Industrial Communication Market worth $23.5 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 5, 2020 /PRNewswire/ -- According to the new market research report "Industrial Communication Market with COVID-19 impact by Offering (Components, Softwares and Services), Communication Protocol (Fieldbus, Industrial ethernet and Wireless), End-use application, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Industrial Communication Market is estimated to be valued at USD 17.3 billion in 2020 and is projected to reach USD 23.5 billion by 2025, at a CAGR of 6.3%. This estimation factors in the impact of the COVID-19 pandemic on the market. The major driving factors are growing need for scalable, faster, reliable, and interoperable communication protocols. Increase in use of digital twin to safely monitor smart manufacturing operations is also expected to drive the industrial communication market growth during the forecast period. The persistent rise in machine-to-machine communication is another key factor that is expected to propel the growth of the market.
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Services segment to witness highest growth in industrial communication market in coming years
Rapid changes in network infrastructure and growing adoption of IIoT have led to the adoption of cloud and virtualization. This has significantly increased the pressure on network administrators to manage the network infrastructure. Hence, manufacturing industries are outsourcing network services to ensure a better quality of network management and reduce operating costs. Also, post-COVID-19, most companies are adopting remote network monitoring services, which is expected to boost the services market during the forecast period.
Industrial Ethernet to account for largest share of industrial communication market during forecast period
The popularity and reach of Industrial Ethernet are increasing due to its features such as higher speed, increased connection distance, and the ability to connect more nodes, which is perfectly suitable for applications in process industries.
Water & wastewater to grow at highest CAGR in industrial communication market from 2020 to 2025
Water level monitoring sensors, AC drives, and controllers are the crucial components of water treatment systems, and an industrial communication network is used to facilitate communication among these devices. These factors are expected to fuel the growth of the industrial communication market for the water & wastewater end-use application during the forecast period.
Browse in-depth TOC on "Industrial Communication Market"
138 – Tables
50 – Figures
218 – Pages
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APAC to hold largest share of industrial communication market during the forecast period
APAC is a leading industrial hub for several industries, including automotive, electrical, and electronics. It is also the largest automobiles producer in the world. In APAC, countries such as China, India, and South Korea are the leading manufacturers of consumer electronics devices, 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.
The key market players in the market are Cisco (US), Siemens (Germany), Rockwell Automation (US), OMRON (Japan), Moxa (Taiwan), Huawei Technologies (China), SICK (Germany), Schneider Electric (France), Belden (US), Advantech (Taiwan), Mitsubishi Electric (Japan), and ABB (Switzerland). These players are increasingly undertaking product launches and developments, expansions, and acquisitions to develop and introduce new industrial communication solutions in the market.
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