According to a new study conducted by ON World, the industrial wireless sensor network market will generate up to $13 billion in revenue by 2023.
The study is based on a survey conducted in partnership with the International Society of Automation and the LoRaAlliance.
Key findings of the report include:
- Expansion of industrial wireless sensor networks into new markets with multi-protocol devices, maturing standards and ubiquitous IoT cloud platforms
- A 69% increase in unit shipments over the last two years
- Robust manufacturing sector and increased spending on oil and gas exploration and production driving market growth
- Adoption of wireless mesh sensor standards (WirelessHART, ISA100 Wireless and Wi-SUN) are targeting new IoT applications including wireless gas detection, worker safety and smart water networks
- Location-based services is one of the fastest growing markets
- Competition is intensifying for short-range wireless sensor network components and devices
- LPWAN technologies (LoRaWAN, Sigfox, NB-IoT) are disrupting industrial IoT markets with cloud-connected, battery-powered wireless sensors and asset trackers that can communicate up to 30 kilometers.
- Many vendors are combining short-range radios such as Bluetooth and WiFi with LPWAN technologies
- Consumer satisfaction on battery lifetime, network range and system integration has been the most improved over the past two years
- Security, cost and complexity are rated the biggest WSN adoption inhibitors.