According to a new market research report published by Credence Research “Industrial Wireless Vibration Sensors Network Market (By End-use Industry – Manufacturing; Oil and Gas; Automotive; Metals and Mining; Water and Wastewater; Food and Beverages; Chemicals and Others) – Growth, Future Prospects, Competitive Analysis and Forecast 2016 – 2024”, the global industrial wireless vibration sensors network market stood at US$ 903.2 Mn in 2015 and is estimated to expand with a CAGR of 5.4% from 2016 to 2024.
The complete report is available at http://www.credenceresearch.com/report/industrial-wireless-vibration-sensors-network-market
The industrial wireless vibration sensors network market has been primarily driven by increasing need to monitor and assess machine condition in order to avoid major downtimes and loss of production time. With technological advancements in sensor technology and rise of effective wireless communication protocols suitable for the industrial applications have led to the rise of various condition monitoring systems based on various types of sensors such as vibration, temperature, pressure, and humidity, among others. The vibration sensors have gained immense popularity in the manufacturing and processing related applications on account of its higher accuracy and effectiveness. In addition, increasing adoption of communication protocols such as WirelessHART and ISA 100.11a has further enabled the adoption of industrial wireless vibration sensors network into various manufacturing and processing units.
Some of the major factors driving the growth in the industrial wireless vibration sensors network market is the increasing need to ensure operations continuity and avoid machine downtime. With the use of sensors networks, plant operators can quickly and precisely identify any particular point of error and rectify the issue before resulting into machine failure. Thereby, the use of industrial wireless vibration sensors network helps plant owners to avoid huge losses associated with machine downtime. Furthermore, by assessing vibration readings of various components within the machinery, the plant operators can continuously monitor the machines condition and predict the requirement of any appropriate maintenance services. Thereby, the overall industrial wireless vibration sensors network market is expected to witness significant growth during the forecast period.
The global industrial wireless vibration sensors network market is fragmented with top four manufacturers accounting for less than 45% of the market revenue. The global market is characterized by the presence of large number of players, across the entire wireless sensor network value chain. The increase in the number of manufacturers/suppliers, distributors, and service providers has ensured a highly competitive market. The global industrial wireless vibration sensors network market is characterized by the presence of large number of players with diversified businesses who are struggling to gain meaningful differentiation. Thus, new product development, product innovation, and developing easy-to use, energy-efficient, and technology advanced IWSNs are some of the requisite market strategies adopted by the manufacturers in the market
Business expansion through strategic alliance and acquisitions is another important strategy adopted by the leading players in this market. A dominant trend of market moving towards consolidation can be witnessed as small players are merging operations with well-established players to leverage their resources. In a relatively matured and slow growing market, manufacturers are focusing on offering application specific wireless vibration sensors network solutions in order to strengthen their position in the market. Considering that major portion of sales come through indirect sales channel, an established distribution network is a necessity and manufacturers across the globe are focusing on strengthening their marketing and distribution channels to improve their product penetration and position in the market. A trend of international manufacturers forming alliance with local players to expand its geographical footprint can be seen in the market. For instance, BeanAir has recently announced that it has signed an agreement with Ambetronics with an aim of promoting and distributing its wireless sensor network solutions for condition monitoring applications in the Indian market.
- Market moving towards consolidation through various mergers and acquisitions
- High growth rate in the automobile, food and beverages industry
- Continued adoption in the manufacturing industry