Global Wireless Sensors Market Size to Grow at a CAGR of 20.10% in the Forecast Period of 2024-2032
30 NORTH GOULD STREET, SHERIDAN, WYOMING, UNITED STATES, November 6, 2023 /EINPresswire.com/ — According to the report by Expert Market Research (EMR),“Wireless Sensors Market Size, Share, Growth, Analysis, Report and Forecast 2024-2032, the global wireless sensors market reached a value of approximately USD 14.4 billion in 2023. Aided by the growing demand for automation and remote monitoring, and the widespread applications of wireless sensors in diverse sectors, the market is projected to further grow at a CAGR of 20.10% between 2024 and 2032 to reach a value of USD 43.21 billion by 2032.
Wireless sensors are integral components in automation and control systems. They are devices that detect changes in physical quantities, like temperature or pressure, and transmit this data wirelessly to a remote location. Wireless sensors play a crucial role in improving operational efficiency, ensuring safety, and facilitating real-time decision-making, thereby aiding the wireless sensors market growth. Besides their operational benefits, wireless sensors offer significant advantages in terms of installation and maintenance, making them a valued asset in numerous industrial applications, including manufacturing, agriculture, healthcare, and smart homes.
The accelerating trend of automation and remote monitoring is a key factor driving the global wireless sensors market growth. With the emergence of the Internet of Things (IoT) and Industry 4.0, there has been a significant shift towards automated systems and smart devices. This has led to a surge in demand for wireless sensor-based solutions, which enable efficient data collection, real-time monitoring, and predictive maintenance. Furthermore, the COVID-19 pandemic has boosted the demand for wireless sensors, as businesses globally are looking for remote monitoring solutions to ensure uninterrupted operations while adhering to social distancing norms.
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The expanding applications of wireless sensors across various sectors also significantly contribute to the wireless sensors market development. In manufacturing, wireless sensors are widely used for machine health monitoring, process automation, and safety applications. In agriculture, they are used for precision farming practices, enhancing yield and productivity. The healthcare sector employs wireless sensors for remote patient monitoring, and the smart homes segment utilises them for home automation and security, thus increasing the wireless sensors market demand.
Moreover, the rising demand for energy-efficient and sustainable solutions has brought wireless sensors into focus. Wireless sensors, with their low power consumption and ability to operate on battery power, can contribute significantly towards energy conservation. With the increasing popularity of green buildings and smart cities, wireless sensors have emerged as a crucial tool in the development of these energy-efficient infrastructures, thereby boosting the wireless sensors market expansion.
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Wireless Sensors Market Segmentation
The market can be divided based on product type, industry vertical, and region.
Market Breakup by Product Type
• Temperature Sensors
• Pressure Sensors
• Chemical and Gas Sensors
• Humidity Sensors
• Flow Sensors
• Level Sensors
• Motion and Positioning Sensors
Market Breakup by Industry Vertical
• Consumer Electronics
• Automotive and Transportation
• Aerospace and Defence
• Energy and Power
Market Breakup by Region
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global wireless sensors companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• ABB Ltd.
• Texas Instruments Incorporated
• Honeywell International Inc.
• Schneider Electric SE
• Siemens AG
• Emerson Electric Co.
• NXP Semiconductors N.V
• TE Connectivity Ltd.
• Advantech Co., Ltd.
• InvenSense, Inc.
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