Rapid urbanization along with the emerging developments in the field of device manufacturing and network service providers drives the market.

PORTLAND, PORTLAND, OR, UNITED STATE, March 6, 2024 /EINPresswire.com/ -- Allied Market Research published a new report, titled, " The Wi-SUN Technology Market Size Reach USD 10,590 Million by 2030, Key Factors Behind Market’s Growth." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

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. Technological advancements in hardware and software products are anticipated to create an array of lucrative opportunities in the industry.

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The global Wi-SUN technology market was valued at USD 1,456.64 million in 2020 and is anticipated to reach USD 10,590.48 million by 2030, registering a CAGR of 21.7%.

The Wi-SUN technology market is segmented on the basis of component, application, and region. By component, it is categorized into hardware, software, and services. By application, it is classified into smart meters, smart street lights, smart building, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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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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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.

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.

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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.

The key market players analyzed in the 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.

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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.

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