Modules and chipsets for wireless sensor networks will generate more than $9.8 billion in revenue by 2024, up from $4.1 billion in 2018, according to a new study released by research firm ON World.
Relentless advances in wireless sensor networks (WSN) have resulted in billions of connected Internet of Things (IoT) devices, says the study.
Mareca Hatler, ON World’s director of research, said: “More than 1 billion annual WSN chipsets were sold worldwide last year due to breakthroughs in wireless mesh networking, Low Power Wide Area Networks, multi-protocol devices, IP-addressable end nodes and cloud IoT platforms.
“Consumer WSN markets are entering early majority mass market status and enterprise solutions continue robust growth.”
Enterprise applications will make up 30% of the chipset unit shipments and 49% of the revenues owing to higher chipset and module average sale prices compared to consumer applications.
Short-range WSN technologies such as 802.15.4, Bluetooth Low Energy and WiFi will continue to have the biggest impact on consumer markets including the smart home, media center, health, fitness and wearables.
Compared with consumer IoT, enterprise applications are more diverse with demand for both short-range and long-range WSNs.
Zigbee has the largest share of the wireless mesh market but IP-based protocols Thread and Wi-SUN are making up a larger portion of new product designs.
The Thread Group recently released version 1.2 of its specification that provides several enhancements such as lower power consumption and extensions for Bluetooth and scalable commissioning for commercial buildings.
Wi-SUN is used in some of the largest IP-based wireless mesh networks and there will be nearly 100 million Wi-SUN devices installed worldwide in the next few years.
Combination chipsets, or “combo chips” that combine technologies such as Bluetooth Low Energy and Zigbee/Thread have created new developer opportunities and are part of a continuing trend toward network agnostic solutions.
Unlicensed LPWAN technologies continue to dominate the LPWAN market with adoption for private networks increasing the fastest.
LPWAN will drive much of the growth for 270 million connected industrial IoT asset trackers within the next seven years.
Read more about the report.