The industrial wireless market in process industries is expected to grow by USD 2.45 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Industrial Wireless Market in Process Industries 2020-2024 (Graphic: Business Wire)
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Wireless systems involve significantly lower installation and retrofit costs compared to conventional wired systems. For instance, deploying a wired cable system in an industry requires significant amounts of labor and hardware costs. Whereas, a similar wireless system can be easily deployed or scaled up according to the requirements of the industry without the need for additional hardware or labor. Also, wireless systems can be easily configured to connect and merge with existing wireless systems. Many such cost benefits are increasing the adoption of wireless systems, which is driving the growth of the global industrial wireless market.
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As per Technavio, the growing use of machine-to-machine (M2M) services across industries will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Industrial Wireless Market in Process Industries: Growing Use of Machine-To-Machine (M2M) Services Across Industries
Organizations across various industries are increasingly adopting wireless technologies to simplify their business operations. Besides, advances in wireless solutions have enabled end-users to deploy M2M services to manage various facets of the business. The increased adoption of wireless LANs, sensors, and other wearable devices have increased the generation of huge amounts of critical data. End-users are leveraging this data to improve their decision-making process as well as to measure their performance. This significantly improves the outcomes of business operations in terms of finances, efficiency, productivity, and customer service. This trend is expected to have a positive impact on the growth of the global industrial wireless market during the forecast period.
"Increasing investments in wireless networks and the rising focus on predictive maintenance will further boost market growth during the forecast period," says a senior analyst at Technavio.
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Industrial Wireless Market In Process Industries: Segmentation Analysis
This market research report segments the industrial wireless market in process industries by technology (WLAN, WirelessHART, WiMAX, and Others), geography (APAC, North America, Europe, MEA, and South America), and end-user (OGPI, Power industry, Water and wastewater industry, and Others).
The APAC region led the industrial wireless market in process industries in 2019, followed by North America, Europe, MEA, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the rise in industrial development activities in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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