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Key Emerging Trends in the WI SUN Technology Market
The Wi-SUN technology market on a global scale is projected to witness a remarkable Compound Annual Growth Rate (CAGR) of 25.5% from 2019 to 2025. This surge is primarily attributed to the escalating adoption of smart and interconnected technologies within smart cities, coupled with an increasing demand for enhanced customer experiences across diverse industry verticals worldwide. The widespread implementation of Wi-SUN technology derives from its multiple advantages, encompassing cost-effectiveness in deployment and prolonged battery life. Its application spans across various sectors such as industrial manufacturing, logistics & transportation, energy & utilities, agriculture, and healthcare. Wi-SUN technology is notably esteemed for its extended coverage and heightened security in comparison to other Low Power Wide Area Network (LPWAN) standards. Notably, the commercial deployment of Wi-SUN technology has gained momentum, with pilot testing projects conducted in diverse locations over the last couple of years. Over time, Wi-SUN technology solutions have undergone substantial evolution, projecting a substantial surge in its applications in the future. Projections suggest that by 2025, the global Wi-SUN technology market is expected to escalate to $6013.2 million from its 2018 value of $1232.5 million. In 2019, the smart meters segment emerged as the frontrunner in the Wi-SUN technology market by application, commanding a significant share of 31.2% and anticipated to exhibit the highest CAGR of 26.9%. As for components, hardware products dominated in 2018, holding a substantial share of 46.1% and projected to maintain its lead with the highest CAGR of 26.4%. Meanwhile, the software solution segment is foreseen to register a notable CAGR of 25.1% during the forecast period. Geographically, North America took the lead in the global Wi-SUN technology market with a share of 39.7% in 2018, closely followed by the Asia-Pacific region with a share of 29.4%. The market in the Asia-Pacific region is anticipated to witness the most substantial CAGR of 29.1% during the forecast period from 2019 to 2025, suggesting a vast scope for revenue growth within this region. Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Technological advancements in the market will lead to high growth possibilities. Key Market Drivers The rise in smart cities is a crucial driver of Wi-sun technology market. |
WI SUN Technology Market Highlights:
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