Industrial Ethernet Market worth $15.8 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, Jan. 17, 2023 /PRNewswire/ -- The industrial ethernet market is projected to grow from USD 11.0 billion in 2023 to USD 15.8 billion by 2028, registering a CAGR of 7.5% during the forecast period according to a new report by MarketsandMarkets™. Growing popularity of smart automobiles and rising adoption of 5G are expected to fuel the growth of the industrial ethernet market.
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Browse in-depth TOC on "Industrial Ethernet Market" 149 – Tables
Hardware switches is expected to hold the largest market share during the forecast period
Switches are used to establish an industrial network by interconnecting computers. Switches provide high security and durability and are suitable for use in mission-critical environments. They provide a reliable communication network for machine tools and motion control applications in process and discrete industries. Switches are energy-efficient, durable, and robust. The rising demand for networking in various automation applications has created a need for additional features, such as industrial-grade reliability, network redundancy, seamlessly integrated security, and the best price-to-performance ratio. To fulfill these requirements, companies such as Moxa (Taiwan), Siemens (Germany), and Cisco Systems (US) provide different switches with various data transfer speeds.
Water & Wastewater is expected to register a higher CAGR during the forecast period
In water & Wastewater treatment operations, reliable and timely data can make a difference in improving efficiency and reducing costs. Outdated communication architectures are unable to keep up with existing SCADA applications in terms of the bandwidth, security features, scalability, and environmental ruggedness required to connect to remote areas. The increasing efficiency of Water & Wastewater operations is attributed to the deployment of low-cost, low-power sensors, as well as edge computing devices in the operations. These devices help in the timely delivery and management of services.
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China is expected to register the highest CAGR in the Asia Pacific industrial ethernet market during the forecast period
China is one of the largest manufacturing hubs for automobile and electronics devices in the world. In response to the labor cost increasing year-on-year in China, companies are increasingly adopting advanced automation systems to reduce production costs. The high-quality standards have led companies to introduce factory automation, which requires a robust industrial communication network. Thse factors are collectively expected to boost the growth of the industrial ethernet market in China during the forecast period.
The report profiles key players in the industrial ethernet market and analyzes their market shares. Players profiled in this report are Cisco (US), Siemens (Germany), Rockwell Automation (US), OMRON (Japan), Moxa (Taiwan), Belden( US), Huawei Technologies (China), SICK (Germany), Schneider Electric (France), and ABB (Switzerland), GE Grid Solutions (France), Advantech (Taiwan), HMS Networks (Sweden), IFM Electronics (Germany), Weidmuller (Germany), Patton (US), Beckhoff Automation (Germany), Honeywell (US), AAEON (Taiwan), Turck (Germany), Bosch Rexroth (Germany), Hitachi (Japan), Ericsson (Sweden), Mitsubishi Electric (Japan) and Chaos Prime (US).
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