Dublin, Sept. 07, 2023 (GLOBE NEWSWIRE) -- The "Global Industrial Communication Market" report has been added to ResearchAndMarkets.com's offering.
The global industrial communication market has witnessed remarkable growth, ascending from a valuation of USD 21.9 billion in 2023 to a projected USD 29 billion by 2028.
This trajectory is underpinned by a steady Compound Annual Growth Rate (CAGR) of 5.7% spanning from 2023 to 2028. The surge in industrial communications is driven by factors such as the proliferation of machine-to-machine communication, the establishment of 5G infrastructure, and the escalating demand for wireless networks.
Notably, the adoption of automation systems to enhance product quality and reduce production costs has led to a robust demand for industrial communication solutions. In the automotive industry, rapid advancements continue with the integration of automation and connectivity, with Ethernet (IEEE 802.3) emerging as a prevalent protocol in automotive manufacturing.
This protocol is pivotal for computer-enabled communication in processes like diagnostics, machine control, factory automation, and the linkage of remote sensors. Moreover, industrial communication assumes a pivotal role in the expansion of connectivity within electric vehicles (EVs), facilitating seamless communication among various subsystems such as battery management, motor control, charging systems, sensors, and actuators.
The market landscape is further enriched by the presence of prominent players like Cisco Systems, Inc. (US), Siemens (Germany), Rockwell Automation (US), OMRON Corporation (Japan), and Moxa Inc. (Taiwan), each with distinctive growth strategies, service offerings, and market shares that are meticulously assessed in this comprehensive analysis.
Services offerings to exhibit higher CAGR in the industrial communication market during forecast period
Rapid changes in network infrastructure and the growing adoption of IIoT have led to the adoption of cloud and virtualization. This has significantly increased the pressure on network administrators to manage the network infrastructure.
Hence, manufacturing industries are outsourcing network services to ensure better network management quality and reduced operating costs. Also, post-COVID-19, most companies are adopting remote network monitoring services, which is expected to boost the services market during the forecast period.
Food and beverages vertical to exhibit higher CAGR in the industrial communication market
Among all industry verticals, the market for pharmaceuticals, food & beverages, and water & wastewater management segments is expected to grow at a significant CAGR during the forecast period.
The post-COVID-19 scenario is expected to witness high demand for automation in the food & beverages industry to ensure minimum human intervention during the manufacturing and the processing of final products. This, in turn, is expected to lead to the demand for industrial communication systems to ensure the required productivity.
Asia-Pacific accounted for the largest share of the industrial communication market in 2022
Asia-Pacific is a leading industrial hub for several industries, including automotive, electrical, and electronics. It is also the largest automobile producer in the world. In Asia-Pacific, countries such as China, India, and South Korea are the leading manufacturers of consumer electronics devices, including smartphones, laptops, and gaming consoles.
The large-scale development exhibited by the emerging economies in this region with the use of advanced technologies for manufacturing is contributing to the growth of the industrial communication market.
Additionally, various initiatives undertaken by the governments of Asia-Pacific countries to encourage the development of large and medium enterprises are also boosting the industrial communication market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 234 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $21.9 Billion |
| Forecasted Market Value (USD) by 2028 | $29 Billion |
| Compound Annual Growth Rate | 5.7% |
| Regions Covered | Global |
Premium Insights
- Increasing Demand for Industrial Communications Solutions in Pharmaceuticals & Medical Devices to Drive Market Growth During Forecast Period
- Industrial Communications Services Market to Exhibit Highest CAGR During Forecast Period
- Industrial Ethernet Protocol and Automotive Vertical to Dominate Global Industrial Communications Market in 2023
- Industrial Communications Market in Asia-Pacific to Record Highest CAGR During Forecast Period
Market Dynamics
Drivers
- Growing Need for Scalable, Faster, Reliable, and Interoperable Communication Protocols
- Increasing Use of Digital Twin Technology to Safely Monitor Smart Manufacturing Operations
- Increasing Deployment of Machine-To-Machine Communications Technology
- Rising Adoption of Industrial Automation Supported by Government Initiatives
- Growing Implementation of 5G Technology in Automotive, Construction, and Manufacturing
Restraints
- Lack of Standardization in Industrial Communication Protocols and Interfaces
Opportunities
- Lucrative Opportunities Offered by 5G for Industrial IoT Development
- Growing Demand for Wireless Networks
Challenges
- Threats Related to Cybersecurity
- Harsh Field Site Conditions such as High-Voltage Transients, Severe Shocks and Vibrations, and Extremely High Temperatures
Value Chain Analysis
- Research and Development
- Component Manufacturers/ODMs
- System Integrators/Solutions Providers
- Marketing and Sales
- Post-Sales Services
- End-user Industries
Technology Analysis
- Near-Field Communication (NFC)
- Time-Sensitive Networking (TSN)
- Open Platform Communication Unified Architecture (OPC UA)
- Virtualization
- Ethernet
Case Study
- Advantech's Edge Solutions Enable Real-Time Oil Tanker Monitoring
- Pulp Molding Equipment Manufacturer Implements Rockwell Automation's Solutions
- Ossid Improves Reliability and Performance of Machinery Using Mitsubishi Electric's Automation Portfolio
- Automotive Inspection Center Implements Advantech's Wise-PaaS End-To-Cloud IoT Total Solution for Remote Video Surveillance and Device Status Monitoring and Control
- Optima Control Solutions and Rockwell Automation Provide Automated Monitoring Solutions to Biscuit Manufacturer
- Wind Power Plant Deploys Advantech's Plant Monitoring Solution
Company Profiles
Key Players
- Cisco Systems, Inc.
- Siemens
- Rockwell Automation
- Omron Corporation
- Moxa Inc.
- Huawei Technologies Co. Ltd.
- Sick AG
- Schneider Electric
- ABB
- Belden Inc.
Other Players
- GE
- Advantech Co. Ltd.
- IFM Electronic GmbH
- Fanuc Corporation
- Bosch Rexroth AG
- Aaeon Technology Inc.
- HMS Networks
- Honeywell International Inc.
- Mitsubishi Electric Corporation
- Telefonaktiebolaget LM Ericsson
- Hans Turck GmbH & Co. KG
- ACS Motion Control
- Eaton
- Beckhoff Automation
- Hitachi, Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/85924c
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