Market Trends of Industrial Wireless Sensor Industry
This section covers the major market trends shaping the Industrial Wireless Sensors Market according to our research experts:
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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North America Expected to Hold Significant Market Share
- The industrial wireless sensors in the North America region 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. Moreover, the US is a hub for industrial wireless sensors, and most of the end-user industries in the region have deployed these sensors.
- The manufacturers belonging to the US region focus on investing in R&D activities to improve accuracy and reliability. Various industry players are focusing on product differentiation to avoid price competition. The growth of wireless sensors in the region is hindered by the maturity of the end-user segment and environmental impact on sensors.
- Wireless sensors have various uses and are used in factory settings for the flow of production, data monitoring and other functions as well as in defense, building automation and various other industries like food and beverage. The increasing demand for renewable energy development, new energy sources, government regulations, and rapid technological advancements are the key drivers that are making the wireless sensors to grow lucratively in this region.
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