Wireless Sensors Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

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The Wireless Sensors Market was valued at USD 4631.8 million in 2020 and is expected to reach a value of USD 17,215.17 million in 2026, registering a CAGR of about 24.2% during the period from 2021 to 2026. Wireless sensors offer several advantages, such as accuracy and reliability, with the help of various innovative technologies, such as RFID and Bluetooth, and the potential to make electronic devices easy to integrate. As a result, they gained significant traction in the past few years.

These sensors are mostly used in factory settings for data monitoring of production flow. These also find applications in defense, building automation, and other industries, like materials handling and food and beverage. Due to the increasing quest for new energy sources, government regulations, renewable energy development, and rapid technological advancements, the wireless sensors market are propelling.

- Wireless sensors are considered a vital component in smart grids for remote monitoring of power lines and transformers. They are present in service to monitor line temperature and weather conditions. Industrial automation ...
... and demand for miniaturized consumer devices, such as wearables and IoT - connected devices, among others, across regions, are among the significant factors driving the wireless sensors market. Due 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 use of wireless sensors, it becomes easy to control and monitor the facility from a safe distance continually.
- Industry 4.0 revolution, in which machines are becoming more intelligent and intuitive, is increasing the need for wireless sensors' industrial applications. The new devices are designed to be more efficient, safe, and flexible, with the ability to monitor their performance, usage, and failure autonomously. These applications, therefore, spur the demand for highly sensitive sensors.
The rising adoption of IoT is another major factor driving the growth of the market. This growth in IoT connected devices is projected to fuel the demand for wireless sensors. Further, transforming the development of smart homes and buildings, smart cities, and smart factories demands the use of wireless sensors, owing to the small form factor, high precision, low power consumption, and ability to control ambient parameters.

- These sensors have reduced installation costs and minimal disruption to the workforce and interiors; therefore, installing wireless sensor systems require no wiring or structural building changes. Many companies are investing in wireless technologies, which are cost-effective, safe as well as convenient. For instance, in 2019, SPM Instrument AB, leading worldwide provider of condition monitoring technology and products, announced the release of Airius, a range of wireless vibration sensors for remote monitoring of industrial equipment. This sensor is a wireless, battery-powered vibration sensor ideal for remote condition monitoring of standard production equipment, such as pumps and fans.

The defense sector is embracing wireless sensor technology, as these sensors can engage in monitoring their premises, identify suspicious activity, and track valuable assets.
- In May 2020, a Brazilian startup has developed a system based on the Internet of Things that can remotely monitor people with suspected COVID-19 or mild symptoms. The IoT system consists of a portable wireless sensor placed on the patient's index finger to capture oxygen saturation and heart rate data. This information gets collected in real-time by a smartphone app and can be remotely accessed and monitored by a medical team. If the system shows a reduction in oxygen saturation, the team can contact the patient or an on-site carer. Low oxygen saturation is one of the warning signs of a deteriorating condition in the case of COVID-19. Based on the oxygen saturation and heart rate data, the team can advise an immediate course of action. Two private hospitals in São Paulo, the epicenter of the pandemic in Brazil, will test the technology.

Key Market Trends

Energy and Power is Expected Witness Significant Growth

- Energy conservation is increasingly being essential to reduce power consumption and its associated costs for any enterprise and minimize the environmental impact, including a businesses' environmental footprint. For improved energy conservation, accurate wireless sensor measurements are required in portable and stationary weather stations, wind energy systems, testing devices for diesel truck emissions, wind engineering concerning new building design aerodynamics, high-altitude weather research balloons, ocean research, water pollution devices, atmospheric studies, and smokestack mercury sampling.
- Zero power wireless sensors require energy processing low power management circuitry to monitor the transducer output power, store energy, and deliver power to the rest of the wireless sensor. Energy harvesting helps in powering wireless sensor networks in industrial apps. Advancements in low-power and reliable wireless communications, together with improvements in sensor and energy harvesting technologies, make it more practical and efficient to use this type of communications instead of a wired infrastructure.

- In April 2020, Schneider Electric announced the PowerTag system, the world's smallest wireless energy sensor, to enhance the monitoring of electrical assets. Designed for a secure and compact connection to electrical devices and wireless communication, PowerTag provides monitoring and energy metering at the zone and load level. The PowerTag system is the newest addition to IoT-enabled EcoStruxure Power architecture. Designed for any building, PowerTag energy sensor monitors and measures current, voltage, power, power factor, and energy.

- Energy harvesting-based autonomous wireless sensor nodes are a convenient and cost-effective and solution. The utilization of energy harvesting removes one of the critical factors limiting the proliferation of wireless nodes. The scarcity of power sources has the characteristics necessary to deliver the energy and power to the sensor node for years without battery replacement. Significant economic advantages are realized when zero wireless power sensors are deployed vs. hard-wired solutions.

North America is Expected to Hold Major Share

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- The application is currently driving North America's wireless sensors market in the end-user segment and environmental impact on sensors. Manufacturers in the region are focusing on investing in R&D activities to improve the accuracy and reliability of these wireless sensors. Wireless sensors are utilized in factory settings for data monitoring, the flow of production, and other similar functions, as well as in building automation, defense, and other industries, like material handling and food and beverage. The increasing need for new energy sources, renewable energy development, government regulations, and rapid technological advancements are the key drivers that make the wireless sensors market grow lucratively.

- Further, industry participants emphasize product differentiation to avoid price competition. North America, at present, is the largest market in the wireless sensors market. It accounts for around 35% market share of the wireless sensors market and is estimated to be the largest market during the forecast period. In February 2020, Kryton International Inc., a company known for innovative and valuable concrete technologies, launched its new Maturix smart concrete sensors. The Maturix smart concrete sensor is one of the first truly wireless concrete monitoring sensors in North America. Fully wireless, Maturix sensors engage in transmitting data to a user's internet-connected device anywhere globally.

- The region also has the highest adoption of automation and smart devices in almost every industry. Owing to a high rate of automation, the region is a dominant market for smart homes and smart offices. In comparison to the world, the region has also witnessed the highest adoption of wireless sensors for various industry verticals. With changing dynamics in the industry, automotive manufacturers are moving toward electric vehicle production to meet next-generation consumers' needs. The use of electric vehicles in the United States has risen rapidly, with an estimated 1% of automotive sales in the US market. This is set to significantly augment the demand for wireless sensors designed for automotive applications.

- In the healthcare sector, Canada is also expanding a significant growth over the years. The critical healthcare companies are actively seeking strategic expansions, which is expected to augment demand for wireless sensors. For instance, Siemens Healthineers AG recently announced the expansion of its manufacturing facility in Canada. The company has planned to offer a wireless solution that enables
comprehensive blood analysis testing at the patient's side on a single room-temperature test card, resulting in less than a minute. With the ongoing concern about population health in the United States, the use of these sensors for health applications is expected to experience a real demand due to the increasing rate of chronic diseases in the country.

Competitive Landscape

The wireless sensors market is a competitive one and consists of numerous significant players. In terms of market share, few major players such as Honeywell International Inc., Siemens AG, Schneider Electric SE, etc. currently dominate the market. These major players with prominent share in the market are keen on expanding their customer base across several countries. Also, these companies are continuously innovating their products to increase their market share and increase their profitability.

- June 2020 - Salesforce and Siemens announced a strategic partnership to develop a new workplace technology suite that will support businesses globally and safely reopen and deliver future experiences for physical workplaces. Siemens plans to contribute technology from its Smart Infrastructure portfolio, which includes IoT solutions company Enlighted and workplace experience solution Comfy. Data is collected several times per second by cloud-connected smart sensors from Enlighted.
- February 2020 - Schneider Electric has announced a range of flexible digital services for modern and smart offices, called EcoStruxure Workplace Advisor. EcoStruxure Workplace Advisor will use real-time data from wireless sensors to facilitate flexible workplaces, improve employee health, and effectively manage facility services. Furthermore, health analyses should help enhance the well-being of users of buildings and increase their productivity.

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