Category : ICT | Published at : December-2020 | Delivery Format : PDF | Status: Published | Pages : 190
The market for industrial communication is expected to grow at a CAGR of around 12.0% from 2020 to 2027 and expected to reach the market value of around US$ 211.4 Bn by 2027.
Industrial Communication refers to the network which is adopted in factory automation, manufacturing, and process control particularly to implement data exchange between controllers, sensors, actuators, input/output devices, and industrial equipment in general. The communications between devices in the industry are carried out through the use of different industrial communications protocols.
Market Dynamics
The technological advancement in the industrial sector across the major economies is primarily accelerating the market value. The growing need for faster, scalable, reliable, and interoperable communication protocols in the industry sector is propelling market growth. The rising industrial revolution 4.0 and increasing machine-to-machine communication is supporting the market value. The rapid government initiatives to support industrial automation especially in developed and some developing economies are further bolstering the market growth. Furthermore, the growing adoption of the Industrial Internet of Things (IIoT) and rising demand for wireless networks across the industrial sector is projected to create potential opportunities over the forecast period from 2020 to 2027.
On the other side, lack of standardization among equipment manufacturers and data safety & security issues are projected to hamper the growth over the estimated period from 2020 to 2027.
Hardware segment has registered dominating share in the Industrial Communication Market
By component, the hardware is leading the market with maximum revenue share (%) and also projected to maintain its dominance over the estimated period. The hardware components include switches, hubs, routers, & gateways, connectors, communication interfaces, power supply devices, controllers and processors, memory, isolators & convertors, and others. The proper supporting hardware is needed to connect with the advanced software for effective communication across the industry vertical is contributing to the segmental market growth. In turn, the age-old presence of hardware components in the market is supporting the segmental market value in the industrial communication market. The development of new and advanced hardware components by the manufacturers to support the digital infrastructure more efficiently is also propelling the segmental market value.
Asia Pacific accounted for the maximum share (%) in Industrial Communication Market
In 2019, Asia Pacific has registered major revenue share (%) in the industrial communication market and the region is further projected to maintain its dominance over the estimated period. The ongoing industrialization in emerging economies of the region including China and India are majorly contributing to the regional market value. The technological advancement in the industrial sector of the region is additionally propelling the regional market value. The emerging industry 4.0 concept is supporting the effective working and industrial development of the region. The increasing investment by major regional players for the development of advanced solutions is bolstering the regional market value.
The players profiled in the report include ABB LTD. (Switzerland), Advantech Co., Ltd. (Taiwan), Belden Inc. (US), Cisco Systems, Inc. (US), HMS Industrial Networks (Sweden), IFM electronic Gmbh (Germany), Moxa Inc. (US), OMRON Corporation (Japan), Rockwell Automation, Inc. (US), Schneider Electric SE (France), and Siemens AG (Germany). The major industrial communication players were involved in strategic developments for escalating the profit share in regional as well as global market. The major investments were announced for the technological advancements associated with the changing consumer demand for industrial communication.
Market Segmentation
Market By Component
Hardware
Software
Services
Market By Protocol
Fieldbus
Industrial Ethernet
Wireless
Market By Application
Transportation
Oil and Gas
Aerospace and Defense
Utilities
Healthcare and Medical
Food and Beverages
Manufacturing
Others
Market By Geography
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
The market for industrial communication is expected to reach a market value of around US$ 211.4 Bn by 2027.
The industrial communication market is expected to grow at a CAGR of around 12.0% from 2020 to 2027.
The hardware is the leading segment by component in the industrial communication market.
The technological advancement in industrial sector, growing need for faster, scalable, reliable, and interoperable communication protocols in industry sector, rising industrial revolution 4.0, increasing machine-to-machine communication, and rapid government initiatives to support industrial automation especially in developed and some developing economies are key drivers of the global industrial communication market.
ABB LTD. (Switzerland), Advantech Co., Ltd. (Taiwan), Belden Inc. (US), Cisco Systems, Inc. (US), HMS Industrial Networks (Sweden), IFM electronic Gmbh (Germany), Moxa Inc. (US), OMRON Corporation (Japan), Rockwell Automation, Inc. (US), Schneider Electric SE (France), and Siemens AG (Germany) are the prominent players in the market.
Asia Pacific held the highest market share in the industrial communication market.
Asia Pacific is expected to be the fastest growing market over the forecast period.
