Industrial Ethernet Market size worth over $100bn by 2026
Published Date: December 14, 2020 Authors: Ankita Bhutani, Preeti Wadhwani
Industrial Ethernet Market size is set to surpass USD 100 billion by 2026, according to a new research report by Global Market Insights, Inc.
The market demand is due to the surging adoption of industrial ethernet infrastructure over conventional Fieldbus architectures. Industrial ethernet solutions provide extended transparency and connectivity across the industrial environment. It enables communication throughout the enterprise by linking over WAN, for instance, mobile wireless or DSL. It also facilitates efficient networking of different application areas such as production and office. These extensive functional capabilities are contributing to the growing market demand.
Growing demand across organizations to improve network infrastructure flexibility will propel the uptake of industrial ethernet components
The industrial ethernet market growth is attributed to the enterprise-wide need to enhance network flexibility. Industrial ethernet solutions facilitate the availability of scalable communication performance when necessary with switching technology. With growing technology evolution, the adoption of sensor-based industrial devices including IIoT across industries has increased drastically. These components offer higher speed and increased connection distance along with the ability of connecting more nodes across the network.
Phasing out of legacy systems and transitioning to advanced industrial infrastructure will augment industrial ethernet service segment
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The installation and testing service segment is expected to expand at a CAGR of over 20% from 2020 to 2026 impelled by the rising trend of digitalization and automation followed by advent of wireless communication devices. Increasing complexities of regulations & standards associated with infrastructure devices are contributing to the adoption of installation and testing services in the industry. Service providers in the market meet the rising network demand from companies by delivering scalable, secured, and error-free ethernet installation & testing services.
Browse key industry insights spread across 300 pages with 346 market data tables and 28 figures & charts from the report, “Industrial Ethernet Market Size, By Component (Hardware [Switches, Hubs, Routers & Gateways, Connectors, Communication Interfaces, Controllers & Processors], Software, Service [Integration & Testing Service, Maintenance Service]) By Protocol (Ethernet TCP/IP, Gigabit, PROFINET, Ethernet/IP, Modbus TCP/IP, Powerlink, EtherCAT, Sercos III, HSE), By Application (Automotive & Transport, Aerospace & Defense, Electrical & Electronics, Oil & Gas, Energy & Power, Chemical)” in detail along with the table of contents:
Growing emphasis on industrial automation is poised to drive the uptake of PROFINET protocols in the market
The PROFINET protocol segment is expected to grow exponentially during the forecast timeline. The PROFINET protocol is widely deployed across diverse applications including process automation, factory automation, automobile manufacturing lines, building automation, robotics, and power plants. The development of smart factories and deployment of robotic devices with automation capabilities are anticipated to contribute to the segment growth.
Need to ensure optimum efficiency in communication infrastructure across the automotive & transport environment
The demand for ethernet solutions & services from enterprises operating in the automotive and transport industries has increased considerably in the past couple of years. To address high bandwidth applications emerging in automotive manufacturing processes, enterprises in the market are adopting industrial ethernet components, to enable high-speed and unified communication processes across different production environments. Advanced benefits including time, cost, and efficiency savings further enable the market expansion.
Asia Pacific industrial ethernet market is predicted to grow significantly through 2026
Asia Pacific market is projected to hold a market share of over 15% by 2026 due to growing digitization and industrial modernization across the region. Regional enterprises are widely adopting industrial IoT and other mobile devices. In addition, companies operating across countries are collaboratively developing smart factories. For instance, in October 2019, Tech Mahindra collaborated with Cisco Systems for the development of smart factories. The companies launched a 5G-enabled end-to-end technology solution for digitizing business processes. These innovative launches and developments are contributing to the demand for industrial ethernet solutions in the market.
Focus on inorganic growth strategies by key players to augment market share
Companies operating in the industry are emphasizing on the development and unveiling of advanced industrial hardware components. For instance, in March 2019, ORing Industrial Networking Corporation launched IGS-RX164GP+, an industrial ethernet switch enabled with time sensitive networking technology and ideal for ultra-low latency requirements. Through this launch, the company can serve industrial enterprises across the market with advanced industrial switches, thus catering to networking requirements.
Some of the key players in the market include ABB Ltd., Physik Instrumente (PI) GmbH & Co. KG (ACS Motion Control, Ltd.), Barta-Schoenewald, Inc. (Advanced Motion Control), BECKHOFF Automation, Belden, Inc., Robert Bosch GmbH (Bosch Rexroth AG), Cisco Systems, Inc., Eaton Corporation Public Limited Company (Eaton Corporation), Honeywell International, Inc., Innovasic, Inc. (ANALOG DEVICES), Monnit Corporation (Alta Ethernet Gateway), Moxa, Inc., Omron Corporation, Parker Hannifin Corporation, Rockwell Automation, Schneider Electric SE, Siemens AG, Yaskawa Electric Corporation, and Yokogawa Electric Corporation.