Wireless Sensors Network Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Wireless Sensors Network Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Wireless Sensors Network Market is expected to register a CAGR of 17.64% over the forecast period 2022 - 2027. There are many applications of wireless sensors network in robotics, such as advanced robotic sensing, multiple robot coordination, robot planning and navigation, and robot localization. Using wireless sensors network helps emergency response robots to be conscious of conditions, such as electromagnetic field monitoring, forest fire detection, etc.

Key Highlights

• The growing automation and robotics industry, increasing demand for a wireless sensor network in asset monitoring, security, and transportation, and improved reliability with the communication technology advancements are the significant factors driving the market for wireless sensors network (WSN).
• Owing to the increased government regulation for the increased use of the sensor for safety, the demand for wireless sensors is growing, for instance, the areas with challenging environmental conditions, such as extreme high pressure, high temperature, etc. With the help of wireless sensors, it becomes easy to control and monitor the facility from a safe distance continually. They help to acquire the data from locations that are difficult to access.
• Further, in June 2021, Salunda launched a wireless sensor network that secures the connectivity of critical production, operational, and safety systems in the oil and gas industry, such as Red Zone management and real-time location applications.
• The rising adoption of IoT (Internet-of-Things) is another major factor driving the market's growth. This growth in IoT-connected devices is projected to fuel the demand for wireless sensor networks.
• Sensor manufacturers heavily invest in technology to cater to emerging verticals, such as smart cities and autonomous vehicles, which are substantially dependent on wireless technologies. Innovation in sensor technologies, such as intelligent sensors, is expected to support the rapid adoption of wireless technologies in the market. All these factors may contribute to the growth of the wireless sensor network market.
• Wireless sensor network has witnessed immense growth as technology companies worldwide accelerated innovation due to COVID-19. The need for small devices is behind advances in electronics, thus, ranging from thermal imaging and faster point-of-care testing to microfluidics-based polymerase chain reaction (PCR) tools and techniques to detect SARS-CoV-2.
• Wireless temperature sensors in the market employ IoT connectivity to speed up COVID-19 screening. Multiple companies are collaborating to develop a series of human body temperature monitoring wearable devices. The sensors of the wearable devices offer real-time data to frontline healthcare workers and let them quickly screen individuals with a high temperature, one of the most common symptoms of COVID-19.
• Moreover, Shanghai Public Health Clinical Center (SPHCC) used a California-based connected health startup VivaLNK's continuous wireless temperature sensor network, to monitor COVID-19 patients. This technique reduces the risks of caregivers being exposed to the virus.

Key Market TrendsThe Medical Segment is Expected to Witness Significant Growth

• Continuous health monitoring using wireless body area networks of implantable and wearable medical devices is envisioned as a transformative approach to healthcare. Rapid advances in biomedical sensors, low-power electronics, and wireless communications have brought this vision to the verge of reality.
• The aim of these applications is to ensure continuous monitoring of the patient's vital parameters while giving them the freedom to move. In doing so, WBANs result in an enhanced quality of healthcare.
• Moreover, with an increase in connected healthcare IoT devices, the WSN is expected to gain significant growth.
• For instance, in the European Union, IoT solutions are growing rapidly, and there are a lot of opportunities for the health sector in this market. The number of IoT healthcare active connections is expected to increase in the forecast period, thereby driving the WSN market.
• Under the European Commission's Digitising European Industry (DEI) emphasis area, almost €1 billion in EU funding was made available for initiatives in research and innovation through the Horizon 2020 program, with a huge proportion of that invested in healthcare. ACTIVAGE, GATEKEEPER, and SHAPES are three large-scale pilots that have received close to €60 million in funding for research and innovation into the application of digital technology in European healthcare.

North America is Expected to Account for the Largest Market Share

• North America has emerged as the priority choice for the market vendors in the market studied, as the region is highly benefitted by the presence of the critical infrastructure necessary for the solution.
• The adoption of smart factories, intelligent manufacturing, and the presence of many industrial wireless sensor network manufacturers are expected to drive the growth of the North American market in the near future.
• The presence of a number of key players, such as ABB Ltd, Emerson Electric Co., and Honeywell International Inc., is also expected to prompt the growth of the market in this region.
• The total revenue generated by Honeywell International Inc. in Europe accounted for USD 6,800 million in 2021. This estimate was 6.9% higher than the previous year, which generated USD 6,356 million.
• Wireless sensor networks were used in health applications to provide impaired interfaces, integrated patient monitoring, diagnostics, and drug administration in hospitals, telemonitoring of human physiological data, and tracking and monitoring of doctors or patients within a hospital.
• In North America, Wireless sensor networks were used in health applications to provide impaired interfaces, integrated patient monitoring, diagnostics, and drug administration in hospitals, telemonitoring of human physiological data, and tracking and monitoring doctors or patients within a hospital. Digital health revenue is estimated to rise at 5.89 % (CAGR 2022-2026), resulting in a market volume of USD 42,316.21 million by 2026.
• Moreover, the North American freight railroad industry is also trying to leverage WSN onboard railcars for advanced monitoring and alerting. In railroad environments, freight train WSNs exhibit a linear chain-like topology of significant length.
• Furthermore, with the increasing penetration of wearable devices in the commercial market, wearable devices are also becoming increasingly popular for industrial usage due to their numerous benefits. For instance, Airbus implemented wearable devices in the aerospace and defense industries in collaboration with Accenture.

Competitive Landscape

The Wireless Sensors Network Market is a fragmented market. It is a highly competitive market without many dominant players present in the market.

• December 2021 - Yokogawa Electric Corporation (TOKYO: 6841) has initiated a research study with the Japan Aerospace Exploration Agency's (JAXA) Space Exploration Innovation Hub Center on optical fiber sensing technologies ("Exploration Hub").
• October 2021 - Honeywell Anthem became the first aircraft on the market to be equipped with an Always-on cloud-connected cockpit system. It operates at a high-efficiency level and paves the way for autonomous flight. It's a game-changing linked avionics product that can be utilized on a wide range of aircraft, including UAM/UAS, air transport, commercial aviation, and even military aircraft.

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