Global Industrial Wireless Sensors Market 2017-2021

Overview of the global industrial wireless sensors market

Technavio’s market research analyst predicts the global industrial wireless sensors market to grow steadily at a CAGR of above 11% by 2021. One of the primary drivers for this market is the rise in demand for wireless sensors in the oil and gas industry. The demand for energy and power is continuously increasing, which has given rise to the demand for oil and gas globally. Following the rise in the demand for oil and gas across the world, the global oil and gas industry is focusing on the efficient supply of crude oil. To cater to this growing demand, the oil and gas companies need to expand their exploration opportunities and upgrade their existing processes. Also, to increase productivity and to achieve energy efficiency, oil and gas companies are focusing on the effective deployment of wireless sensors in their plants, refineries, and production sites. As a result, the demand for industrial wireless sensors for applications in the oil and gas industry is increasing, which in turn, is expected to propel growth during the forecast period. 

In terms of geography, the Americas accounted for the maximum market share during 2016 and will continue to dominate the market for the next few years. The industrial wireless sensors market in the Americas is majorly driven by the investments in the industrial internet of things (IIoT) to increase productivity, deliver high-quality products, and track the performance of products after they leave the factory floor. Also, the US is a hub for industrial wireless sensors and most of the end-user industries in the region have deployed these sensors. The above-mentioned factors are expected to augment growth in the global industrial wireless sensors market in the coming years.

Competitive landscape and key vendors