Industrial wireless sensor market to experience long term growth
Couple that with emerging trend of ‘smart factories’, it appears that the industrial wireless sensor market is set to explode. In fact the latest report from MarketsandMarkets forecasts that the global industrial wireless sensor network market is expected to reach $944.92 Million by 2020, at an estimated CAGR of 12.96 %. According to the report, sensors hold the maximum share in this global market and this trend is expected to be same in the forecast period.
Some of the wireless protocols being employed in this market include Bluetooth, WI-Fi, Zigbee, wirelessHART, and Z-wave.
A key concept in remaining competitive, especially in high-cost countries, is the ability to maximise efficiency. This can only be done with sufficient information and control over the processes involved, no matter the industry segment — for example chemical, mining, food and beverages, medical and healthcare, power and energy, oil and gas, and automotive. Wireless sensor networks enable this and allow for a variety of control, automation and maintenance protocols to be implemented. Predictive maintenance is one area where a significant amount of savings are being made.
As industry moves more and more to wireless sensor networks, we are just beginning to see the emergence of smart factories, where factories and installations are completely automated, where even security can be handed largely to drones! In this respect, the forecast might be on the low end, as we cannot predict how the IoT will eventually evolve and its impact on industry. It is almost certain, however, that most industries would not use an open IoT, preferring to ring-fence their installations, and, of course, security will be a primary concern.
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