Global Industrial Wireless Market in Process Industries 2017-2021
About Industrial Wireless
Wireless solution is a set of systems, devices, and services implemented in an industrial facility to guarantee a continuous and consistent coverage and flow of operational data. In wireless technology, electromagnetic waves are deployed to transmit information in the form of signals using a communication channel. Industrial communication protocols like Ethernet, Fieldbus, and wireless technologies are widely deployed by both process and discrete industries to connect their sub-processes, systems, equipment, and automated technologies, and generate a seamless flow of operational data.
Technavio’s analysts forecast the global industrial wireless market in process industries to grow at a CAGR of 7.10% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global industrial wireless market in process industries for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Industrial Wireless Market in Process Industries 2017-2021
Technavio recognizes the following companies as the key players in the global industrial wireless market in process industries: Belden, Cisco, Eaton, Rockwell Automation, and Siemens.
Other Prominent Vendors in the market are: ABB, Aruba (Part of HP), Beckhoff Automation, Honeywell Process Solutions, Huawei, Schneider Electric, and Yokogawa.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is adoption of wearable devices in process industries. The growing trend of wearable devices has made a major impact in the global industrial wireless market in process industries. The penetration of wearable devices in the industry is increasing due to the numerous benefits that they offer. The major advantage of wearable devices is that the industries can minimize process timeline and achieve operational efficiency.”
According to the report, one driver in market is reduction in installation and retrofit costs. A wireless system involves a significantly lower installation and retrofit costs when compared with a wired system. For example, a wired cable system deployed in an industry expanding 50-70 feet in conduits can amount to $1,500, whereas a similar wireless system amounts to a few hundred dollars depending on factors such as vendor involved, applications required, and the range of connectivity. In the case of repair and reconfiguration requirements, wired systems involve installation of new cables and associated labor, and trenching and hardware needs. In contrast to these expenses involved in a wired system, a wireless system can be easily scaled up according to the requirements of an industry without the addition of any new hardware. Wired networks can also prove to be high cost entailing set-ups in cases where connections are spread across a wide area through cables and conduits.
Further, the report states that one challenges in market is high switching costs. Higher switching cost is one of the major factors that negatively affects the adoption of a wireless network within the process industries. Many cost-driven enterprises find it difficult to transform from their traditional wired networks to a wireless system because of the high switching costs. The switching cost of these automation systems is higher than that of a conventional system. However, effective utilization of wireless networks requires proper installation in the industry, which can result in a potential loss for businesses if not carried out properly. In addition, procurement cost of wireless hardware products is higher than that in wired networks, which is ultimately passed on to the end-user in the form of implementation or commissioning charges. Overlooking the long-term cost benefits, several process industries restrict their vision on the short-term expenses and therefore refrain from the adoption of wireless technologies.
Belden, Cisco, Eaton, Rockwell Automation, Siemens, ABB, Aruba (Part of HP), Beckhoff Automation, Honeywell Process Solutions, Huawei, Schneider Electric, and Yokogawa.