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Industrial Networking Solutions Market Analysis

  • Report ID: GMI8152
  • Published Date: Feb 2024
  • Report Format: PDF

Industrial Networking Solutions Market Analysis

Based on the component, the hardware segment held over 40% of the market share in 2023. The increasing need for industrial ethernet switches to bolster operational resilience is contributing to growth in the hardware segment of the market. These switches enable robust communication and data exchange in industrial environments, enhancing system reliability and uptime.

For instance, in April 2022, Moxa Inc., an expert in industrial communications and networking, unveiled its latest innovation: the EDS-4000/G4000 Series of industrial Ethernet switches. With a total of 68 models, this series is designed to empower Moxa's clients in constructing resilient industrial networks, ensuring readiness for future challenges in industrial environments. As businesses prioritize resilience to disruptions, the demand for reliable networking hardware, such as industrial Ethernet switches rises, propelling the hardware segment's expansion within the market.

Industrial Networking Solutions Market Share, By Industry, 2023

Based on the industry, the manufacturing segment accounted for 34% of the industrial networking solutions market share in 2023. As manufacturing processes become increasingly automated and interconnected, there is a growing need for robust networking infrastructure to support data exchange, real-time monitoring, and control of industrial equipment and systems. The adoption of digital twin technology by an automotive manufacturer, which necessitated an overhaul of their existing network to handle the surge in data volume and ensure real-time analytics.

The manufacturer's upgrade to a more advanced industrial networking setup, equipped with high-performance Ethernet, edge computing, and secure connectivity, enabled the seamless integration of real-time data with virtual models. This integration allowed for immediate insights into production processes, predictive maintenance, and optimization strategies, showcasing the indispensable nature of sophisticated networking solutions in realizing the full potential of automation and digital transformation in manufacturing.

Asia Pacific Industrial Networking Solutions Market, 2022 – 2032, (USD Billion)

Asia Pacific industrial networking solutions market recorded around 35% of the revenue share in 2023, due to technological advancements and a robust industrial base. Continuous innovations in industrial automation, IoT, and wireless communication technologies will foster the demand for networking solutions. The region's diverse industrial sectors including manufacturing, oil & gas, automotive, and aerospace rely on these solutions to enhance operational efficiency and safety. Additionally, the adoption of Industry 4.0 principles amplifies the need for interconnected systems, further fueling market growth as industries embrace digital transformation initiatives to stay competitive and meet the evolving demands.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of industrial networking solutions reached USD 26.5 billion in 2023 and is set to witness 14% CAGR from 2024 to 2032, owing to increasing demand for security testing suites in industrial networks worldwide.

The hardware segment held over 40% share in 2023 due to increasing need for industrial ethernet switches to bolster operational resilience.

Asia Pacific market recorded over 35% revenue share in 2023, attributed to the continuous innovations in industrial automation, IoT, and wireless communication technologies in the region.

Belden Inc., Cisco Systems, Inc., Eaton Corporation, Emerson Electric Co., Honeywell International Inc., Huawei Technologies Co., Ltd., Mitsubishi Electric Corporation, Schneider Electric, and Siemens AG are some of the major industrial networking solutions companies worldwide.

Industrial Networking Solutions Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 20
  • Tables & Figures: 240
  • Countries covered: 25
  • Pages: 280
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