The industrial communication market is estimated to grow by USD 73.71 billion from 2022 to 2027. However, the growth momentum will progress at a CAGR of 10.92% during the forecast period. The market is segmented by product (Fieldbus, industrial ethernet, and wireless), type (component, software, and services), and geography (APAC, North America, Europe, South America, and Middle East and Africa). The market share growth by the fieldbus segment will be significant for the market growth during the forecast period. Fieldbus is an industrial network system used for real-time distributed control. Various types of fieldbuses used in the communication industry include Profibus, Modbus, and others. Profibus connects automation modules and process control. The process controller uses a single multidrop cable to connect devices. The equipment is economical for use on large construction sites. This is due to the low installation cost and easy fault isolation with a single cable connection. The growing adoption of IIoT technology predominantly drives the market growth during the forecast period. The IoT is a network of physical devices embedded with sensors, software, and hardware that collect and exchange data without human intervention. About 40% of these devices will be smart devices such as TVs, tablets, and smartphones. The rest consist of traditionally non-internet-enabled devices. The IIoT is a network of devices with sensors, industrial equipment, big data analytics, and cloud infrastructure. The IIoT value proposition is to connect disparate infrastructures and reduce operating costs. Manufacturers recognize the benefits of open networks such as Ethernet over dedicated automation networks. Request a Sample Report in minutes now!
Information Services Market Insights –
- Vendors: 15+, Including ABB Ltd., Advantech Co. Ltd., ASUSTeK Computer Inc., Beckhoff Automation GmbH and Co. KG, Belden Inc., Cisco Systems Inc., Emerson Electric Co., FANUC Corp., General Electric Co., Huawei Technologies Co. Ltd., ifm electronic GmbH, Moxa Inc., National Instruments Corp., OMRON Corp., Physik Instrumente GmbH and Co. KG, Rockwell Automation Inc., Schneider Electric SE, SICK AG, Siemens AG, and Texas Instruments Inc. among others
- Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
- Segments: Product (Fieldbus, Industrial Ethernet, and Wireless), Type (Component, Software, and Services), and Geography (APAC, North America, Europe, South America, and Middle East and Africa)
The report comprises of various segments as well as analysis of the trends and factors that are playing a substantial role in the market, request a sample report
Industrial communication market – Vendor Insights
The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio’s report analyzes the market’s competitive landscape and offers information on several market vendors.
Industrial Communication Market – Market Dynamics
Major Trends – The adoption of fieldbus and IIoT integration is a major trend impacting the growth of the industrial communications market. The Fourth Industrial Revolution brought about the convergence of IIoT and fieldbuses. Consolidation is primarily seen in industries using modern industrial communication systems due to the need for better connectivity, security, and high performance. Fieldbus provides real-time data on device status, diagnostic alerts, process variables, and configuration parameters via IIoT. This setup constantly monitors plant operations to determine if devices are properly configured and operating optimally. CAPEX and OPEX are reduced when fieldbuses are integrated into the IIoT. This is because end users can enjoy various services through the Internet. This reduces the integration of other additional devices. Benefits of such Internet-enabled industrial automation systems include minimizing downtime for application delivery. IIoT integrated fieldbuses help minimize the total cost of ownership by providing communication capabilities in all areas of production. It also provides a direct connection to process equipment, especially in hazardous areas.
Key challenges – Lack of determinism in industrial communication networks hinders the growth of the industrial communication market. Determinism describes the ability of a communication protocol to guarantee that messages or packets are sent and received within a fixed or predictable amount of time. This is essential for critical control applications in industrial automation. ICS requires real-time information transfer. Network delays of a few seconds are acceptable on corporate networks. However, in an industrial control environment, even one second of network disruption can have a severe impact on the manufacturing process. When packets of data sent over Ethernet are variables controlled by high-speed computer numerical control (CNC) machines, the loss of speed and bandwidth can be catastrophic. This can affect the safety of on-site personnel. The time it takes for a particular data packet to reach its destination on an Ethernet local area network (LAN) cannot be predicted or determined. This complicates real-time control of machines over Ethernet.
Drivers, & Challenges have an impact on market dynamics and can impact businesses. Find some insights from a sample report!
The industrial communication market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.
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What are the key data covered in this industrial communication market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the industrial communication market between 2023 and 2027
- Precise estimation of the size of the industrial communication market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Industrial Communication Market industry across APAC, North America, Europe, South America, and Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Industrial Communication Market vendors
