Industrial Communication Market by Communication Protocol (Fieldbus, Industrial Ethernet, and Wireless) - 2023
According to MarketsandMarkets, the industrial communication market is expected to reach USD 141.0 billion by 2023 from USD 83.2 billion by 2018, at a CAGR of 11.14% during the forecast period. Mainly driven by the adoption of Industrial Internet of Things (IIoT) and advancement in M2M communication technology for industrial networking, the market growth is also attributed to Industry 4.0 practices in Europe and North America, which boost the adoption of industrial communication solutions. This report covers the market based on communication protocol, offering, end-use application, and geography.
Major players in the industrial communication market are 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).
Automotive and transportation to be largest contributor to industrial communication market during forecast period
Among all end-use applications, automotive and transportation is expected to be the largest contributor to the overall industrial communication market by 2018. The globally increasing number of automotive manufacturing hubs implementing advanced automation techniques for production is expected to boost the demand for industrial communication offerings. Ethernet (IEEE 802.3) is a widely used protocol in automotive manufacturing. Computer-controlled processes play a vital role in this industry, and Ethernet is one of the most suitable protocols for such computer-enabled communication. The technology is primarily used for diagnostics, machine control, factory automation, and remote sensor connections. The growing environment and safety regulations for automobiles and the integration of advanced systems in automobile manufacturing are fueling the industrial communication market for the automobile applications in APAC.
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Controllers and processors account for largest size of market for components during forecast period
The industrial communication market for controllers and processors is expected to grow at the highest CAGR during 2018–2023. A processor is a critical component in the communication process, as it is capable of fetching instructions from the main memory, decoding instructions, and determining the action to be taken, among others. There is constant innovation in controllers, processors, and memory components used in industries to enable low footprint designs and high performance at low power consumption. These segments are likely to be among the best markets for investment for the market players in the coming years.
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