Industrial communications market worth $26.8 billion by 2027
CHICAGO, June 17, 2022 /PRNewswire/ — According to a research report “Industrial Communication Market by Offer (Component, Software and Services), Communication Protocol (Fieldbus, Industrial Ethernet and Wireless), Vertical (Automotive, Engineering/Manufacturing) and Region – Global Forecast to 2027”, published by MarketsandMarkets™, the industrial communication market is expected to grow from $18.8 billion in 2022 at $26.8 billion by 2027; it is expected to grow at a CAGR of 7.4% during the forecast period. Due to COVID-19, the industrial communication market faced headwinds for 2020-2021. A digital twin is a virtual model of a product, process or service. The actual product, process or service associates with the virtual model, enabling analysis of product or operation data, remote system monitoring and downtime prevention. An increase in the use of the digital twin to safely monitor smart manufacturing operations has been observed over the past few years. Governments of different countries around the world are also supporting the development of industries to ensure the holistic development of the country. This has led to the adoption of various automation and communication components and technologies for the structural development of industries.
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Switches to account for the largest industrial communication components market share by 2027
Switches are used to establish an industrial network by interconnecting computers. The switches offer high security and durability and are suitable for critical environments. They provide a reliable communication network for machine tools and motion control applications in process and discrete industries. The switches are energy efficient, durable and robust. The growing demand for network availability in various automation applications creates a need for additional features, such as industrial-grade reliability, network redundancy, seamlessly integrated security, and the best price/performance ratio.
The wireless segment is expected to grow at the highest CAGR in the industrial communications market during the forecast period
Wireless communication has enormous potential and plays a vital role in modernizing factories by providing high bandwidth, covering a large area and optimizing complex logistics and production processes. Wireless communication and related products have many applications, especially in industrial systems such as cranes, automated guided vehicle systems, remote control/remote maintenance systems, as well as in process industries to measure physical parameters , such as pressure, temperature, and liquid levels.
Automotive Vertical to Record Highest Industrial Communication Market Share in 2022
The automotive industry continues to evolve at an impressive pace with the adoption of automation and connectivity. However, component manufacturers are scrambling to meet the growing need for bandwidth and cost efficiency. To improve vehicle quality and overall production efficiency, manufacturers invest a lot of time and money in developing and improving the manufacturing process and rely heavily on technological innovations. Industrial communication solutions leverage the benefits of the Industrial Internet to connect machines, data and people to achieve an unparalleled level of information visibility and manufacturing understanding. This speeds up production, improves quality and reduces costs.
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APAC market will register the largest share during the forecast period
The main sectors of application of industrial communication solutions in Asia Pacific are chemicals, oil and gas, semiconductors, consumer electronics and automotive. Asia Pacific has become a center of automotive manufacturing in the world. Thus, automotive suppliers such as Volkswagen, Toyota Motor Corporation, Renault-Nissan Alliance, Daimler and local automakers such as Tata Motors and Mahindra and Mahindra have made investments to automate their automotive production sites. Asia Pacific also has a large number of small and medium-sized enterprises (SMEs). Therefore, significant investments are required to successfully implement industrial control system security projects in SMEs to adopt strong security practices in their manufacturing units.
The major vendors in the industrial communications market are Cisco (USA), Siemens (Germany), Rockwell Automation (USA), Omron (Japan), Moxa (Taiwan), Huawei Technologies (China), SICK (Germany), Schneider Electric (France), ABB (Swiss), Belden (USA), GE Grid Solutions (France), Advantech (Taiwan), HMS Networks (Sweden), IFM Electronics (Germany), Mitsubishi Electric (Japan), Ericsson (Sweden), Honeywell (USA), FANUC (Japan), AAEON (Taiwan), Turck (USA) and Bosch Rexoth (Germany).
Smart manufacturing Market by Information Technology, Enabling Technology, Industry (Process and Discrete) and Geography (North America, Europe, Asia PacificRest of the World (2021-2027)
Industrial control and factory automation Market by Solution (SCADA, PLC, DCS, MES, Industrial Security, PAM), Component (Industrial Robots, Industrial 3D Printing, Process Analyzer, Machine Vision, HMI), Industry, Region (2021-2026)
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