Portland, OR, October 05, 2021 (GLOBE NEWSWIRE) – According to the report released by Allied Market Research, the global Wi-SUN technology market was valued at $ 1.45 billion in 2020 and is projected to reach $ 10.59 billion by 2030, recording a CAGR of 21.7% from 2021 to 2030. Market size and estimates, competitive scenario and fluctuating market trends.
The increase in the use of smart and connected devices, the development of smart cities and smart infrastructures, multiple government initiatives linked to renewable energy targets, and increasing awareness of the benefits of Wi-SUN technology are driving the growth of the global market for Wi-SUN Technologies ahead. On the other hand, the increasing problems related to cybersecurity and the lack of investment and funding for smart city projects are holding back growth to some extent. However, technological advances in hardware and software products are expected to create a number of lucrative opportunities in the industry.
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- The outbreak of the pandemic had little impact on the growth of the Wi-SUN technology market as the adoption of Wi-SUN technology solutions has taken a steep leap in this unprecedented time.
- Global spending on connected city initiatives has also increased significantly, and this drift is likely to continue after the pandemic.
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The global market for Wi-SUN technology is analyzed across components, applications and regions. In terms of components, the hardware segment had the largest share in 2020 and reached more than half of the total market. The software segment, on the other hand, would have the fastest CAGR of 24.9% in the forecast period.
Once applied, the smart meter segment accounted for about half of total market revenue in 2020 and is expected to maintain its dominance through 2030. However, the smart buildings segment would grow from 2021 to 2030 with the fastest CAGR of 27.1%.
Depending on the region, the market across North America contributed the largest share in 2020 and held nearly two-fifths of the global market for Wi-SUN technology. Asia Pacific would cite the fastest CAGR of 26.4% from 2021 to 2030. Other provinces examined in the report are LAMEA and Europe.
Major market players analyzed in global Wi-SUN Technology Market report include 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. These market participants have developed multiple strategies including partnership, expansion, collaboration, joint ventures, and others to strengthen their standing in the industry.
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Allied Market Research (AMR) is a full-service market research and management consulting arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides unmatched quality of “Market Research Reports” and “Business Intelligence Solutions” to global corporations as well as medium and small businesses. AMR provides focused business insights and advice to help clients make strategic business decisions and achieve sustainable growth in their respective market areas.
Pawan Kumar, CEO of Allied Market Research, leads the company to provide high quality data and insights. We have professional business relationships with various companies and this helps us unearth market data which will help us create accurate research data tables and confirm the highest accuracy of our market forecasts. All of the data presented in the reports we publish are extracted through primary interviews with top officials from leading companies in the domain in question. Our methodology for obtaining secondary data includes in-depth online and offline research and discussions with knowledgeable professionals and industry analysts.