Smart Wearables for Nuclear Energy Market: Introduction
- Introduction of the Industry 4.0 revolution has led to an increase in the usage of automation, and IoT and AI-based system in various industries. This emerging technology is enabling nuclear power plants to improve efficiency of operations.
- The nuclear energy industry follows high standards of safety and security; hence, companies are involved in R&D activities to develop the smart wearables
Key Drivers and Restraints of Smart Wearables for Nuclear Energy Market
- Implementation of stringent government rules and regulations about health and safety is a key driver of the smart wearables for nuclear energy market. Working in nuclear power plant can be dangerous for employees. In order to prevent major accidents, governments across the globe are enforcing stringent rules and regulations regarding health and safety of workers and environment. Smart wearables help employees working in nuclear power plants to be safe, as these device can detect and predict minute errors.
- High cost of smart wearables is a major restraint of the smart wearables for nuclear energy market. Smart wearable devices are also delicate. Thus, high cost and delicateness are major factors hampering the global smart wearables for nuclear energy market.
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Global Smart Wearables for Nuclear Energy Market Segmentation
- The global smart wearables for nuclear energy market can be segmented based on device type and component
- In terms of device type, the smart wearables for nuclear energy market can be classified into smart eyewear, virtual reality headset, smart helmet, sensor embedded in clothing, smart watch, and others. Demand for smart watches is high in the nuclear power industry. These smart watches can monitor employee’s health as well as the environment around them. Furthermore, these watches can continuously send data to the connected server, which can predict the errors and prevent accidents.
- Based on component, the market can be bifurcated into hardware and software. The hardware segment dominated the market in 2019. The software segment is expected to expand at a fast pace in the near future due to the increase in adoption of IoT and AI-based systems.
Global Smart Wearables for Nuclear Energy Market: Regional Segmentation
- Based on region, the global smart wearables for nuclear energy market can be segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- North America dominated the global smart wearables for nuclear energy market in 2019. The market in the region is expected to expand at a significant pace during the forecast period, as demand for smart wearable is high in the nuclear energy industry in the U.S. and Canada. The U.S. is the leading country in the world in terms of number of nuclear plants. It is the leading country to use and implement AI and IoT-based systems.
- Asia Pacific is projected to account for vital share of the global smart wearables for nuclear energy market in the near future. China, Japan, and India are major hubs of smart wearable companies. This is likely to boost the market in the region in the near future.
- The market in Europe is projected to expand at a steady pace during the forecast period. Led by stringent rules and regulations enacted by governments of countries in the region, nuclear plants are using smart wearable devices for health and safety of employees.
- In November 2019, Ansell Ltd, a global leader in safety solutions, announced it had entered into a partnership with ProGlove, a leading provider of industrial wearables, to develop hand protection solutions utilizing IoT or AI technology to ensure the right personal protective equipment compliance in the workplace. This allows Ansell PPE to use industrial Internet of Things (IIoT) innovation in order to create a safer work environment.
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Key Players Operating in Smart Wearables for Nuclear Energy Market
- TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION
- ANSELL LTD.
- Apple Inc.
- SAMSUNG ELECTRONICS CO., LTD.
- Wearable Technologies Limited
- Alphabet Inc
Global Smart Wearables for Nuclear Energy Market: Research Scope
Global Smart Wearables for Nuclear Energy Market, by Device Type
- Smart Eyewear
- Virtual Reality Headset
- Smart Helmet
- Sensors Embedded in Clothing
- Smart Watch
Global Smart Wearables for Nuclear Energy Market, by Component
Global Smart Wearables for Nuclear Energy Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.