WIRELESS TEMPERATURE SENSORS MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Wireless Temperature Sensors Market Analysis:

The global market for wireless temperature sensors experienced significant growth in 2020, with a valuation of 16.06 million units. It is projected to reach 24.93 million units by 2026, exhibiting a compound annual growth rate (CAGR) of 7.7% during the forecast period of 2021–2026. This growth can be attributed to the increasing adoption of process and monitoring automation in industrial operations, which has led to a higher demand for wireless sensors in asset monitoring, security, and quality assurance. Additionally, advancements in communication technology have improved the reliability of networked equipment, further driving the market for wireless temperature sensors.

Wireless temperature sensors are characterized by their small size and low-cost wireless communication capabilities. They are widely deployed to establish temperature monitoring and control networks in various fields, including industrial automation, process control, patient monitoring systems, asset tracking, and climate sensing. The industry has witnessed a rise in investments aimed at innovating and developing new sensor technologies, as well as upgrading existing infrastructure to support and integrate technologies such as the Internet of Things (IoT) and automation. These trends have had a significant impact on the global wireless temperature sensors market.

In January 2020, Momenta Ventures made an investment in SST Wireless, a company specializing in wireless, industrial-hardened condition-monitoring sensors. These sensors are used to enhance worker safety, reduce downtime, extend machinery service life, and conserve resources such as water and energy. Wireless temperature sensors also play a crucial role in smart grids, enabling remote monitoring of power lines and transformers. They are utilized to monitor line temperature and weather conditions. The increasing demand for industrial automation and miniaturized consumer devices, such as wearables and IoT-connected devices, across different regions, is another key factor driving the growth of the wireless temperature sensors market.

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