The Global Industrial Wearable Market Is Expected To Grow 15% During 2020-2027, Reach US$ 8.63 Bn In 2027

Global Industrial Wearable Market to grow 15 percent
Image credit: Vuzix

ResearchAndMarkets.com has added a new report titled “Industrial Wearable Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Product; End-User Industry; Component.”

According to the report, the global industrial wearable market was valued US$ 2.89 Bn in 2019 and is expected to grow at a CAGR of 15.0% during 2020-2027, to account for US$ 8.63 Bn in 2027, reports BusinessWire.

The escalating demand for workplace safety and personnel monitoring and increasing popularity of wearable devices are a few of the factors driving the industrial wearable market worldwide. However, price sensitivity in developing nations and limited reach to SMEs are restraining the growth of the industrial wearable market. Despite these limitations, the growth in the manufacturing sector is anticipated to offer ample growth opportunities for the industrial wearable market players during the forecast period.

Read more Gartner Names ProGlove Cool Vendor In May 2020 Manufacturing Industry Solutions Report

The growing demand for wearable products across different industrial applications for monitoring fatigue, exhaustion, medical condition, and fitness level of workers to minimize workplace accidents is anticipated to provide substantial lucrative growth opportunities to the market players in the coming years. Moreover, the stringent government and regulator policies to minimize personnel-based workplace accidents are also anticipated to favor the market growth through continuous monitoring of the individuals.

The industrial wearable market, based on product, has been segmented into AR glasses, VR headsets, smartwatches and smart bands, patches, and others. The AR glasses segment held the prime share of the market in 2019.

On the basis of component, the industrial wearable market has been segmented into processors and memory modules, optical systems and display, electromechanical components, connectivity components, camera modules, and others.

The optical systems and display segment led the industrial wearable market in 2019, and it is anticipated to continue be the largest shareholder in the market during the forecast period.

Based on the end-user industry, the industrial wearable market has been segmented into automotive, aerospace, manufacturing, oil & gas, energy & power, and others.

Read more Smart AR Glasses, Smart Helmets: Market Analysis and Forecasts

The industrial wearable market, by geography, has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. Europe held the lion’s share of the market in 2019 and is expected to continue its dominance, in terms of market share, by 2027.

A smart belt
The Modjoul SmartBelt is a workplace wearable designed to keep workers safe while operating at their highest potential (Image credit: Modjoul)

Reasons to Buy

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global industrial wearable market
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the global industrial wearable market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

Growing demand for workplace safety and personnel monitoring

Growing popularity of wearable devices

Restraints

Price sensitivity market and limited penetration among SMEs

Opportunities

Growing manufacturing sector

Future Trends

Smart data-driven personnel protective equipment for industrial application

Companies Mentioned

  • Blackline Safety Corp.
  • Fatigue Science
  • Kenzen, Inc.
  • KINETIC
  • MkuSafe
  • Modjoul, Inc.
  • PROGLOVE
  • Reactec Ltd.
  • Valencell Inc
  • Vuzix Corporation