ZigBee Market growth analysis and forecast outlook 2026

Posted October 27, 2020 by rohit890

The factor attributed the growth of the market is growing consumption of energy across the globe. For instance, according to worldbank.org,
Market Overview

The factor attributed the growth of the market is growing consumption of energy across the globe. For instance, according to worldbank.org, analysis, 17.8% of energy was consumed in 2014 and it has grown to 18.1% in 2015, globally. Since, utilization of energy is increasing at a rapid rate consumers are adopting those technologies, which are low powered and minimises energy consumption. The Zig Bee protocol monitors and manages consumers’ energy consumption, which further helps in reducing wastage of energy and lowering energy costs for both utilities and end-users. Moreover, government initiatives for smart city project is another factor leading to increasing installation of ZigBee protocol in smart city for controlling consumption of energy. For instance, in 2015, Government of India launched "100 Smart Cities Mission". Hence, all these factors will expected to drive the growth of the Zig Bee protocol over the forecasted period (2018-2026).

However, short range network and low data transfer speed are major factors hindering growth of the ZigBee market. ZigBee performs well in the range of within the range of 10 metres only. Additionally, high replacement cost of ZigBee enabled appliances is another factor hampering the market’s growth.

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Market Dynamics

Rising inclination for adoption of smart home devices across the globe is one of the primary factors expected to boost demand for ZigBee enabled devices in the near future. For instance, according to Coherent Market Insights’ analysis, 47 million smart home devices were shipped worldwide in 2015 and 80 million in 2016, globally. The rampant growth of smart home will inadvertently increase demand for smart consumer electronic devices and gadgets that connects to common home network. The adoption of ZigBee protocol helps consumers to remotely control their home appliances such as a lighting system, heating and cooling system, safety equipment operation, and many more, which further makes home appliances more efficient in terms of energy usage and also help in reducing energy consumption and minimizing energy wastage.

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The major players in the global Zigbee market include Intel Corporation, Qualcomm Incorporated, Atmel Corporation., Digi International, NXP Semiconductor N.V, STMicroelectronics N.V., Microchip Technology., Cypress Semiconductor Corporation, EnOcean GmbH, and NEXCOM International Co. Ltd.

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Issued By coherent market insights
Country India
Categories Advertising , Blogging , Industry
Last Updated October 27, 2020