Time-sensitive Networking Market Worth 606.0 Million USD by 2024
PUNE, India, August 31, 2017 /PRNewswire/ --
According to a new market research report "Time-Sensitive Networking Market by Component (Switches, Hubs, Routers, and Gateways, and Memory), Application (Industrial Automation, Power and Energy, Automotive, Transportation, Oil & Gas, Aerospace), and Geography - Global Forecast to 2024", published by MarketsandMarkets™, the market, the market is expected to be worth USD 606.0 Million by 2024, at a CAGR of 53.8% considering that it will get commercialized by 2019. The increasing adoption of Industrial IoT and Industry 4.0 and increasing need for real-time communication for various applications are the major drivers for the TSN market.
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"Switches expected to hold a major share of the TSN market during the forecast period"
Switches are expected to lead the time-sensitive networking (TSN) market in 2019. The use of switches has been increasing to build a wider industrial network. Many leading players are expected to provide TSN switches in future. Recently in April 2017, Broadcom Limited (Singapore) introduced a family of Ethernet switches (BCM53570) that supports TSN. Therefore, the increasing number of developments for switches is expected to continue to lead the TSN market.
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"Industrial automation application is expected to lead TSN market during the forecast period"
The industrial automation is expected to hold the largest share of time-sensitive networking (TSN) market. Industrial automation application is important for TSN because of the increasing interest in the industrial IoT (IIoT) and its related data, specifically, the mission-critical, time-sensitive data that must be transferred and shared within strict bounds of latency and reliability. Hence, TSN is expected to provide ample of opportunities for industrial automation application. TSN is used in industrial automation application for various segments such as machine-to-machine communication and motion control applications. Machine-to-machine communication application operates with low latency and high synchronization for industrial automation. Essentially, any latency-sensitive application would be improved through the use of TSN in industrial automation
"North America is expected to hold major share of TSN market during the forecast period"
North America is expected to hold the largest share of the time-sensitive networking (TSN) market during the forecast period. North America and Europe are expected to be the leading region in the adoption of TSN solutions. Increasing collaboration of leading companies under OPC Foundation and IIC would help to explore opportunities in various applications for the TSN market. In North America, the presence of leading players such as Intel Corporation (US), Cisco Systems, Inc. (US), Microsemi Corporation (US), and National Instruments Corporation (US) and their activities related to TSN solutions are expected to provide opportunities for the TSN market.
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Major players in the TSN market are Cisco Systems, Inc. (US), NXP Semiconductors N.V. (Netherlands), Marvell Technology Group Ltd. (US), Microsemi Corporation (US), Intel Corporation (US), National Instruments Corporation (US), Analog Devices, Inc. (US), Broadcom Limited (Singapore), Belden Inc. (US), Renesas Electronics Corporation (Japan), and TTTech Computertechnik AG (Austria). Some of the testbed participants are Schneider Electric SE (France), Bosch Rexroth AG (Germany), B&R Industrial Automation GmbH (Austria), Rockwell Automation, Inc. (US), and General Electric Company (US).
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