June 29, 2020
According to the research report titled ‘Industrial Wearable Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product; End-User Industry; Component, available with Market Study Report LLC, global industrial wearable market was worth USD 2.89 billion in 2019 and is expected to amass USD 8.63 billion by the year 2027, witnessing a CAGR of 15% over 2020-2027.
Emphasis on personnel monitoring and workplace safety, alongside widespread awareness regarding features & benefits of wearable devices are majorly driving the growth of global industrial wearable market. Although, minimal reach to SMEs and pricing fluctuations in developing nations are likely to impede the market growth. However, robust growth of manufacturing industry is projected to create lucrative growth opportunities in global industrial wearable market landscape.
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Notably, numerous industrialists are readily investing towards adoption of automated & smart solutions. The popularity of data-driven solutions has increased among leading enterprise owners and manufacturers owing to their ability to curb unexpected damage, faults, and errors with the help of predictive techniques. High demand for wearable products in industrial applications for monitoring fitness level, medical condition, exhaustion, and fatigue of workers to reduce accidents in the workplace is projected to favor the market growth in the approaching years.
As per the report, industrial wearable market is bifurcated based on geography, end-user spectrum, component type, and product terrain. Speaking of the product terrain, the market is divided into patches, smart watches & smart bands, VR headsets, AR glasses, and others. The AR glasses segment led the industrial wearable market in the year 2019.
Based on component type, the industry is categorized into camera modules, connectivity components, electromechanical components, optical systems & display, processors & memory modules, touchpads & sensors, and others. The report cites that optical systems & display segment held a significant share of global industrial wearable market in 2019 and is anticipated to depict a similar trend in the approaching years. In terms of end-user spectrum, industrial wearable market is divided into energy & power, oil & gas, manufacturing, aerospace, automotive, and others.
Considering the geographical hierarchy, global industrial wearable market is fragmented into South America, Middle East & Africa, Asia Pacific, Europe, and North America. Europe accounted for massive market share in 2019 and is slated to grow substantially through 2027.
The leading organizations in global industrial wearable market are Workaround GmbH (ProGlove), Blackline Safety Corp., Vuzix Corp., Fatigue Science, Valencell, Inc., Reactec Ltd., Modjoul, Inc., MakuSafe Corp., Kinetic, and Kenzen, Inc. among others.