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Industrial Wireless Instrumentation Market by Type (Hardware, Services) by Application (Asset Management, Process Control and Monitoring, Safety and Security Alarms, Communication Equipment, Others) by End-user (Oil and Gas, Chemical and Petrochemical, Marine & Mining, Power Generation, Others) - Growth, Future Prospects And Competitive Analysis, 2016 - 2028

Industrial Wireless Instrumentation Market Analysis

The growth of the industrial wireless instrumentation market can be attributed to the fast expansion of the industrial manufacturing segment and the increasing use of industrial IoT apparatus. Another factor driving industrial wireless instrumentation market growth is the reduced installation cost that is lower than wired equipment.

The industrial wireless instrumentation is also expanding owing to investments for modernizing industrial units in Europe and North America, along with increasing government efforts to expand the industrial sector in developing countries belonging to Africa, the Middle East, and the Asia Pacific.

industrial-wireless-instrumentation-market

The global Industrial Wireless Instrumentation market is expected to witness a CAGR of 11.24% during the forecast period. The revenue generated by the global Industrial Wireless Instrumentation market in 2021 was over USD 2,992 million and is expected to generate revenue worth USD 6,802 million in 2028. Therefore, the incremental growth opportunity offered by the global Industrial Wireless Instrumentation is estimated to be USD 35.85 billion between 2022 and 2028.

Interesting Facts about Industrial Wireless Instrumentation Industry

  • Industrial Wireless Instrumentation is a cost-effective solution when large numbers of instruments are installed
  • Industrial Wireless Instrumentation is flexible and facilitates the addition of new instruments
  • Industrial Wireless Instrumentation is easy to maintain and manageable
  • Industrial Wireless Instrumentation reduces data redundancy
  • However, Industrial Wireless Instrumentation has some procedural barriers

Due to the rapid pace of industrialization, the industrial wireless instrumentation market will see a double-digit compound annual growth over the next few years: Several factors drive the increased use and adoption of industrial wireless instrumentation equipment. Lower installation cost, especially when a more significant number of instruments are deployed. Better manageability. When wired systems fail, they result in a total failure that happens suddenly. Wireless system failures only occur temporarily. Many of these failures can be prevented by taking care to implement preventive maintenance and wireless diagnostics. Asset Management, Process Control, Monitoring, Safety and Security Alarms, Communication Equipment, and Others are key application areas for Industrial Wireless Instrumentation.

Higher Flexibility and Security 

Increased flexibility. Once a wireless system is complete, extra components can be easily integrated. It is also simple to extract more data from current instruments using wireless adapters. Higher security. Wireless security covers all field instruments. It does not depend on the transmission medium’s physical safety.

Hardware Segment to Dominate

The Industrial Wireless Instrumentation market can be segmented into Hardware and Services. The hardware segment dominates the global Industrial Wireless Instrumentation market with over 65% share in 2021. In contrast, the hardware segment is further segmented as Sensors, Transmitters/Transceivers, Wireless Adapters, Input/Output Modules, and Other Accessories. Sensors are the leading Industrial Wireless Instrumentation Hardware market.

Redundancy is a Major Challenge

Since wired instruments depend on one wire to connect them all, there is a higher risk of failure. The rate of loss tends to be higher if the wire is longer or exposed to harsh conditions. From field experience, it can be seen that redundant wireless systems are often more reliable than wired systems. However, a wireless system can be used to add redundancy for wired reporting. The same data may be reported with the help of wireless and wired channels. If field instrumentation is used for IPL (independent protection layer), then wireless can offer benefits if another IPL uses available wiring.

Oil & Gas and Power Segment to Held the Largest Share

Oil and Gas, Chemical and Petrochemical, Marine & Mining, Power Generation, and Others are some of the major end-user industries for the Industrial Wireless Instrumentation market. The oil & Gas and power segment held the largest share of the global Industrial Wireless Instrumentation market in 2021, over 25%.

Higher Maintenance Costs

However, there are some disadvantages as well to industrial wireless instrumentation. These disadvantages will hinder the growth of the market. They include battery maintenance costs. These can reduce the cost savings of wireless systems. In a robustly designed wireless system, it should be possible to replace the battery during general maintenance. Limitations of wireless instrumentation. With a wireless adapter, all sorts of instruments may become wireless, but only if there is power for the instrument to work. There may be limited options for wireless instrumentation in areas where D.C. power is unavailable. To fulfill market demand, new types of wireless products are getting launched. Sometimes, reporting and sample data simultaneously with battery power may not be viable. Specific wireless ISA100 devices are set up to report process data for critical applications.

Siemens Ag, Monnit Corp., Honeywell International Inc., General Electric Co., Endress + Hauser Group Services Ag, Emerson Electric Co., Eaton Corp., Schneider Electric, Rockwell Autmomation Inc., Beanair, Banner Engineering Corp., Ametek Inc., ABB Ltd., Phoenix Contact Gmbh & Co. Kg, Omega Engineering Inc., Yokogawa Electric Corp., United Electric Controls, Texas Instruments Inc., STMicroelectronics N.V., Oleumtech Corp. and National Instruments Corp. are some of the leading players in global Industrial Wireless Instrumentation market. The U.S. is leading the demand for the Industrial Wireless Instrumentation market with over 30% share in 2021. While UK, Germany, France, China, Japan, and South Korea are the most promising economies for the future growth of the Industrial Wireless Instrumentation market.

Frequently asked questions about global Industrial Wireless Instrumentation industry

Likewise other industries, COVID 19 also taken a toll on Industrial Wireless Instrumentation market with around -13.70% decline in its revenue in 2020 as compare to 2019

North America is the largest regional market with highest share in the total revenue generation of Industrial Wireless Instrumentation consumed in 2021

Ever increasing manufacturing activities and growing adoption of advanced Hardware is driving demand for Industrial Wireless Instrumentation

Process control and monitoring segment dominated the Industrial Wireless Instrumentation market in 2021 with over 25% share

Oil & Gas and Power industry was the largest end-user of Industrial Wireless Instrumentation in 2021 with over 20% share

Industrial Wireless Instrumentation Report Scope

Report Attribute Details
Market Value in 2021 USD 2,992 million
Market Value in 2028 USD 6,802 million
CAGR 11.24% between 2021 and 2028
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
Segments covered

Types

Hardware

  • Sensors
  • Transmitters/Transceivers
  • Wireless Adapters
  • Input/Output Modules
  • Other Accessories

Services

Application

Asset Management

Process Control and Monitoring

Safety and Security Alarms

Communication Equipment

Others

End-user

Refinery (Oil and Gas, Chemical and Petrochemical, and Marine and Mining)

Advantages/Disadvantages

Manufacturing

Power Generation

Others

Major Players Analysed Siemens Ag, Monnit Corp., Honeywell International Inc., General Electric Co., Endress + Hauser Group Services Ag, Emerson Electric Co., Eaton Corp., Schneider Electric, Rockwell Autmomation Inc., Beanair, Banner Engineering Corp., Ametek Inc., ABB Ltd., Phoenix Contact Gmbh & Co. Kg, Omega Engineering Inc., Yokogawa Electric Corp., United Electric Controls, Texas Instruments Inc., STMicroelectronics N.V., Oleumtech Corp. and National Instruments Corp.
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Executive Summary - Brief Global Market Size - Current & Forecast
Regional Market Size - North America
Country Market Size - US
Company Profile – 1
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Published Date:  Feb 2022
Category:  IT & Telecom
Report ID:   60503
Report Format:   PDF
Pages:   138
Rating:    4.5 (38)
Delivery Time: 24 Hours to 48 Hours   
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