market Restraint
The lack of awareness, network security concerns, and rising data issues may act as market restraints over the forecast period.
Market Segmentation
The global industrial wireless solution market is bifurcated based on organization size and type.
By type, wireless network will lead the market over the forecast period.
By organization size, SMEs will domineer the market over the forecast period.
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COVID-19 Analysis
The COVID-19 epidemic possesses a favorable impact on the industrial wireless solution market owing to the shift towards remote working and an increased automation in different industries. So this resulted to a growing need for wireless connectivity solutions within industrial settings for supporting remote monitoring, control as well as data collection. The epidemic increased the use of IoT in industries that demands wireless connectivity to collect data from equipment and sensors. Industrial wireless solutions also helped healthcare facilities in providing telehealth services.
Regional Analysis
North America to Head Industrial Wireless Solution Market
North America will head the industrial wireless solution market over the forecast period for the increasing investments in technical breakthroughs and well-established industrial infrastructure. Most leading firms within this area are investing heavily to upgrade to the cutting-edge technologies. The region domineers in the adoption of the industrial wireless solutions fueled by industries such as healthcare, oil and gas, and manufacturing. Also, the presence of top technology providers along with a strong focus especially on innovation adds to the region’s dominance.
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