Europe Industrial Wearable Market is expected to reach US$ 2,762.6 Mn by 2027

Manufacturing Segment to Dominate Europe Industrial Wearable Market during 2020–2027

According to a new market research study on “Europe Industrial Wearable Market Forecast to 2027– Covid-19 Impact and Analysis” is expected to reach US$ 2,762.57 Mn by 2027 from US$ 943.75 Mn in 2019. The market is estimated to grow at a CAGR of 14.7% from 2019 to 2027. Factors such as growing popularity of wearable devices such as smart watches, smart glasses, patches and fitness bands among other wearable devices form consumer electronics industry and rising demand for workplace safety has significantly facilitated the growth of the market. Moreover, the increase in awareness towards workplace safety as well as stringent labor laws across different industry verticals is also expected to drive the market growth during the coming years. However, the products limited penetration among price sensitive market as well as small & medium enterprise owners is expected to restrict the market growth. In addition to this, the recent global outbreak of COVID-19 has significantly impacted the industrial activities across numerous end-user industries and is projected to have a negative influence over the market growth. As a result, the market is anticipated to register a weak forecast for 2020 and subsequently witness a moderate annual year on year growth due to recovery from the unanticipated situations form the global pandemic.

The industrial wearable market, by Product, is segmented into AR Glasses, VR Headsets, Smartwatches & Smart Bands, Patches, Others. The AR Glasses segment held the largest share of Europe market in 2019. The AR glasses owing to their ability for furnishing real time information for critical industrial assets, machineries, equipment and their performance level seamlessly through the AR technology has gained wide recognition as well its adoption among various industry verticals. Furthermore, the large scope of application of the product across external and internal environment has also added to its popularity along with popularity of AR glasses from technology giant such as Google, Microsoft and other prominent market players.

The impact of COVID-19 varied from country to country across the European region as selected countries witnessed a surge in number of confirmed cases and subsequently attracted stringent as well as longer lockdown period or social isolation resulting in disruption of business. For instance, countries such as Italy and Spain wearable products demand declined significantly owing to notable number of positive cases across the countries. However, western European countries such as Germany, France, United Kingdom and other owing to robust healthcare infrastructure have witnessed a comparatively moderate decline in their demand for various essential services and product such as protective wearable products. The lockdown is expected to continue negatively impact the market and virtually disrupt the market growth across selected countries during the coming few months and potentially the next few years

The industrial wearable market primarily comprises three critical stakeholders namely: wearable product manufacturers, components supplier or distributor and the end-user. The industrial wearable based product manufacturer essentially possesses the technical expertise to provide a programmable, efficient and easy to use wearable products for industrial application that facilitate seamless monitoring and supervision of the personnel for their workplace safety. Whereas, the component supplier or manufacturer provide the industrial wearable product manufacturer with the necessary components, and accessories that constitutes the wearable product. Finally, the end-user industries such as manufacturing plant, power generation, oil & gas industry among other owning the significant presence of high performance and critical industrial equipment, machinery and system utilize the application of industrial wearable products to ensure the workplace safety of their personnel.

Europe Industrial Wearable Market, By Country

Europe Industrial Wearable Market Segmentation

Europe Industrial Wearable Market – by Product

• AR Glasses
• VR Headsets
• Smartwatches and Smart Bands
• Patches
• Others

Europe Industrial Wearable Market – by End-User Industry

• Automotive
• Aerospace
• Manufacturing
• Oil & Gas
• Energy & Power
• Others

Europe Industrial Wearable Market – by Component

• Processors & Memory Modules
• Optical Systems & Display
• Electromechanical Components
• Touchpads & Sensor
• Connectivity Components
•  Camera Modules
• Others

Europe Industrial Wearable Market – by Country

• UK
• Germany
• France
• Italy
• Russia
• Rest of Europe