The latest market report published by Credence Research, Inc. “Global Industrial Wireless Instrumentation Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global Industrial Wireless Instrumentation Market generated revenue of around USD 2,992 million in 2021 and is anticipated to grow a CAGR of over 11.24% during the forecast period from 2021 to 2028 to reach around USD 6,802 million in 2028. While, cumulative growth opportunity presented by the global Industrial Wireless Instrumentation is around USD 35.85 billion during 2022 to 2028.
Global Industrial Wireless Instrumentation Market, 2021 – 2028 (USD Million)
The growth of the industrial wireless instrumentation market can be attributed to the fast expansion of the industrial manufacturing segment and the increasing use of industrial IoT apparatus. Another factor driving industrial wireless instrumentation market growth is the reduced installation cost that is lower than wired equipment.
The industrial wireless instrumentation is also expanding owing to investments for modernizing industrial units in Europe and North America along with increasing government efforts to expand the industrial sector in developing countries belonging to Africa, the Middle East, and the Asia Pacific.
Hardware to Held the Largest Share
Hardware and Services are some of the important types of Industrial Wireless Instrumentation market. Although, service is growing in demand owing to wide acceptance from end-users, hardware segment held the largest share in 2020. Hardware segment held over 60% share in 2021. Hardware segment can be further bifurcated into Sensors, Transmitters/Transceivers, Wireless Adapters, Input/Output Modules and Other Accessories. Sensors accounted for over 25% share in total revenue generated by the global Industrial Wireless Instrumentation Hardware market in 2021.
Process Control and Monitoring to Grow at Rapid Pace
Asset Management, Process Control and Monitoring, Safety and Security Alarms, Communication Equipment and Others are major applications of the global Industrial Wireless Instrumentation industry. Process Control and Monitoring is most important segment of the global Industrial Wireless Instrumentation market and held over 30% share in 2021. While, asset management segment is likely to grow at a rapid pace over the forecast period.
Oil & Gas and Power Generation to Hold Largest Share
Oil and Gas, Chemical and Petrochemical, Marine & Mining, Power Generation and Others are some of the major end-users of Industrial Wireless Instrumentation. Oil & gas and power generation segment is leading the demand for Industrial Wireless Instrumentation followed by petrochemical and chemicals segment. On the other hand, marine and mining segments also held the significant position and anticipated to grow at an attractive CAGR.
U.S. is Leading Industrial Wireless Instrumentation Demand
U.S. is leading the Industrial Wireless Instrumentation industry with over 35% share in 2021. Availability of advanced technology, early response to the new technology by end-users, higher purchasing power parity and high level of awareness among end-users regarding security, flexibility and efficiency of the manufacturing process is leading to increasing adoption of Industrial Wireless Instrumentation in the region. While, China, Japan and South Korea are poised to play important role in global Industrial Wireless Instrumentation market. On the other hand, Europe held second position in revenue generation of Industrial Wireless Instrumentation market with string growth of UK, Germany and France.
Major players operating in the global Industrial Wireless Instrumentation market include Siemens Ag, Monnit Corp., Honeywell International Inc., General Electric Co., Endress + Hauser Group Services Ag, Emerson Electric Co., Eaton Corp., Schneider Electric, Rockwell Autmomation Inc., Beanair, Banner Engineering Corp., Ametek Inc., ABB Ltd., Phoenix Contact Gmbh & Co. Kg, Omega Engineering Inc., Yokogawa Electric Corp., United Electric Controls, Texas Instruments Inc., STMicroelectronics N.V., Oleumtech Corp. and National Instruments Corp. Global Industrial Wireless Instrumentation market is characterized by the presence of large number of manufacturers across the world.
Global Industrial Wireless Instrumentation Market by Type, 2016 – 2028
- Wireless Adapters
- Input/Output Modules
- Other Accessories
Global Industrial Wireless Instrumentation Market by Application, 2016 – 2028
- Asset Management
- Process Control and Monitoring
- Safety and Security Alarms
- Communication Equipment
Global Industrial Wireless Instrumentation Market by End-user, 2016 – 2028
- Oil and Gas
- Chemical and Petrochemical
- Marine & Mining
- Power Generation
Global Industrial Wireless Instrumentation Market by Company, 2016 – 2028
- Siemens Ag
- Monnit Corp.
- Honeywell International Inc.
- General Electric Co.
- Endress + Hauser Group Services Ag
- Emerson Electric Co.
- Eaton Corp.
- Schneider Electric
- Rockwell Autmomation Inc.
- Banner Engineering Corp.
- Ametek Inc.
- ABB Ltd.
- Phoenix Contact Gmbh & Co. Kg
- Omega Engineering Inc.
- Yokogawa Electric Corp.
- United Electric Controls
- Texas Instruments Inc.
- STMicroelectronics N.V.
- Oleumtech Corp.
- National Instruments Corp.