New York, United States , March 30, 2023 (GLOBE NEWSWIRE) -- The Global Industrial Ethernet Market Size is To Grow from USD 10.74 Billion in 2021 to USD 18.59 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 7.4% during the forecast period. The increasing adoption of industrial automation in various end-user types such as automotive & transportation, electrical & electronics, aerospace & defense, oil & gas, chemical & fertilizer, food & beverages, pharmaceutical & medical devices, energy & power, mining & metals, engineering/fabrication, water & wastewater, and other industries will boost the demand for the industrial ethernet market.
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Industrial Ethernet has several advantages over other types of industrial networks, including increased data speed of up to 1 Gbit/s with Gigabit Ethernet, the ability to use standard networking hardware for wired and wireless communication, improved interoperability, and the option to use optical fiber for increased distance, among other benefits. Demand for industrial ethernet is being driven by the increasing adoption of industrial automation and industrial IoT, as well as the technological progress of network infrastructure. Additionally, the growing acceptance of Industry 4.0 in developing regions is a key driver of market revenue growth. Governments throughout the world are supporting the adoption of industry 4.0 and smart manufacturing technologies, which is also boosting the worldwide industrial ethernet market.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on "Global Industrial Ethernet Market Size, Share, and COVID-19 Impact Analysis, By Offering (Hardware, Software, Services), By Protocol (EtherCAT, EtherNet/IP, PROFINET, POWERLINK, SERCOS III, CC-Link IE, Others), By End-Use (Automotive & Transportation, Electrical & Electronics, Aerospace & Defense, Oil & Gas, Chemical & Fertilizer, Food & Beverages, Pharmaceutical & Medical Devices, Energy & Power, Mining & Metals, Engineering/Fabrication, Water & Wastewater, Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030". Get Detailed Report Description Here:
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The automotive & transportation segment accounted the largest revenue share of more than 42.6% over the forecast period.
On the basis of end-use, the global industrial ethernet market is segmented into automotive & transportation, electrical & electronics, aerospace & defense, oil & gas, chemical & fertilizer, food & beverages, pharmaceutical & medical devices, energy & power, mining & metals, engineering/fabrication, water & wastewater, and others. Among these, the automotive & transportation segment accounted for the highest revenue share of more than 42.6% during the forecast period, owing to the growing demand for hybrid connectivity as well as significant technological advancements in the automobile industry, both of which are major factors driving this segment's revenue growth.
The EtherNet/IP segment is dominating the market with the largest revenue share over the forecast period.
On the basis of protocol type, the global industrial ethernet market is segmented into EtherCAT, EtherNet/IP, PROFINET, POWERLINK, SERCOS III, CC-Link IE, and others. Among these, the EtherNet/IP segment is dominating the market with the largest revenue share of 26.5% over the forecast period. It is one of the most important industrial protocols in the world, and it is widely used in a number of industries, including factory, hybrid, and process. Furthermore, EtherNet/IP provides real-time connectivity for practically all applications in a variety of industries.
The services segment accounted the largest market share over the forecast period.
On the basis of offering type, the global industrial ethernet market is segmented into hardware, software, and services. Among these, the services segment is dominating the market and is going to continue its dominance over the forecast period. Improving communication network trends, together with the growing use of IIoT, have resulted in the utilization of the cloud and networking. This has significantly increased the pressure on network administrators to manage communications infrastructure. As a result, industrial companies are outsourcing network services in order to ensure better network management quality and lower operational costs.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 56.8% market share over the forecast period. Asia Pacific is currently regarded as the most important manufacturing zone for automakers and electronics manufacturers. Furthermore, rapid increase in automation technologies in the oil and gas sector, as well as increasing acceptance of sophisticated innovations that improve efficiency and productivity, lower costs, and promote productivity, are important factors driving revenue growth across the region.
On the other side, Europe is predicted to grow the fastest during the forecast period. Europe has a thriving manufacturing economy that heavily relies on industrial ethernet connections. Germany had the biggest revenue share due to the presence of significant firms across a wide range of industries and Europe's considerable experience in automation technology and manufacturing.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Industrial Ethernet Market include Cisco, ABB, Siemens, Schneider Electric, Rockwell Automation, SICK, OMRON, Dynalog India Ltd., Moxa, Innovasic Inc., Huawei Technologies, Belden, Eaton Corporation, Barta-Schoenewald, Inc., Monnit Corporation, B&R Automation, Parker Hannifin Corporation, Yokogawa Electric Corporation, and many others.
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Key Market Developments
In May 2021, Analog Devices, Inc. broadened its ADI ChronousTM Industrial Ethernet portfolio with solutions that offer real-time configurability, decreased energy usage, and increased asset utilization by bringing long-reach Ethernet connectivity from the edge to the cloud. The new ADI Chronous products enable the 10BASE-T1L physical layer Ethernet standard, enabling new data streams across process and building facilities from edge nodes in remote and dangerous places. The ADI Chronous ADIN1100 and ADIN1110 Industrial Ethernet solutions can carry data beyond 1.7 kilometers (more than a mile) with a single twisted pair of Ethernet cables, saving space, weight, and money.
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