The wireless sensor network market was valued at USD 29.06 billion in 2016 and is projected to reach USD 93.86 billion by 2023; it is expected to grow at a CAGR of 18.55% during 2017–2023.
Why growing adoption of smart technologies and distributed applications will create opportunities for players in the wireless sensor network market?
The rising adoption of smart technologies, including smart cities and smart connected solutions, has created new business opportunities for WSN. Wireless communication delivers smart, productive features and efficiency in the daily lives of inhabitants by providing them connectivity among various household things using the Internet. Telecom service providers offer reliable connectivity solutions to various applications, including smart cities and smart vehicles. Many countries are now focusing on expanding the use of IoT to improve services such as waste management, water management and quality, and energy consumption in public buildings. The use of contextual analysis to provide real-time information to citizens and authorities is also becoming popular. Wireless communication plays a critical role in the adoption and growth of distribution automation applications. The wireless sensor network is a reliable and cost-effective solution that enables enterprises to effectively support distribution automation applications.
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How is limited power source posing challenges to wireless sensor network market players?
The nodes in wireless sensor networks have to manage power from small batteries as they lack fixed infrastructure. As a frequent manual replacement of the batteries of thousands of sensors, actuators, and other connected devices within a wireless sensor network is not feasible, the main hurdle is the power management of devices using wireless technologies such as Wi-Fi. Recent developments in the areas of microcontrollers and wireless technologies have resulted in low-power communication wireless sensor nodes. However, a sensor node has a limited life as it works on battery. The sensor nodes need to be equipped with energy harvesting units such as solar and vibrations and other sustainability modes to enhance their life. Though semiconductor manufacturers are already working toward producing ultra-low-power chips and modules, innovations in battery technologies and power management of connected devices pose a major challenge for the players in the wireless sensor network market.
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