New York, USA, July 19, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Industrial Communication Market Research Report: By Offerings, Communication Protocol, End User, and Region - Forecast Till 2032, the market is anticipated to acquire a valuation of approximately USD 36.01 Billion by the end of 2032. The reports further predict the market to flourish at a robust CAGR of over 5.90% during the assessment timeframe.
Industrial Communication Market Key Players
Key Companies in the Industrial Communication market include.
- ABB Ltd.
- Advantech Co. Ltd.
- Cisco Systems Inc.
- Emerson Electric Co.
- General Electric Co.
- National Instruments Corp.
- Rockwell Automation Inc.
- Schneider Electric SE
- Siemens AG,
- Texas Instruments Inc
The Industrial Communication Market is rapidly growing as a result of the increased demand for reliable and effective communication networks in industrial settings and the expanding adoption of cutting-edge technology. Information and data are transmitted between machines, sensors, devices, and other entities in a variety of industries, including manufacturing, oil and gas, automotive, energy, and others.
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Report Scope:
| Report Metric | Details |
| Revenue Forecast in 2032 | USD 36.01 Billion |
| Growth Rate | CAGR of 5.90% from 2023 to 2032 |
| Base Year | 2022 |
| Study Period | 2023-2032 |
| Key Market Opportunities | Integration of industrial IoT, 5G and wireless communication, and cybersecurity solutions |
| Key Market Drivers | Wireless communication innovations and regional market variations |
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In the industry, this is known as industrial communication. One of the key factors propelling the industrial communication market is the quick uptake of Industry 4.0 and the Industrial Internet of Things (IIoT) technologies. These disruptive technologies rely on constant connectivity and communication to enable the integration and coordination of machines and systems. Industrial communication networks, which also allow for real-time process optimisation, control, and monitoring, enable data transfer. The increase in productivity, efficiency, and predictive maintenance that comes from the ability to gather and evaluate real-time data is what drives demand for industrial communication systems.
Integration of automation systems is another facet of the market expansion for industrial communication. Industries are automating their processes more and more in order to boost output, reduce downtime, and enhance operational efficiency. Industrial communication networks allow for efficient data exchange, coordination, and control amongst these systems, facilitating the seamless integration of a variety of automation components, including robotics, PLCs, DCS, and SCADA systems. This integration results in operations being more efficiently run, rising productivity, and better resource utilisation. Scalability and adaptability are significant elements affecting the adoption of industrial communication systems. As businesses grow and new technologies are created, communication networks must be able to handle increasing data traffic, support a range of devices and protocols, and adapt to changing requirements.
Scalable and flexible industrial communication protocols, like Ethernet/IP, PROFINET, and Modbus TCP/IP, provide seamless communication and interoperability across many different devices and systems. This scalability enables businesses to expand without worrying about communication constraints or bottlenecks.
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Increasing safety and security is a primary priority in industrial settings. Systems for industrial communication are crucial for safeguarding workers' safety and protecting assets. Thanks to the incorporation of safety protocols and technologies like Safety over Ethernet (SoE) and Safety Instrumented Systems (SIS), communication networks now offer real-time monitoring, control, and reaction to potential threats. Accidents are prevented, downtime is decreased, and safety regulations are observed as a result. The use of wireless technologies has led to an expansion of the industrial communication sector.
Wireless communication provides greater mobility, adaptability, and remote access in industrial settings. It eliminates the need for physical connections between field equipment and control systems by enabling real-time data exchange. Wireless technologies like Wi-Fi, Bluetooth, and cellular networks are increasingly popular, extending the reach and connectivity of industrial communication networks in locations where establishing wired infrastructure is unfeasible or expensive. Consequently, driving market revenue for industrial communications.
Industrial Communication Market Segmentation Insights
Software, Hardware, and Services are included in the segmentation of the industrial communication market based on offerings. With a share of the market's sales of 40.21% in 2022, the Hardware sector dominated. These hardware elements' connection, signal translation, and data transfer capabilities allow for the development of dependable communication networks in industrial settings.
Industrial Ethernet, Fieldbus, and Wireless are included in the segmentation of the industrial communication market based on communication protocol. The segment with the highest revenue in 2022 was industrial ethernet (46.25%). To enable speedy, dependable, and secure communication across various systems and devices, it makes use of Ethernet standard technology.
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Automotive and Transportation, Aerospace & Defence, Food & Beverages, Electrical & Electronics, Industrial Manufacturing, and Others are the end user segments of the industrial communication market. With 37.24% of market revenue in 2022 going to the industrial manufacturing segment, the market was dominated by this sector. Reliable communication networks are essential for efficient supply chain management, equipment health monitoring, and industrial process optimisation.
The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. In 2022, this market was dominated by the Asia-Pacific Intrinsically Safe Equipment Market (45.80%). The numerous industries in the area are increasingly adopting automation and smart manufacturing technology. Additionally, the Indian market for intrinsically safe equipment was expanding at the quickest rate in the Asia-Pacific region, while China's market for such equipment maintained the biggest market share.
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