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Research and Markets has announced the addition of the "South Korea Wireless Sensors Market - Growth, Trends & Forecasts (2014-2020)" report to their offering.
The South Korea wireless sensors market is expected to increase to $0.13 billion by 2018 at a CAGR of 23.58% over the period 2014-2020
The growth of the South Korea Wireless Sensors Market is currently being hindered by Maturity of End-User Segment and Environmental impact on sensors. Manufacturers focus on investing in R&D activities as accuracy and reliability are major product selection criteria. Further, industry participants emphasize on product differentiation in order to avoid price competition. South Korea accounted for around 14% market share of the Asia Pacific wireless sensors market in 2014 and estimated to be the fourth highest market during the forecast period. The South Korea market is expected to augur significant growth in the coming year.
Wireless sensors are used in factory settings for data monitoring, flow of production and other similar functions, as well as in building automation, defense and other industries like materials handling and food and beverage. The increasing quest for new energy sources, renewable energy development, government regulations, and rapid technological advancements are the key drivers which are making the wireless sensors market to grow lucratively. They are also a vital component in smart grids for remote monitoring of transformers and power lines where they are put into service to monitor line temperature and weather conditions.
The South Korea Wireless Sensors Market is segmented on the basis of Type (Temperature, Pressure, Surveillance, Leak, Flow, Humidity, Chemical, Position, and Others), & Industry (Energy, Manufacturing, Healthcare, Defense, Transportation, Banking, Retail, and Others).
The report also considers key trends that will impact the industry and profiles over 10 leading suppliers South Korea Wireless Sensors Market. Some of the top companies mentioned in the report are Abb Ltd (Switzerland), Emerson Process Management (U.S.), Siemens AG (Germany), Texas Instruments (U.S.), and among others.