Industrial Wireless Devices Market Size, Share, Growth, And Industry Analysis, By Type (Product (Hardware & Software) and Service), By Application (Chemical, Oil & Gas, Pulp & Paper, Electric Power, Water & Wastewater, Metallurgy & Mining, Food & Beverage, Pharmaceutical & Biotech and Others), Regional Insights, and Forecast To 2031

Updated On: 08 July 2024

Industrial Wireless Devices Market Report Overview

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The global industrial wireless devices market size was USD 14560 million in 2021 and market is projected to touch USD 44019 million by 2031, at a CAGR of 10% from 2021 to 2031.

One of the important technologies with the most rapid development, widest applicability, and most visible advantage is industrial process automation. While one of the hottest areas in the field of industrial automation is industrial wireless network technology. The industrial wireless network communication standards that have generated the most global concern are primarily Wireless HART, ISA100.11a, and WIA-PA.

The development of the industrial wireless devices industry has been aided by work-from-home programs and remote working in hospital settings during the coronavirus epidemic. The global market is being driven by the increasing uptake of 4G and 5G technologies. This is clear from the increasing traffic that residential settings and homes are experiencing on cellular networks and Wi-Fi networks.

COVID-19 Impact: Limitations Induced By the Pandemic to Hamper Market Growth

Over the past few months, the majority of sectors in the world have experienced unfavorable effects. This can be ascribed to the enormous disruptions that various precautionary lockdowns and other limitations that were imposed by governing agencies around the world caused in their respective production and supply-chain operations. The same holds true for the global market for industrial wireless devices. Additionally, consumer demand has now decreased as people have been more intent on cutting down non-essential expenses from their individual budgets as the general economic condition of the majority of people has been adversely impacted by this outbreak. Over the course of the forecast period, the aforementioned factors are anticipated to have a negative impact on the revenue trajectory of the market. However, the market is anticipated to recover as the relevant governing bodies start to lift these enforced lockdowns.

Latest Trends

"Growing Trend Towards Miniaturization to Fuel Market Growth"

Vendors are concentrating on creating miniature antennas that take up less space without sacrificing performance or quality as consumers desire smaller and lighter wireless devices. Over the ensuing several years, this is likely to boost the market for wireless antennas in electronic devices.

Industrial Wireless Devices Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into product (hardware & software) and service.

In terms of product, service is the largest segment.

• By Application Analysis

Based on application, the market can be divided into chemical, oil & gas, pulp & paper, electric power, water & wastewater, metallurgy & mining, food & beverage, pharmaceutical & biotech and others.

In terms of application, electric power is the largest segment.

Driving Factors

"Rising Digital Networking to Augment Market Growth"

The market's stakeholders will see increased opportunities as a result of the digital networking of cars, factories, and homes. Companies in the smart antenna industry are kept busy with research and development thanks to the emergence of self-driving cars like Tesla, clever algorithms, and potent processors. As a result, communication between various entities has emerged as a vital prerequisite for developing digital transformation. Increased efforts are being made by stakeholders to provide strong and dependable network connections for transmitting and receiving massive amounts of data.

"Increased Production of Smart Devices to Propel Market Expansion"

The latest generation of intelligent antennas has the ability to autonomously change its primary beam to follow a moving target. In order to create solutions combined with sensing and signal processing elements that are suited for mobile communication in railroads and long straight spaces, companies in the smart antenna market are expanding their production capacities. Short-range wireless communication channels have been built in response to the growth of mobile technology and the introduction of mobile communication. For businesses in the smart antenna sector, however, building mobile communication systems—in which antennas play a crucial role—that are environmentally adaptable has become a challenge. In order to attain environmentally cognitive intelligence, businesses are expanding the availability of moderately priced antennas integrated with artificial intelligence (AI) as opposed to low-priced antennas. These factors are anticipated to drive the industrial wireless devices market growth.

Restraining Factors

"Poor Signal Quality in Remote Areas to Impede Market Expansion"

The main obstacles to wireless developments include poor signal quality, limited battery life, and dropped calls. In order to make the services accessible to customers and lower total network costs, wireless operators also strive to support more users per base station.

Industrial Wireless Devices Market Regional Insights

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"Asia Pacific to Dominate the Market Due to Increased Disposable Income of the People"

In terms of revenue, the Asia Pacific region held the greatest industrial wireless devices market share and is anticipated to develop at a good CAGR. The existence of important players including China Radio Corporation, TCL Communication Technology Co., Ltd., ZTE Corporation, and LG Electronics Inc. is responsible for this expansion. Over the course of the forecast period, it is also expected that increased disposable income and rising 4G/LTE network penetration will fuel the regional market.

Due to the increasing demand for consumer electronics like smartphones and tablets as well as an increase in the implementation of LTE networks, North America held the greatest market share for industrial wireless devices. Due to technological advancements and increased commercial sector adoption, including improvements to the region's transportation infrastructure, the UHF antenna segment dominated the North American wireless antennas market, followed by the VHF segment. This will result in the installation of more cell sites, which will increase product demand over the following eight years.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Emerson (U.S.)
• Honeywell International (U.S.)
• Siemens (Germany)
• ABB (Switzerland)
• GE (U.S.)
• Eaton (Ireland)
• Cisco (U.S.)
• Yokogawa Electric (Japan)
• Rockwell Automation (U.S.)
• Advantech (Taiwan)
• Arris (U.S.)

Report Coverage

This research examines a report with in-depth studies that describe the companies in the market that have an impact on the forecasted period. It provides a thorough analysis by examining aspects like segmentation, opportunities, industry developments, trends, growth, size, share, restraints, etc. with the help of in-depth research that have been conducted. If the major players or the anticipated analysis of market dynamics change, this analysis may need to be adjusted.