ID: MRFR/ICT/7223-CR | January 2020 | Region: Global | 135 pages
Global Wi-SUN Technology Market is predicted to touch USD 6013.2 million at a whopping 25.5% CAGR between 2019- 2025, reveals the latest Market Research Future’s (MRFR) forecast report. The strong WI-SUN technology market revenue can be accredited to the need for improved customer experience.
The COVID-19 pandemic has cast its spell across multiple industries, barring a few such as the Wi-SUN technology. This technology has wide applications in smart buildings, smart utilities, and smart cities. The novel coronavirus has created the need for further convergence and expansion of smart building technologies. Security programs and enhanced safety has increased the demand for smart building platforms, with the impact of the outbreak to further accelerate adoption.
Wi-SUN Alliance, a worldwide ecosystem of member companies, has announced the extension of its membership with semiconductor companies across the globe for driving the worldwide acceptance of wireless solutions for smart utilities, smart cities, and other large-scale IoT apps through interoperable standards. The technology membership of Wi-SUN Alliance in the last one year has gone up by 27%. This further has been strengthened with Silicon Labs and Arm, two biggest semiconductor companies, upgrading the membership in becoming promoter members as well as joining the Board of Directors of Wi-SUN Alliance. This is predicted to add to the market growth over the forecast period.
Proliferation of Smart and Connected Devices to Bolster Market Growth
The proliferation of smart and connected devices such as thermostats, smart meters, as well as other forms of smart home appliances may bolster market growth over the forecast period.
Other factors adding to the WI-SUN technology market size include the rising adoption of smart technologies and connected technologies, an increase in the need for improved customer experience across different industry verticals worldwide, awareness about the different benefits of Wi-SUN technology such as long battery life and low deployment cost, increasing applications in various industries such as healthcare, agriculture, energy and utilities, logistics and transportation, and industrial manufacturing, higher security and extended coverage offered by this technology over other LPWAN standards/technology, and recent deployment in commercial purposes with various pilot testing projects that are run at different locations. Besides, growing need to optimize the usage of energy, growing need for LPWAN (low-power wide-area network) across application areas like smart building, smart street lightings, and smart meters, the burgeoning needs for comprehensive standards and technology which can offer effective networks, technological advancements in smart devices, rising penetration of IoT, and substantial investments in research and development to augment connectivity solutions are also adding to the WI-SUN technology market share.
Technological Upgrades in Hardware Products to Offer Robust Opportunities
Various upgrades in technology in hardware products such as wireless modules, routers, sensors, and HEMS controllers & software solutions like gateway software and sensor device software is likely to offer robust opportunities to market players over the forecast period.
Security Concerns May Act as a Market Restraint
Rising concerns about the security of Wi-SUN technology may act as a market restraint over the forecast period.
Network Issue to Act as a Market Challenge
Lack of network connectivity may act as a major challenge for industry players over the forecast period.
Global Wi-SUN Technology Market, according to MRFR’s WI-SUN technology market research, has been segmented based on Application and Component.
Component-based Hardware Segment to Lead the Market
By component, the global Wi-SUN technology market is segmented into services, software solutions, and hardware products. Hardware products that facilitate this technology comprise HEMS controllers, wireless modules, routers, sensors, and others. Such hardware products are provided by different market vendors ROHM Semiconductor, Eta Compute Inc., and Cisco. Software solutions comprise various software, which include both on-premise and cloud, which help to analyze the data that is gathered via sensors. Such software solutions comprise gateway software, sensor device software, and other software that can offer actionable insights for managing and controlling the water and energy consumption and also monitor the temperature. Services provided by providers comprise maintenance, integration service, training and implementation services, and other support services. Such services are provided by different solution providers to assist in the efficient facilitation of this technology across different end-use segments such as healthcare, agriculture, utilities, and smart cities. Of these, the hardware segment will lead the market over the forecast period, which is predicted to grow at a 26.4% CAGR, while the software segment is likely to grow at a 25.1% CAGR.
Application-based Smart Meters Segment to Dominate the Market
By application, the global Wi-SUN technology is segmented into industrial applications, smart building, smart street lightings, smart meters, and others. With the burgeoning need for the LPWA network across such applications, the need for comprehensive standards and technology which can offer an effective network has gone up, which has led to the wide adoption of Wi-SUN technology. Of these, the smart meters segment will dominate the market over the forecast period, which is predicted to grow at a 26.9% CAGR.
North America to Spearhead the Market
By region, the global Wi-SUN technology market covers the opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), South America, and the Middle East and Africa. Of these, North America will spearhead the market over the forecast period. The presence of several leading device manufacturers & network service providers that focus on commercial deployment and testing of Wi-SUN based systems both for commercial and industrial purposes, technological advances, growing adoption of this technology across different industry verticals, and wide availability & augmented demand of the technology are adding to the global Wi-SUN technology market growth in the region.
APAC to Hold Second-Largest Share in the Market
In the APAC region, the global Wi-SUN technology market is predicted to have the second-largest share over the forecast period. It was valued in 2018 at USD 362.51 million and is predicted to grow at a 29.1% CAGR. Wide-adoption of WI-SUN devices in different end user sectors, increasing upgrades in utilities and smart city projects in Japan, China, and India, and increasing applications in India in industrial areas, smart building, smart street lightings, and smart meters, are adding to the global WI-SUN technology industry growth in the region.
Europe to Have Rapid Growth in the Market
In Europe, the global Wi-SUN technology market is predicted to have rapid growth over the forecast period. The rising adoption of this technology across different end-use industries, growing smart city projects, a rising number of utility infrastructures, booming healthcare and agriculture sectors, and technological advances are adding to the global Wi-SUN technology market growth in the region.
This market is highly competitive by nature and is also fragmented with the presence of many well-established players. For gaining a larger competitive share, market players have incorporated various strategic initiatives like technology/product launch, expansion, collaboration, and mergers and acquisitions. Substantial investments are being made in R&D activities for developing a different technology than others.
Frequently Asked Questions (FAQ) :
The WI-SUN technology market is anticipated to register 25.5% CAGR.
By 2025, the valuation of the WI-SUN technology market is supposed to be USD 6013.2 Mn.
Increasing adoption of smart technologies, coupled with the rising demand for optimization of energy use, is anticipated to lead the growth of the WI-SUN technology market.
Asia Pacific is likely to exhibit a CAGR of 29.1% CAGR.
In 2018, the value of the WI-SUN technology market in APAC was USD 362.51 Mn.
The applications of the technology are - smart building and industrial applications, smart meters, smart street lightings, and others.
Cisco Systems, Inc. (the US), Renesas Electronics Corp. (Japan), TOSHIBA Corp. (Japan), OMRON Corporation (Japan), Landis+Gyr (Switzerland), Itron (US), Trilliant (US), Fuji Electric Co., Ltd (Japan), Analog Devices (England), Rohm Semiconductor (Japan), Murata Manufacturing Co., Ltd (Japan), and OSAKI (Japan) are the key players of the WI-SUN technology market.