Industrial Wireless Sensor Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The industrial wireless sensor market is expected to register a CAGR of 12.4% during the forecast period (2021 - 2026). There are rapid technological advances for the wireless sensors thereby strengthening its products and applications. Industrial wireless sensors are classified into different types such as flow, temperature, pressure, gas sensors and others. These industrial sensors have various features such as a high degree of precision, reliability, range, variety, and sensitivity and enable advanced control and automation of different industrial processing units. The development of cost-effective, present sensor networks primarily depends upon the speed and quality of technological advancement, the advancement of technical regulations and standards and the alternate methods of power supply. Wireless sensors are standard measurement tools that are equipped with transmitters that can convert signals from process control instruments into a radio transmission.

• One of the major factor leading to the increasing use of wireless sensors is the need for monitoring and analyzing real-time data.
• Growing Industrial 4.0 and IIoT is also a major driver for the wireless sensors. The ever-increasing demands of manufacturers and the drive towards the realization of IIoT and Industry 4.0 is further propelling the growth of the industrial wireless sensors market.
• There is a rapid rise in demand for wireless sensors in the oil and gas industry owing to the growth of the market. Due to the continuously increasing demand for energy and power, there is a rise in demand for oil and gas globally.
• The major factor responsible for hindering the growth of this market is data security and the high cost of the sensors.
• Originally conceptualized for military use, these networks now have wide-ranging applications in civilian, industrial, and consumer markets. These extend from preventing trespassing in monitoring building strength and evaluating water quality to measuring individual heart rate.

Scope of the Report

An industrial wireless sensor is a device that detects and responds to the input from the physical environment. The input could be position, level, gas, pressure, temperature, image humidity, flow, motion, and force. Industrial sensors are important across various industries such as oil & gas, pharmaceuticals, chemicals, manufacturing, mining, and energy & power. The industrial wireless sensors are like transducers that alter the physical quantity into electrical signals. The indications given through the signals are processed through an electronic automation system and portray natural variations in the device or instrument.

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Key Market Trends

Oil & Gas Segment Expected to Witness Significant Growth

• The introduction of high-tech sensors has entirely changed the way oilfields are operated. Wireless sensors are used in the oil and gas industry to give managers and decision makers the ability to track and control the entire plant belonging to the sector. IIoT sensing units are mounted at numerous locations to make it possible to consume and analyze data from multiple resources. 
• Due to 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. In order 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.
• Oil and gas companies need to control, monitor, maintain and secure the processes and industrial assets in an efficient manner. Industrial and environmental applications require real-time information related to physical events like pressure, temperature or humidity. In the past, the only way to transfer the sensed data to the control center was through cumbersome and costly wires.
• Various regulatory authorities of the oil and gas industry have defined the need for more accurate, much better and real-time monitoring by the sector. With the help of sensor networks, the ability to record multiple data factors from multiple devices simultaneously and use the consolidated information will assist in identifying the health of tools as well as forecast any prospective failures. The best use of IIoT in this industry can bring about increased performance, avoid downtimes, and anticipate performance.

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