Home automation category is the largest segment of the overall market
BCC Research reveals in its new report, WIRELESS SENSORS: TECHNOLOGIES AND GLOBAL MARKETS, the global wireless sensor devices market is expected to grow to $4.3 billion by 2019, with a five-year compound annual growth rate (CAGR) of 23.7%. The industrial installations category, the fastest-growing segment of the overall market, is anticipated to surge at a tremendous CAGR of 34.1%.
Wireless data monitoring and transmission of indicators such as temperature, pressure, level, and flow have become critical to a wide range of industries, including industrial installations, energy, agricultural, environmental, logistics and transport, medicine, and home automation.
The home automation category is the largest segment of the overall market and is forecasted to reach $1.6 billion by 2019, registering a healthy 20.1% CAGR. This dominance is attributed to the range of applications available within the home and other indoor settings, including frozen pipe detection, leakage detection, light sufficiency detection, power consumption monitoring, and structure monitoring.
Meanwhile, the industrial installations segment, which was valued at just $81 million in 2013, is expected to jump to $472 million in 2019. This growth will be driven by a relative increase in adoption rates of wireless sensors, which are expected to ramp up considerably over the next few years.
“Home automation and other indoor applications will continue to be the largest contributor to the wireless sensor market,” says BCC Research instrumentation and sensors analyst Shalini Ramamurthy. “However, its influence will be mitigated to a considerable extent as the industrial installation segment continues to scale up its adoption of the technology.”
That said, the medicine category, the second largest segment of the market, is expected to grow to $498 million in 2019 and register a significant 26.1% CAGR, while the defense and surveillance segment is anticipated to reach $204 million at the same rate.
WIRELESS SENSORS: TECHNOLOGIES AND GLOBAL MARKETS provides an overview of the global market for wireless devices and related technologies. It includes analyses of global market trends, with data from 2012 and 2013, estimates for 2014, and projections of CAGRs through 2019.
