Industrial Communication Market worth $26.8 billion by 2027
Posted: Jun 23, 2022
According to a research report "Industrial Communication Market by Offering (Component, Software and Services), Communication Protocol (Fieldbus, Industrial Ethernet and Wireless), Vertical (Automotive, Engineering/Fabrication) and Region - Global Forecast to 2027", is projected to grow from USD 18.8 billion in 2022 to USD 26.8 billion by 2027; it is expected to grow at a CAGR of 7.4% during the forecast period. Owing to COVID-19, the industrial communication market faced some headwinds for 2020–2021. A digital twin is a virtual model of a product, process, or service. The actual product, process, or service pairs with the virtual model, allowing data analysis of the product or operation, remote monitoring of the system, and prevention of downtime. An Increase in the use of digital twin to safely monitor smart manufacturing operations has been witnessed in the last few years. The governments of different countries across the world are also supporting the development of industries to ensure the holistic development of the country. This has led to the adoption of various automation and communication components and technologies for the structural development of industries.
Switches to account for the largest share of the industrial communication component market by 2027
Switches are used to establish an industrial network by interconnecting computers. Switches provide high security and durability and are suitable for mission-critical environments. They provide a reliable communication network for machine tools and motion control applications in process and discrete industries. Switches are energy-efficient, durable, and robust. The rising demand for network availability in various automation applications creates a need for additional features, such as industrial-grade reliability, network redundancy, seamlessly integrated security, and the best price-to-performance ratio.
Wireless segment to grow at the highest CAGR for the industrial communication market during forecast period
Wireless communication has a huge potential and plays an essential role in the modernization of plants by offering high bandwidth, covering a large area, and optimizing complex logistics and production processes. Wireless communication and related products have numerous applications, especially in industrial systems such as cranes, automated guided vehicle systems, remote control/remote maintenance systems, as well as in process industries for measuring physical parameters, such as pressure, temperature, and liquid levels.
Automotive Vertical to register the highest share for industrial communication market in 2022
The automotive industry continues to evolve at an impressive pace with the adoption of automation and connectivity. However, component manufacturers strive to address the growing need for bandwidth and cost-effectiveness. To improve the quality of vehicles and overall production efficiency, manufacturers invest substantial time and money in developing and improving the manufacturing process and rely heavily on technological innovations. Industrial communication solutions leverage the benefits of the industrial internet to connect machines, data, and people to attain an unmatched level of information visibility and manufacturing insight. This helps accelerate production, improve quality, and lower costs.
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Market in APAC to register largest share during the forecast period
The major application industries of industrial communication solutions in Asia Pacific are chemicals, oil & gas, semiconductors, consumer electronics, and automotive. Asia Pacific has emerged as an auto-manufacturing hub in the world. Hence, motor vehicle suppliers such as Volkswagen, Toyota Motor Corporation, Renault-Nissan Alliance, Daimler, and local manufacturers such as Tata Motors and Mahindra and Mahindra have made investments to automate their automobile production sites. Asia Pacific also has a large number of small- and medium-sized enterprises (SMEs). Hence, there is a requirement for significant investments to successfully implement industrial control system security projects ins SMEs for adopting strong security practices in their manufacturing units.
Major vendors in the industrial communication market include Cisco (US), Siemens (Germany), Rockwell Automation (US), Omron (Japan), Moxa (Taiwan), Huawei Technologies (China), SICK (Germany), Schneider Electric (France), ABB (Switzerland), Belden (US), GE Grid Solutions (France), Advantech (Taiwan), HMS Networks (Sweden), IFM Electronic (Germany), Mitsubishi Electric (Japan), Ericsson (Sweden), Honeywell (US), FANUC (Japan), AAEON (Taiwan), Turck (US), and Bosch Rexoth (Germany).
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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.