Technological advancements in hardware and software products are anticipated to create an array of lucrative opportunities in the industry. An increase in usage of smart & connected devices, development of smart cities & smart infrastructure, several government initiatives coupled with renewable energy targets, and rise in awareness about the benefits of Wi-SUN technology drive the growth of the global Wi-SUN technology market.
Key industry players – Cisco Systems Inc., Itron, Landis + Gyr, Renesas Electronics Corporation, ROHM Semiconductor, Analog Devices, Inc., Trilliant Holdings Inc., Texas Instruments Incorporated, Toshiba Corporation, and Murata Manufacturing Co. Ltd.
The global Wi-SUN technology market was estimated at $1.45 billion in 2020 and is expected to hit $10.59 billion by 2030, registering a CAGR of 21.7% from 2021 to 2030.
The global Wi-SUN technology market is analyzed across component, application, and region. Based on component, the hardware segment held the major share in 2020, garnering more than half of the total market. The software segment, on the other hand, would manifest the fastest CAGR of 24.9% during the forecast period.
Based on region, the market across North America contributed to the major share in 2020, holding nearly two-fifths of the global Wi-SUN technology market. The Asia-Pacific region would cite the fastest CAGR of 26.4% from 2021 to 2030. Other provinces studied in the report include LAMEA and Europe.
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By application, the smart meters segment accounted for around half of the total market revenue in 2020, and is anticipated to retain its dominance by 2030. The smart buildings segment, however, would grow at the fastest CAGR of 27.1% from 2021 to 2030.
COVID-19 scenario-
- The outbreak of the pandemic has had a low impact on the growth of the Wi-SUN technology market, as there’s been a steep leap in the adoption of Wi-SUN technology solutions during this unprecedented time.
- The global expenditure on connected city initiatives has also increased to a considerable extent, and this drift is pretty likely to continue post-pandemic as well.
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