Global Industrial Wireless Solution Market growing at a CAGR of 16.8% from 2023 to 2030
Category : Semiconductor And Electronics | Published Date : Sep 2023 | Type : Press Release
Key Market Overview
The industrial wireless solution market is expected to reach USD 42,960.89 million by 2030. The market, which was valued at USD 12,783.29 million in 2022, is predicted to grow at a compound annual growth rate of 16.8% during the period 2023-2030.
The report highlights the increasing adoption of industrial wireless solutions in various sectors due to the rising demand for real-time control and monitoring in industries. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, and emerging technologies in the industrial wireless solution market.
Global Industrial Wireless Solution Market By Overview
Consegic Business Intelligence provided an inclusive research report on the industrial wireless solution market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends. 5G connectivity is predicted to witness the fastest CAGR in the industrial wireless solution market in the upcoming years. 5G offers ultra-low latency, crucial for applications namely robotics, automation, and remote control of critical processes. The low latency ensures minimal delay in transmitting and receiving data, improving the efficiency and responsiveness of industrial systems. Additionally, 5G supports a significantly higher number of connected devices per square kilometre compared to 4G. The feature is essential for the deployment of dense industrial IoT networks with a vast array of sensors and devices, allowing industries to create more interconnected systems. Consequently, the low-latency and high-speed offered by 5G networks is anticipated to drive market growth in upcoming years.
Get Free SampleMarket Dynamics
Driver:
- 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.
Restraints:
- Security concerns associated with industrial wireless solutions is restraining the market growth.
Market Segmentation:
| Report Attributes | Report Details |
| 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 |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
As per the study, the market is dominated by certain major companies such as NEXCOM International Co., Ltd., Advantech Co., Ltd., HMS Networks, and Phoenix Contact India Pvt. Ltd. that have a strong market position in current market circumstances. The market players compete for a firm market position through mergers and acquisitions, product innovations, and business strategies. Thus, evolving research and developments in the industrial wireless solution market are expected to help market players adopt innovative ways of product creation to cater to the growing needs of various end-use industries.
- 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
