Selbyville, Delaware,, Nov. 09, 2022 (GLOBE NEWSWIRE) --
The industrial ethernet market valuation is expected to cross USD 350 billion by 2032, as reported in a research study by Global Market Insights Inc.
Substantial efforts by governments to enhance electricity and communication connectivity are likely to drive the industrial ethernet industry trends. The increasing use of automated solutions across varied industry verticals is set to increase the demand for industrial ethernets. Moreover, ongoing technological advancements in the automotive industry have elevated the cost, complexity, and weight of wiring harnesses. Industrial ethernet provides a single network for connecting all the systems via a central switch, reducing the cost of car components, and accelerating product adoption in the automotive manufacturing sector.
Increasing security threats emerge as a major restraining factor for industrial ethernet market progression. The growing adoption of ethernet in industrial automation has also attracted cyber-attacks and breaches. It has become a crucial issue for firms as ethernet provides vertical integration of offices and interconnection with the internet. Nonetheless, rigid security channels and safety protocols for the installation & implementation of ethernet solutions may encourage industry players to overcome the obstacle.
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Growing adoption of industrial ethernet solutions to augment the demand for ethernet services
The services segment is estimated to depict gains at around 25% up to 2032. The segment growth is attributable to the extensive adoption of industrial ethernet solutions which require services such as installation, testing, and maintenance for industrial ethernet hardware and software solutions. Service providers efficiently manage the installation and functional testing of these solutions, thereby boosting segment outlook.
Wide penetration of wireless communication & devices to aid installation & testing services segment growth
The study indicates that the installation & testing service segment held approximately 70% of the industrial ethernet market revenue share in 2022 and is slated to witness remarkable growth through 2032. Snowballing digitalization and automation trends together with the mounting adoption of wireless communication & smart devices are stimulating industrial ethernet services. Additionally, the extensive complexity of the network is also contributing to segmental growth.
Ability of transmitting data over varied layer devices to spur Modbus TCP/IP segment growth
The Modbus TCP/IP segment is anticipated to progress with a 20% CAGR between 2023 and 2032. The Modbus TCP/IP utilizes internet protocol and transmission control protocol for transmitting, passing, and managing data between varied layers of compatible devices without being affected by other protocols, hence fostering product adoption.
Ease of management to bolster oil & gas segment revenues
The industrial ethernet market size from the oil & gas application segment is predicted to exhibit a 20% growth rate till 2032. The presence of complex production and extraction processes in the oil and gas sector is impacting product adoption. The segment growth is attributed to the significant need of monitoring business operations such as offshore oil drilling, pump station, onshore production, pipeline transportation, and oil refining.
Europe to emerge as a key investment avenue
The Europe industrial ethernet industry will capture above 25% of the market share by 2032. The growing demand for improved technology and need of exploring advanced methods to create network grids for utilizing energy and electricity is foreseen to push regional growth. In addition, strong penetration of IoT devices in the European region is speculated to propel the regional outlook.
Advancements in ethernet technology to remain a key growth strategy
The competitive landscape of the industrial ethernet market is inclusive of Moxa Inc., Rockwell Automation, Parker Hannifin Corporation, ABB Ltd., Eaton Corporation, and Monnit Corporation (Alta Ethernet Gateway), among others. These companies engage mainly in product range expansion and adopting strategic dealerships with automation firms to maintain their market position.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Industrial ethernet industry 360º synopsis, 2018 – 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM)
2.3 Regional trends
2.4 Component trends
2.5 Protocol trends
2.6 Application trends
Chapter 3 Industrial Ethernet Industry Insights
3.1 Introduction
3.2 Impact of COVID-19 outbreak
3.3 Technological evolution
3.4 Industry ecosystem analysis
3.5 Industrial Ethernet features
3.6 Technology & innovation landscape
3.7 Regulatory landscape
3.8 Patent analysis
3.9 Investment portfolio
3.10 News
3.11 Industry impact forces
3.11.1 Growth drivers
3.11.2 Industry pitfalls & challenges
3.12 Porter’s analysis
3.13 PESTEL analysis
3.14 Growth potential analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
