TechNavio: Industrial wireless sensor market to increase at a 14.4 percent CAGR through 2016
The industrial wireless sensor network market (IWSN) is forecast by TechNavio to increase at a healthy 14.4 percent compound annual growth rate (CAGR) through 2016.
Factors fueling the increase include the lower cost of wireless sensors compared to wired sensors, as well as recent technological developments that have improved wireless sensor performance in the industrial environment, according to TechNavio.
''Development in wireless technology will help IWSNs to be used across a wide range of applications in the Industrial sector and will also help reduce operational costs in the long run. There has already been high adoption of wireless technologies such as Bluetooth, ZigBee, and Wi-Fi….Other solutions such as WirelessHART, SP100, or Wibree also aid in the widespread use of IWSNs across various applications," explained a TechNavio analyst who worked on the research.
Leading vendors in the market are Emerson Electric (NYSE: EMR), General Electric (NYSE: GE), Honeywell (NYSE: HON), Siemens (NYSE: SI), and Yokogawa Electric. Other vendors examined by TechNavio include ABB (NYSE: ABB), Atmel (NASDAQ: ATML), Cisco (NASDAQ: CSCO), Dust Networks, Freescale Semiconductor (NYSE: FSL), Invensys, Mitsubishi Electric and Rockwell Collins (NYSE: COL).
TechNavio warns that lack of standardization for industrial wireless sensors could pose a challenge to the projected growth. New sensors might not be compatible with existing systems, making integration expensive or impossible.
The IWSN market has been growing at a healthy rate over the last few years. According to a survey of 216 industrial automation professionals conducted last year by ON World, the market doubled between 2010 and 2012. The survey was conducted in collaboration with the International Society of Automation, the HART Communication Foundation, and the Wireless Industrial Networking Alliance,
The survey found that the most popular application of wireless sensor networks is industrial process monitoring, followed by tank level monitoring, asset/machine health monitoring, valve monitoring, and process control.
Based on the survey, ON World predicted that the number of installed wireless industrial field devices will increase by 553 percent by 2016, when nearly 24 million wireless-enabled sensors and actuators will be deployed worldwide. By then, more than two-thirds of deployed nodes will be used for new applications that are uniquely enabled by wireless sensor technology.