Portland,OR, June 07, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global industrial ethernet switch market was pegged at $2.94 billion in 2020, and is expected to reach $4.99 billion by 2028, growing at a CAGR of 7.1% from 2021 to 2028.
Surge in application of industrial ethernet switches in industrial infrastructures, rise in demand for reliable, fast, scalable, and interoperable communication protocols, and increase in adoption of industrial ethernet switches drive the growth of the global industrial ethernet switch market. Moreover, rise in need to ensure communication efficiency in infrastructure in the automotive & transport environment supplemented the market growth. On the contrary, technological complexity involved in ethernet switches hinders the market growth. However, advent of Industry 4.0 and connected vehicles is expected to open lucrative opportunities for the market players in the coming years.
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Covid-19 scenario:
- The Covid-19 pandemic led to halted production facilities of electronics and semiconductors, due to slowdown and lack of workforce. Moreover, the pandemic resulted in a decline in manufacturing utilization and ban on international travel to curb the spread of the virus.
- Asian and European countries suffered a major loss of business, owing to shutdown of manufacturing facilities in the region. However, the negative impact on the market is expected to continue for a short period as the market is witnessing a strong recovery rate.
The global industrial ethernet switch market is segmented on the basis of type, industry vertical, and region.
Based on type, the managed segment held the lion’s share in 2020, accounting for nearly three-fourths of the market. However, the unmanaged segment is expected to register the highest CAGR of 8.8% during the forecast period.
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On the basis of industry vertical, the electric and power segment is projected to manifest the highest CAGR of 10.2%during the forecast period. However, the manufacturing segment held the largest share in 2020, contributing to more than one-third of the market.
The global industrial ethernet switch market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2020, accounting for more than two-fifths of the market. However, the market across Asia-Pacific is expected to register the highest CAGR of 9.4% during the forecast period.
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The global industrial ethernet switch market includes an in-depth analysis of the prime market players such as Cisco Systems Inc., Arista Networks, Siemens Ag, Belden Inc., Hewlett-Packard, Brocade Communication Systems Inc., Microsoft Corporation, Juniper Network, Alcatel-Lucent, and Huawei.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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