Wireless Mesh Network Market Analysis, Size, Growth, Trends, Forecast by 2024
Wireless Mesh Network Market: Snapshot
Wireless mesh networks are rapidly emerging as a cost-effective solution for the improvement of wireless communications across various industry verticals. Their fast and easy deployment in the public safety infrastructure is indicative of their rising popularity and the significant growth the wireless mesh market is likely to experience in the coming years. The adoption of these networks has become critical in most industries where worker safety is a concern and this is a major factor driving the global market.
The surging demand for wireless mesh networks is reflected in the projected volume growth of the market. In 2015, the demand was pegged at 13.3 mn units and this is expected to rise to 37.2 mn units by the end of 2024.
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Regulatory Mandates Driving Demand for Wireless Mesh Networks in North America
The global market for wireless mesh networks comprises five key regions: North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. North America was the largest contributor to the wireless mesh network market in 2015 owing to the high adoption of mesh networks in safety and security systems in the utilities and energy sectors. Worker safety regulations in the region mandate the use of critical communication systems and mesh networks form the backbone of this communication infrastructure. The growing adoption of Internet of things (IoT) devices has also spurred the use of wireless mesh networks for connectivity and data sharing in North America.
In terms of revenue generation, Europe is the second-largest market. Asia Pacific is projected to be the most rapidly expanding regional segment with a forecast CAGR of 13.7% from 2016 to 2024 thanks to the development of public infrastructure and growing needs from smart city projects. APAC countries such as Japan, China, and India have been witnessing a rising number of initiatives for smart city projects of late with the aim of transforming the safety and communication infrastructure of their cities.