Publication Month: Apr 2020 | Report Code: TIPRE00008352 | No. of Pages: 188 | Category: Electronics and Semiconductor | Status: Published
The industrial facilities and manufacturing sites generally deploy heavy equipment and machinery operating at high temperatures and pressure, subjected to other mechanical forces during their operations. As a result, various industries typically require efficient, robust, and durable protective gear to protect machine operator and staff. Thus, the industrial wearable is the set of products that facilitate a safer and worker-friendly environment. Further, the data-driven wearable products can also be used for continuous monitoring as well as supervision of individuals to avoid damage to life and industrial assets by tracking fatigue and unanticipated health conditions of employees, or other potentially dangerous workplace conditions.
Factors such as the growing popularity of wearable devices such as smart watches, smart glasses, patches, and fitness bands and rising demand for workplace safety has significantly facilitated the growth of the industrial wearable market. Moreover, the increase in awareness about workplace safety and stringent labor laws for different verticals are also expected to support the industrial wearable market growth in the coming years. However, the limited adoption of these products in price-sensitive markets, as well as SMEs, is restricting the market growth. In addition, the recent COVID-19 pandemic has significantly impacted the industrial activities and is projected to have a negative influence over market growth in the next couple of years. As a result, the industrial wearable market is anticipated to register a moderate annual year-on-year growth in the next few years due to the sectors attempting to recover from the unanticipated situations form this pandemic.
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Several industries deploy heavy-duty machinery, sophisticated systems, and powerful equipment across their manufacturing and production facilities. Thus, the assets in industries such as mining, material processing, steel manufacturing, and construction are subject to the damage caused by unanticipated errors and accidents, primarily due to physically enduring working conditions to employees. The use of industrial wearable devices or products capable of continuous monitoring of employees can help avoid such unanticipated workplace accidents. In addition to this, the growing young workforce among the working groups across various industries, along with a swift rise workplace-related safety standards and regulations, also has facilitated the adoption of these products in this sector.
North America, especially the US, has witnessed an unprecedented rise in the number of coronavirus-confirmed cases. Such spike in the number of cases in many other countries has led to the large-scale lockdown, including the disruption of industrial activities, across different regions. As a result, several SME owners have laid off their workers thus reducing the demand for industrial wearable, whereas many other have shortly terminated the services of nonessential employees owing to limited business operations. Thus, the companies are also likely to have minimized the allocated budget for procurement of wearable devices owing to economic slowdown. Moreover, the component manufacturers, supply chain stakeholders, and distributors are also facing lack of business, which is significantly influencing the production of wearable products. Thus, the industrial wearable market is expected to witness a major drop in the demand from the end-users in the ongoing year, while it would rise at a moderate growth, alongside recovering from the impact of the COVID-19 pandemic.
Several market players operating in the industrial wearable market are specialized in different wearable technologies. Smart glasses, smart watches, smart bands, patches, helmets, gloves, and belts are among the products that are commonly available for industrial applications, enabling the monitoring of individual health, fatigue, exhaustion, and other health conditions. Based on the product, the global industrial wearable market has been segmented into AR glasses, VR headsets, smart watches and smart bands, patches, and others. The AR glasses segment accounted for the largest share of the industrial wearable market in 2019 owing to their early market penetration. However, the smart watches and smart bands segment is expected to gain major traction during the forecast period due to their growing popularity.
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Based on component, the global industrial wearable market has been segmented into processors and memory modules, optical systems and displays, electromechanical components, connectivity components, camera modules, and others. The component plays a crucial role in effective functioning as well as maintenance of the wearable device during damage or period service. The optical systems and displays segment led the industrial wearable market in 2019 owing to their wide application in the popular wearable products, such as AR glasses and VR headsets. The processors and memory modules form an integral part for any wearable product as they process the sensory data for interoperation, along with storing it on the device in case for lack of wireless connectivity. These modules are commonly used in helmets, smart watches, bands, belts, and jackets, or in any specialized wearable device.
Industries such as mining, manufacturing, aerospace, automotive, oil & gas, and construction employ large number individuals for operating their manufacturing facilities. The facilities generally have numerous physically enduring tasks that require continuous monitoring and supervision for ensuring workplace safety. Based on end-user industry, the global industrial wearable market has been broadly segmented into automotive, manufacturing, aerospace, oil & gas, energy & power, and others. The manufacturing sector is expected register the fastest CAGR in the market during the forecast period.
The players operating in the global industrial wearable market adopt different strategies such as product developments and expansions, to expand their footprint worldwide and meet the growing demand. The companies are mainly observed to be implementing this strategy in North America and Europe. The players present in the industrial wearable market adopt the strategies of expansion and investment to enlarge customer base globally, which also permits them to maintain their brand name. A few of the recent development related to the industrial wearable are listed below:
2020:MākuSafe successfully raised US$ 1.5 Mn as funds to further support its plans to strengthen its team as well as expand its manufacturing process. These funds were gathered from investors such as EMC Insurance Companies Next Level Ventures, and Colin Hurd.
2020:ProGlove collaborated with Samsung Electronics to introduce a combined product solution to overcome the rising demand for wearable scanners in various industries. The combined solution comprised Samsung’s latest ruggedized smartphone for different businesses, the Galaxy XCover Pro and ProGlove’s MARK series of wearable barcode scanners, thus providing users a secure, seamless flow of information along with facilitating consistent traceability and increased user comfort.
2020:Fatigue Science announced about the formation of a Scientific Advisory Board (SAB). The SAB is anticipated work closely with the Fatigue Science leadership team, to continue to improve and boost its scientifically validated solutions, facilitating organizations to optimize operations, drive performance and productivity, and reduce risk.
The List of companies - Industrial Wearable Market