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Industrial Communication Market Insights
The global industrial communication market is growing at a rapid pace, mainly due to the spurring rise in end-use industries. Over the past few years, automotive & transportation, aerospace & defense, food & beverages, and electrical & electronics industries have witnessed rapid growth, estimated to continue to boost the industrial communication market share throughout the review period.
Market Research Future (MRFR) states that the global industrial communication industry is projected to escalate from USD 21.5 BN in 2022 to USD 36.01 BN by 2032, growing at a 5.90% CAGR over the review period (2023-2032). The proliferation of industrial automation, data centers, and enterprise networking are major factors influencing the industrial communication market growth.
An expanding need for real-time data, system integration for automation, flexibility, and scalability, including wireless technology, are the key market drivers enhancing industrial communication industry revenues. The recent COVID-19 pandemic fostered the need for industrial automation, which further helped the industrial communication industry to normalize and witness rising revenues.
Simultaneously, emerging economic and technical trends presented new opportunities to the market players. Industry players have started fostering investments in working on countermeasures. Many industries are migrating towards the latest technology for process automation. Furthermore, the rapid adoption of Industry 4.0 and IoT technologies would further positively impact market growth.
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The rise in advanced communication network protocol adoption and the growing need for high data transfer speeds in data centers influence the industrial communication industry share. The rapid industrialization and spurring rise across end-user industries push the market growth.
Ethernet has become the most popular and widely used network technology. Industrial ethernet is more robust than office ethernet and has recently become a popular industry term in manufacturing. The growing uptake of the Industrial Internet of Things (IIoT) and IoT in manufacturing and process industries is a key driving force behind the rapid industrial communication industry growth.
Ethernet Industrial Protocol (Ethernet/IP) is a network communication standard capable of handling large data sets at ranging speeds. Industrial Communication protocols like PROFINET and EtherCAT modify standard communication to ensure specific manufacturing data is correctly sent and received. It also ensures the timely data transfer needed to perform a specific operation.
Major Players
Key industrial communication market players are
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Industrial Communication Market – Segmentation
The market forecast is segmented into offerings, communication protocols, end-users, and regions. The offering segment is sub-segmented into hardware, software, and services. Of these, the hardware segment dominates the market due to connectivity, signal translation, and data transmission capabilities offered by these hardware components, enabling reliable communication networks in industrial contexts.
The communication protocol segment is sub-segmented into industrial ethernet, Fieldbus, wireless, and others. Among these, the industrial ethernet segment generates significant revenues. In 2022, the segment acquired 46.25% of the overall market revenue share.
The end-user segment is sub-segmented into automotive & transportation, aerospace & defense, food & beverages, electrical & electronics, industrial manufacturing, and others. By region, the industrial communication market is segmented into North America, Europe, APAC, and the rest of the world.
Industrial Communication Market – Regional Analysis
The Asia-Pacific region dominates the global industrial communication industry. The growing adoption of automation & smart manufacturing technologies and the presence of leading players enabling the early adoption of the technology are major industrial communication industry trends. Besides, widely spreading industrial automation and increased R&D investments to develop technology increase the region’s industrial communication market share.
North America holds the second-leading share in the global industrial communication industry. The presence of notable technology providers, such as Rockwell Automation, Cisco Systems, and Texas Instruments, in this region influences the market growth. Moreover, the adoption of cutting-edge technologies, such as industrial ethernet, wireless communication, and fieldbus systems, impacts the region’s industrial communication industry share.
Industrial Communication Market – Competitive Analysis
The market is estimated to witness several strategic approaches such as partnerships, expansion, collaboration, mergers & acquisitions, and product/ technology launches. Leading industry players invest significantly to drive research and development activities and expansion plans.
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Industry/ Innovation/ Related News
Aug. 04, 2023 — Siemens announced the opening of its new test laboratory for industrial connectivity technologies at its Erlangen site with a private 5G network. The new industrial connectivity lab is embedded in the Erlangen campus’s Siemens Technology Centre and spans over 300 sq. ft. The lab will enable extensive testing of any connectivity solution in industrial environments, including 5G private networks, industrial wireless networks (WLAN), radio frequency identification (RFID), and real-time localization systems (RTLS).
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
