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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