Wi-SUN Technology Market is Predicted to Touch USD 6013.2 Million at a Whopping 25.5% CAGR Between 2019- 2025
Research Reports
Jan 18, 2021
Market Research Future (MRFR), in its WI-SUN technology market analysis, asserts that the market is expected to create a value of USD 6013.2 MN by 2025, registering an impressive CAGR throughout the review period (2019 – 2025). MRFR, in its recently published study report on COVID 19 impact on the global of WI-SUN technology market, states that the market had reached USD 1232.5 MN in 2018.
Growing need for a low-power wide-area network (LPWAN) across application areas such as smart meters, smart street lightings, and smart building boosts the market growth. Additionally, the rising needs for comprehensive technology and standards that can offer an effective network drive the adoption of Wi-SUN technology. Technological upgrades in hardware products, including sensors, routers, wireless modules, and HEMS controllers and software solutions such as sensor device software and gateway software, influence the size of the WI-SUN technology industry.
Global WI-SUN Technology Market – Competitive Analysis
Highly competitive, the WI-SUN technology market appears fragmented with the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/technology launch. Substantial investments are transpired in R&D to develop a completely different technology compared to their competition.
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WI-SUN Technology Market – Geographical Analysis
North America dominates the global WI-SUN technology market. The largest market share attributes to technological advancement and increased adoption of WI-SUN technology across various industry verticals. Besides, the strong presence of several notable industry players focused on testing & commercial deployment of Wi-SUN based systems for industrial and commercial purposes drive the regional market growth.
Moreover, the augmented demand and wide availability of WI-SUN technology in the region defines the growing landscape of the market. The North American WI-SUN technology market is poised to continue with its dominance throughout the assessment period.
The Asia Pacific region stands second in the global WI-SUN technology market. In 2018, this market had valued at USD 362.51 MN. The market growth is driven by the wide adoption of WI-SUN devices across the end-user sectors. India, China, and Japan are rapidly growing markets in the region due to their increasing smart city projects and upgrades in utilities. In India, WI-SUN technology applications increase in smart meters, smart street lightings, smart building, and industrial areas. The APAC WI-SUN technology market is projected to grow at 29.1% CAGR throughout the forecast period.
Europe WI-SUN technology market is witnessing a rapid expansion stage. Factors such as the increasing adoption of WI-SUN technology across the end-use industries and increasing smart city projects in the region foster market growth. Besides, growing numbers of utility infrastructures across the region boost the growth of the market. Also, the spurting growth in the agriculture and healthcare sectors encourage market growth in the region. The European WI-SUN technology market is expected to witness a fabulous market growth during the review period.
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