Global Industrial Wireless Automation Market Size Forecast 2024 - 2033
23 Dec, 2024
What Is The Overview Of The Global Industrial Wireless Automation Market?
Industrial wireless automation refers to the use of wireless technology to automate and control industrial processes, enabling remote monitoring, data collection, and operation without the need for physical connections or wires. It enhances flexibility, scalability, and efficiency in industrial operations while reducing installation costs and enabling real-time decision-making.
Industrial Wireless Automation Global Market Report 2024 provides data on the global industrial wireless automation market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The industrial wireless automation market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Expected Annual Growth Rates And Market Size Estimates For The Global Industrial Wireless Automation Sector?
The industrial wireless automation market has risen from $4.8 billion in 2023 to $5.18 billion in 2024, with a CAGR of 8.0%. Growth has been spurred by remote monitoring, real-time data demand, and increased productivity. The market is expected to grow to $7.08 billion by 2028 at a CAGR of 8.1%. Future drivers include IoT expansion, predictive maintenance, and smart manufacturing growth. Trends include 5G technology, Industry 4.0 initiatives, and cybersecurity advancements.
Which Factors Are Boosting Growth In The Industrial Wireless Automation Market?
The expanding automotive industry is expected to accelerate the growth of the industrial wireless automation market. The automotive industry is experiencing growth driven by technological advances and the increasing demand for cleaner, more efficient vehicles. Wireless automation systems are integral in this industry as they allow for real-time monitoring and control of manufacturing processes, helping optimize production and reduce downtime. The European Automobile Manufacturers Association reported that global vehicle production reached 85.4 million units in 2022, marking a 5.7% increase from the previous year. This growth in the automotive industry is propelling the industrial wireless automation market forward.
Get Your Free Sample of the Global Industrial Wireless Automation Market ReportWhat Key Areas Define The Segmentation Of The Global Industrial Wireless Automation Market?
The industrial wireless automation market covered in this report is segmented –
1) By Product: Process Industry, Discrete Industry
2) By Organization: Large Enterprise, Small And Medium-sized Enterprises (SMEs)
3) By Application: Oil And Gas, Petrochemical, Water And Wastewater, Energy, Other Applications
How Are Emerging Trends Reshaping The Dynamics Of The Industrial Wireless Automation Market?
In the industrial wireless automation market, companies are focusing on developing IoT-enabled devices like the IoT controller N20K48 to enhance customer offerings and gain a competitive edge. An IoT controller acts as a hub for managing and coordinating IoT devices within a network. For example, in May 2023, Novus International, Inc., a US-based industrial automation company, launched the IoT controller N20K48. This device simplifies the integration of legacy devices and ensures efficient communication between IoT devices through a Wi-Fi micromodule and various compatible antennas.
Which Region Has The Fastest Expansion In The Industrial Wireless Automation Market?
North America was the largest region in the industrial wireless automation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial wireless automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.