CHICAGO, June 21, 2023 /PRNewswire/ -- The global industrial communication market was valued at USD 21.9 billion in 2023 and is projected to reach USD 29.0 billion by 2028; registering a CAGR of 5.7% during the forecast period according to a new report by MarketsandMarkets™. The overall growth of the industrial communication market is being driven by the growing need for scalable, faster, reliable, and interoperable communication protocols, increasing use of digital twin to safely monitor smart manufacturing operations, initiatives undertaken by governments of different countries to promote adoption of industrial automation, and increasing use of machine-to-machine communication technology.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=146536397
Browse in-depth TOC on "Industrial Communication Market"
150 – Tables
50 – Figures
200 – Pages
Industrial Communication Market Report Scope:
Report Coverage |
Details |
Market Revenue in 2023 |
$21.9 billion |
Estimated Value by 2028 |
$29.0 billion |
Growth Rate |
Poised to grow at a CAGR of 5.7% |
Market Size Available for |
2019–2028 |
Forecast Period |
2023–2028 |
Forecast Units |
Value (USD Million/Billion) |
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered |
By Components, Software, Services, Communication Protocol, Vertical and Region |
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge |
Harsh field site conditions such as high-voltage transients, severe shocks and vibrations, and extremely high temperatures |
Key Market Opportunities |
Upsurge in demand for wireless networks |
Key Market Drivers |
Increasing use of machine-to-machine communication technology |
By Communication Protocol: Wireless communication protocol to grow at highest CAGR during forecast period.
The number of wireless connections in industrial applications has increased considerably over the past few years due to improved network coverage, quality of transmission, and bandwidth capacity. Advancements in wireless communication technologies, especially in wireless highway addressable remote transducer (WHART), cellular, and wireless local area networks (WLAN), are helping manufacturing companies to remotely monitor their assets from anywhere in the world. The popularity of wireless networks is increasing due to the speed and simplicity of installing them, as these features enable their deployment even in extreme environments. All these factors are expected to increase the adoption of wireless technology in the industrial communication industry during the forecast period.
By Vertical: In 2028, the Electrical & Electronics vertical to grow at the highest CAGR during the forecast period.
The electronics manufacturing industry has an exceptional opportunity with the exponential expansion of the Internet of Things (IoT). It necessitates a re-assessment of the production process and management practices that were previously challenging to attain using conventional methods. Moreover, the IoT empowers electronic manufacturing machines to autonomously process and store data while remaining digitally interconnected. Furthermore, ongoing advancements in sensor fabrication are crucial, as sensors serve as the pivotal components that enable various IoT applications.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=146536397
Asia Pacific is likely to grow at the highest CAGR during the forecast period.
Asia Pacific is one of the fastest-growing regions globally in terms of the adoption of industrial communication. Ongoing technological innovations and increasing adoption of automation technologies in various industries are leading to the growth of the industrial communication market in Asia Pacific. It is one of the world's fastest-growing consumer markets as well as a preferred destination for global manufacturing facilities. Automobile manufacturers use factory automation technologies and components to make their processes fully automatic and efficient. As labor costs are increasing in Asia Pacific and are likely to intensify in the near future, these trends are expected to fuel the global demand for industrial robotics and other automation technologies.
The major players in the industrial communication companies include Cisco Systems, Inc. (US), Siemens (Germany), Rockwell Automation (US), OMRON Corporation (Japan), Moxa Inc. (Taiwan), Huawei Technologies Co., Ltd. (China), SICK AG (Germany), Schneider Electric (France), ABB (Switzerland), Belden Inc. (US), GE (France), Advantech Co., Ltd (Taiwan), FANUC CORPORATION (Japan), Bosch Rexroth AG (Germany), AAEON Technology Inc. (Taiwan), HMS Networks (Sweden), Honeywell International Inc. (US), Mitsubishi Electric Corporation (Japan), Ericsson (Sweden), Hans Turck GmbH & Co. KG (Germany), ACS Motion Control (Israel), Eaton (Ireland), Beckhoff Automation (Germany), Hitachi, Ltd. (Japan). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the market.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=146536397
Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Related Reports:
Smart Manufacturing Market by Information Technology, Enabling Technology, Industry (Process and Discrete) and Geography (North America, Europe, Asia Pacific, Rest of World) (2021-2027)
Industrial Control & Factory Automation Market by Component, Solution (SCADA, PLC, DCS, MES, Industrial Safety, PAM), Industry (Process Industry and Discrete Industry) and Region (North America, Europe, APAC, RoW) – Global Forecast to 2027
Smart Factory Market by Component (Industrial Sensors, Industrial Robots, Industrial 3D Printers, Machine Vision Systems), Solution (SCADA, MES, Industrial Safety, PAM), Industry (Process Industry, Discrete Industry) and Region - Global Forecast to 2027
Cellular IoT Market Size, Share & Industry Growth Analysis Report by Component (Hardware, Software, and Services), Technology (2G, 3G, 4G, LTE-M, NB-LTE-M, NB-IoT, and 5G), Application, Vertical and Geography (North America, Europe, APAC, South America & MEA) - Global Growth Driver and Industry Forecast to 2027
System Integrator Market for Industrial Automation by Service Outlook, Technology (HMI, SCADA, MES, IIoT, PAM, DCS, PLC, Machine Vision, Industrial Robotics, Industrial PC), Industry and Region (North America, Europe, APAC, RoW) - Global forecast to 2027
About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/industrial-communication-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/industrial-communication.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
SOURCE MarketsandMarkets
![](https://rt.prnewswire.com/rt.gif?NewsItemId=IO35172&Transmission_Id=202306211115PR_NEWS_USPR_____IO35172&DateId=20230621)
Share this article