New York, US, June 16, 2021 (GLOBE NEWSWIRE) -- Market Scope:
The global Wi-SUN technology market size is bound to display a stupendous CAGR of 25.5% over the forecast period (2020-2027), according to the latest report by Market Research Future (MRFR). Its valuation can touch USD 6,013.2 million by the end of the forecast period. Wireless smart utility network (Wi-SUN) is a wireless communication standard aiming to encourage connectivity and transfer of data between smart grid devices. Adoption of internet of things (IoT) among industries as well as scaling the networking efforts can bode well for the market.
Industry Trends:
Wi-SUN technology is likely to emerge as a viable solution owing to consortiums being formed with the help of various leading technology providers. Development of smart cities as well as smart infrastructure for eliminating communication costs with previous standards such as LPWA can bode well for the market. Development of FAN modules compatible with the latest technology can connect up to 1,000 devices. Adherence and certifications with the Federal Communications Commission as well as need for the technology owing to proliferation of IoT in large industries and cities can boost the market growth. Recently, Vertexcom Technologies has gained a certification for its sub-GHz wireless solution. A communication infrastructure for supporting various devices and reducing interoperability due to differing communication standards can push the market growth.
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Competitive Analysis:
The Wi-SUN technology industry market is very competitive and marked with alliances. Establishment of protocols and new standards for accelerating wireless technologies for field area networks and IoT can expand collaboration efforts between companies. Interoperability and scalability efforts of companies are likely to be the main point of focus of companies.
Dominant Key Players on Wi-SUN Technology market covered are:
- Itron
- Renesas Electronics Corp.
- TOSHIBA Corp.
- Fuji Electric Co. Ltd
- Trilliant
- Analog Devices
- OMRON Corporation
- Cisco Systems Inc.
- OSAKI
- Landis+Gyr
- Rohm Semiconductor
- Murata Manufacturing Co. Ltd.
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Market USP exclusively encompassed:
Market Drivers
The Wi-SUN technology market demand is set to surge amid high proliferation of smart meters, smart thermostats, and other smart home appliances. Relinquishing of proprietary systems with preference for open source standards can enable service providers for deploying multi-service networks. Adoption of smart technologies, need for improved customer experience across verticals, awareness of the benefits of the technology, and advantages over LPWAN standards can drive the market growth. Focus on conservation of energy and need for set standards for lowering prices of installation can bode well for the market. Technological breakthroughs such as sensors, routers, wireless modules, and gateway software can provide a plethora of growth opportunities for the Wi-SUN technology market.
Market Restraints
Concerns of the security of the technology and lack of network connectivity may pose major challenges to the market.
Segmentation of Market Covered in the Research:
By component, the global Wi-SUN technology market has been segmented into hardware products, software solutions, and services. Hardware products comprise HEMS controllers, routers, sensors, and others. Service, on the other hand, encompasses maintenance and other support services, system integration services, and training and implementation services. Among the components, the hardware segment is set to exhibit 26.4% CAGR over the forecast period.
Major applications of the Wi-SUN technology market are smart meters, smart street lighting, smart building and industrial application, and others. Smart meters are further segmented into distribution management systems, automatic meter reading (AMR), and advanced metering infrastructure (AMI). Smart meters are estimated to dominate the global market owing to interoperable standards and other industrial sectors benefitting from the technology for smart meters.
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Regional Segmentation:
The Wi-SUN technology market covers regions of North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America is expected to be lucrative for the market owing to presence of various IoT solution providers and leading network device manufacturers. Deployment and testing of Wi-SUN systems for commercial and industrial applications coupled with adoption by various industry verticals can bode well for the market. Cisco has increased its capacity of meshpoints to support the FAN software. It has certified FAN products as well as collaborated with other partners in the Wi-SUN alliance to increase the product offering lineup.
APAC is expected to exhibit 29.1% CAGR over the assessment period owing to smart city projects and adoption of Wi-SUN devices in various industrial sectors. Applications of industrial IoT with rising installations of smart meters, smart street lighting, and smart buildings can induce the demand for Wi-SUN technology. Efforts by governments of India and China to shift to energy conservation techniques as well as surge in renewable energy projects can bode well for the market. Collaborations between players can drive innovation in the Wi-SUN technology industry market. This is exemplified by Renesas Electronics gaining its certification from the Wi-SUN alliance for its sub-gigahertz wireless solution. The FAN mesh networks can allow clients to develop solutions for sensor management, smart illumination, and power usage visualization.
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COVID-19 Impact:
The COVID-19 pandemic has a negligible impact on the global Wi-SUN technology market due to lack of supply of hardware modules. But modernization of existing systems coupled with application in smart cities, smart buildings, and smart utilities can widen the scope of the market. Focus of organizations on sustaining employee productivity and keeping connectivity stable can bode well for the market. Establishment of standards and protocols for ensuring connectivity through mesh endpoints, remote firmware updation, and self-healing communication may bolster the global market growth.
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