The industrial communication market is expected to reach USD 83.2 billion by 2018 from USD 141.0 billion by 2023, at a CAGR of 11.14% during 2018-2023
LONDON, Dec. 3, 2018 /PRNewswire/ -- Industrial communication market to grow at 11.14% CAGR during 2018–2023
The industrial communication market is expected to reach USD 83.2 billion by 2018 from USD 141.0 billion by 2023, at a CAGR of 11.14% during 2018–2023. The market is mainly driven by the adoption of Industrial Internet of Things (IIoT) and advancement in M2M communication technology for industrial networking. The growth of Industry 4.0 practices in Europe and North America propels the implementation of industrial communication offerings. Different standards adopted by various equipment manufacturers are hindering the data collection and information generating process, and acting as a major restraint for the industrial communication market.
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Automotive and transportation to hold major share of industrial communication market during forecast period
Among the end-use applications considered, automotive and transportation is the largest contributor to the overall industrial communication market by 2018.The increasing number of automotive manufacturing hubs in the world implementing advanced automation techniques for production is expected to boost the demand for industrial communication offerings.
Additionally, Ethernet (IEEE 802.3) is a widely used protocol in automotive manufacturing. In the automotive industry, many processes are controlled through computers, and Ethernet is one of the most suitable protocols for computer-enabled communication.
Water and wastewater application to register highest CAGR in market during forecast period
The demand for effective industrial communication in the water and wastewater industry is on rise with the growing need to manage and increase the efficiency of the plants in response to the increasing water scarcity and complexity of water management in water utilities and plants.Rain gauges and smart flowmeters are the most commonly used instruments in the water facilities.
Water level monitoring sensors, AC drives, and controllers are crucial components of the water treatment systems, and the industrial communication network is used to facilitate communication among these devices. All these factors are expected to fuel the growth of the industrial communication market for the water and wastewater applications during the forecast period.
The industrial communication market in APAC to grow at highest CAGR during forecast period
Japan, China, and India are the major contributors to the industrial communication market in APAC.The region is a leading industrial hub for several industries including automotive, electrical, and electronics.
It is the largest automobile producer in the world.Moreover, countries such as China, India, and South Korea are the leading manufacturers of consumer electronics devices in APAC, 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 governments of APAC countries to encourage the development of large and medium enterprises are also providing impetus to the industrial communication market growth.
Breakdown of profile of primary participants:
• By Company Type: Tier 1 = 18%, Tier 2 = 22%, and Tier 3 = 60%
• By Designation: C-Level Executives = 21%, Directors = 35%, and Others = 44%
• By Region: North America = 22%, Europe = 26%, APAC = 39%, and RoW = 13%
OMRON Corporation (Japan), Schneider Electric SE (France), Siemens AG (Germany), ABB LTD. (Switzerland), Rockwell Automation, Inc. (US), Advantech Co., Ltd. (Taiwan), ifm electronic gmbh (Germany), HMS Industrial Networks (Sweden), Cisco Systems, Inc. (US), Moxa Inc. (US), and Belden Inc. (US) are a few key players in the industrial communication market.
Research Coverage:
• The market by communication protocol covers Fieldbus, industrial Ethernet, and wireless protocols.
• The market by end-use application covers automotive and transportation, electrical and electronics, aerospace & defense, oil & gas, water and wastewater, food & beverages, pharmaceuticals, energy & power, mining, chemicals and fertilizers, and engineering/fabrication, among others.
• The market by offering covers components, software, and services.
• The geographic analysis is based on 4 major regions—North America, Europe, APAC, and RoW. (RoW includes South America, and the Middle East and Africa).
Key Benefits of Buying the Report:
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall industrial communication market and subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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