Wireless HART Market Size (2024 – 2030)

The Global Wireless HART Market is estimated to have reached a value of USD 6.91 Billion in 2023 and is expected to attain USD 11.12 Billion by 2030, exhibiting a CAGR of 7.03% during the forecast period from 2024 to 2030.

Market Overview

Within the realm of industrial wireless communication, the employment of the Wireless HART (Highway Addressable Remote Transducer) protocol defines the Wireless HART market. Since its introduction in approximately edition 7, Wireless HART serves as a subclass of HART industrial instrument transmission, utilizing 2.4 GHz electromagnetic radiation for measurements. Each instrument connection is facilitated through a gateway device, acting as a conduit between wireless connections and network switches or hosting process controls. Besides communicating with gateways, individual Wireless HART devices establish connections amongst themselves, creating a network of interconnected "meshes" for data transmission. The anticipated growth of the Wireless HART market is attributed to the escalating adoption of wireless communication technologies within the process industry. The integration of Wireless HART into process automation applications stems from the benefits of wireless communication, such as enhanced flexibility, reduced installation costs, and heightened reliability. The market is expanding due to the increasing utilization of wireless communication alongside the integration of technologies like AI, ML, and big data.

Wireless HART Market Drivers:

The market growth is propelled by the increasing adoption of wireless communication technology.

The process industry is witnessing a surge in the adoption of wireless communication technology owing to its manifold advantages, including lowered installation expenses, heightened flexibility, and enhanced reliability. Wireless HART stands out as a dependable and secure wireless communication solution, further driving its adoption in process automation applications. Furthermore, the significance of remote monitoring and control in industrial processes is on the rise within the process industry. Wireless HART facilitates the remote monitoring and control of field devices, which can substantially enhance operational efficiency, minimize downtime, and thereby, expand the global market size of Wireless HART.

The continuous market growth is also propelled by an increasing focus on safety and regulatory compliance.

Safety holds paramount importance within the process industry, which is subject to stringent regulations. Wireless HART contributes to enhancing safety by enabling remote monitoring and control of processes and equipment, as well as by providing real-time data to operators and maintenance personnel. Moreover, the demand for industrial automation is surging as companies strive to boost efficiency, cut costs, and heighten productivity. In the realm of industrial automation, Wireless HART can play a pivotal role by facilitating wireless communication between field devices and control systems.

Wireless HART Market Challenges:

Market expansion is hindered by security concerns amidst a rise in cyber-attacks.

As wireless communication proliferates, so does the risk of cyber-attacks. The wireless transmission of sensitive data within the process industry poses potential vulnerabilities that necessitate robust security protocols. Additionally, interference from other wireless devices or radio frequency (RF) signals can impact the reliability of wireless communication. The co-existence of multiple wireless technologies within the same environment may also lead to interference, thus affecting the performance of Wireless HART devices.

The limited range of wireless communication systems can elevate costs and complexities, thereby restricting market growth.

The effective range of a wireless signal can pose limitations in certain industrial settings, potentially resulting in incomplete coverage. While employing a network of gateways can address this issue by extending the signal range, it may also elevate the costs and complexities of the system. Wireless HART offers cost efficiencies in terms of installation and maintenance, but the initial investment might exceed that of traditional wired solutions. Furthermore, the costs associated with Wireless HART devices and gateways could surpass those of alternative wireless communication protocols.

Wireless HART Market Opportunities:

The sector presents a plethora of opportunities fueled by the increasing demand for smart manufacturing.

The burgeoning trend towards smart manufacturing and Industry 4.0 is steering the adoption of wireless communication technology within the process industry. Wireless HART enables remote monitoring, control, and real-time data collection, all pivotal facets of smart manufacturing. Additionally, the integration of Wireless HART with IoT platforms opens avenues for new applications and use cases within the process industry. By seamlessly integrating with IoT platforms, Wireless HART can offer enhanced connectivity, data analytics, and a spectrum of other services.

SEGMENTATION ANALYSIS

Global Wireless HART Market - By Component:

• Hardware
• Software
• Services

It is anticipated that the hardware segment within the offerings will dominate the market share. The rising demand for wireless HART devices and gateways across various industries such as water & wastewater, chemicals, and the oil & gas sector is fueling the expansion of the hardware segment. Meanwhile, for wireless HART devices, the software segment provides a diverse array of solutions, encompassing configuration, asset management, and monitoring and control software. The surge in demand for software solutions for wireless HART devices is attributed to the increasing adoption of wireless communication technologies and the need for real-time data monitoring and control.

Global Wireless HART Market - By End-User:

• Oil & Gas
• Chemicals
• Pharmaceuticals
• Water & Wastewater
• Food & Beverages
• Power

The oil & gas industry is poised to seize the largest market share within the end-user segment. Wireless HART devices find extensive applications in the upstream, midstream, and downstream activities of the oil & gas sector. The market growth in this industry is propelled by the mounting demand for oil & gas products, the necessity for real-time data monitoring, and the adoption of wireless communication technologies.

Global Wireless HART Market - By Region:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America

With an escalating requirement for wireless communication systems across industries such as oil & gas, chemicals, and pharmaceuticals, North America stands out as a key market for wireless HART technology. Furthermore, the growing utilization of wireless sensor nodes and the inclination towards remote monitoring and control in manufacturing applications are anticipated to drive the demand for Wireless HART technology in Europe during the forecasted period.

Global Wireless HART Market Key Players:

1. Emerson Electric Co.
2. Cisco Systems Inc.
3. Analog Devices, Inc.
4. Radiocrafts AS
5. NXP Semiconductors N.V.
6. Others

COVID-19 Impact on Global Wireless HART Market:

The pandemic has expedited the adoption of digital technologies within the process industry, particularly in wireless communication. With constraints on travel and an increase in remote work, there has been a surge in demand for remote monitoring and control of industrial processes, propelling the adoption of Wireless HART. However, supply chain disruptions caused by the pandemic have impacted the availability of components and equipment necessary for Wireless HART installations. The pandemic-induced slowdown in industrial activities, notably in sectors like oil and gas, has led to a decrease in the demand for Wireless HART. Additionally, there has been an overall decline in investment within the process industry as companies have deferred capital expenditure and reduced spending. These factors have had a short-term adverse effect on the Wireless HART market. As the pandemic subsides and industrial activities rebound, the demand for Wireless HART is expected to rise, particularly as companies seek ways to enhance efficiency, cut costs, and bolster safety measures. In the long term, the adoption of wireless communication technologies, including Wireless HART, is projected to continue its growth trajectory as the process industry embraces digitalization and Industry 4.0.

Global Wireless HART Market Recent Developments:

• In January 2022, Emerson unveiled its Wireless-HART Gateway 1410d, offering secure and reliable wireless communication between Hart Field Devices and host systems.
• November 2022 witnessed Siemens AG introducing its new SimaticWirelessHART Gateway, designed to facilitate wireless communication between HART devices and the Simatic automation system. This gateway supports the HART 7 protocol and has the capacity to connect up to 250 devices.
• In December 2021, oil and gas companies embarked on a digital transformation journey, adopting Emerson’s WirelessHART/ISA 100 IoT Module in conjunction with Cisco’s 802.11ac Wave 2 heavy-duty solution.