Arrow Electronics, Inc. ARW recently partnered with ON Semiconductor ON and design manufacturer Geniatech to develop an industrial Multi-Sensor-Online wearable device to ensure employee safety at workplaces.
The solution, MuSeOn 1.1, is based on ON Semiconductor’s RSL10 Sensor Development Kit, including low-power Bluetooth 5 radio SoC and five sensors to identify and measure various environmental conditions. It is manufactured and designed by Geniatech, and is available from Arrow.
MuSeOn 1.1 will be able to detect air quality, humidity, pressure and temperature, thus recognizing the wearer’s activity, along with indoor navigation and positioning.
The industrial gateways required for the solution are based on the Geniatech IoT Developer Board 4.
The combination of the powerful data analytic capabilities of these platforms provided through the Arrow IoT ecosystem enables the solution to remotely monitor and protect employees from risks.
Arrow Electronics, Inc. Price and Consensus
Arrow Electronics, Inc. price-consensus-chart | Arrow Electronics, Inc. Quote
Workplace Safety Market
Per Transparency Market Research, the global safety service market is anticipated to register a CAGR of 11.6% between 2017 and 2025, and reach $48.28 billion. Moreover, Research and Markets expects the industrial safety market to grow from $3.3 billion in 2019 to $5.4 billion by 2024 at a CAGR of 8.6%.
The rising awareness of workplace safety is boosting growth of the global safety service market. Workplace safety solutions provide safety ranging from employee safety to asset management to secure data management.
Increasing complexities of business operations emphasizes the need for safety solutions.
This makes us optimistic about Arrow’s prospects.
Arrow’s Growing Presence in IoT Space
IoT has received a lot of attention in the past few years, mainly because of the growing appetite for connectivity. Per a Fortune Business Insights report, the global IoT market is expected to hit $1.1 trillion by 2026 at a CAGR of 24.7% between 2018 and 2026.
Notably, Arrow recently partnered with Microshare to jointly deliver IoT solutions to global enterprise customers in facilities management, transportation, infrastructure, healthcare and other sectors.
Moreover, the acquisition of eInfochips last year broadened Arrow’s IoT capabilities. These encourage us about the company’s prospects in the IoT space as well.
Zacks Rank & Key Picks
Arrow currently carries a Zacks Rank #3 (Hold). A couple of better-ranked stocks in the broader technology sector are Fortinet, Inc. FTNT and Marchex, Inc. MCHX, each flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth rate for Fortinet and Marchex is currently pegged at 14% and 15%, respectively.
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