The industrial wireless automation global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Industrial Wireless Automation Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The industrial wireless automation market size has grown strongly in recent years. It will grow from $4.8 billion in 2023 to $5.18 billion in 2024 at a compound annual growth rate (CAGR) of 8%. The growth in the historic period can be attributed to increased demand for remote monitoring and control, remote monitoring and control, demand for real-time data, increased productivity.
The industrial wireless automation market size is expected to see strong growth in the next few years. It will grow to $7.08 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to expansion of IoT and edge computing, demand for remote monitoring and predictive maintenance, growth of smart manufacturing and industrial IoT. Major trends in the forecast period include integration with industry 4.0 initiatives, rapid adoption of 5G technology, AI and machine learning integration, focus on cybersecurity.
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Scope Of Industrial Wireless Automation Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Industrial Wireless Automation Market Overview
Market Drivers –
The rising automotive industry is expected to propel the growth of the industrial wireless automation market going forward. The rising automotive industry is due to a combination of economic, technological, regulatory, and societal factors and the adoption of cleaner and more efficient vehicles. Wireless automation systems can facilitate real-time monitoring and control of manufacturing equipment and processes. This enables manufacturers to optimize production throughput, minimize downtime, and identify and address issues promptly. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based intergovernmental organization, global motor vehicle production reached 85.4 million units in 2022, marking a 5.7% increase compared to the previous year. Therefore, the rising automotive industry is driving the growth of the market.
Market Trends –
Major companies operating in the industrial wireless automation market are focusing on developing IoT-enabled devices such as IoT controller N20K48, to gain a competitive edge and enhance customer offerings. An IoT (Internet of Things) controller is a device or gateway that is a centralized control point for managing and coordinating IoT devices and systems within a networked environment. The IoT controller acts as a central hub, facilitating communication, data processing, and control within industrial wireless automation systems, optimizing operational efficiency and enabling real-time decision-making in industrial environments. For instance, in May 2023, Novus International, Inc., a US-based industrial automation and control solutions company, launched an IoT controller, N20K48. This controller features a Wi-Fi micromodule that simplifies the integration of legacy devices, making communication between devices affordable and straightforward. The micro module, which uses four slots of the N20K48 controller dock, includes an RP-SMA connector compatible with the panel and magnetic antennas for communication within panels.
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
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Regional Insights –
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.
Key Companies –
Major companies operating in the industrial wireless automation market are Siemens AG, Cisco Systems Inc., Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Eaton Corporation plc, Emerson Electric Co., Rockwell Automation Inc., Omron Corporation, Phoenix Contact GmbH & Co KG, Endress+Hauser AG, Yokogawa Corporation of America, Belden Inc, Rittal GmbH & Co KG, Advantech Co Ltd, Sick AG, Weidmüller Interface GmbH & Co KG, HARTING Technology Group, Pepperl+Fuchs AG, B&R Industrial Automation GmbH, Digi International Inc, Moxa, Turck Holding GmbH, Banner Engineering Corp., OleumTech Corporation, ProSoft Technology Inc.
Table of Contents
1. Executive Summary
2. Industrial Wireless Automation Market Report Structure
3. Industrial Wireless Automation Market Trends And Strategies
4. Industrial Wireless Automation Market – Macro Economic Scenario
5. Global Industrial Wireless Automation Market Size and Growth
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32. Global Industrial Wireless Automation Market Competitive Benchmarking
33. Global Industrial Wireless Automation Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Industrial Wireless Automation Market
35. Industrial Wireless Automation Market Future Outlook and Potential Analysis
36. Appendix
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