Industrial Ethernet Market worth $13.7 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 22, 2021 /PRNewswire/ -- According to the new market research report "Industrial Ethernet Market with COVID-19 Impact Analysis By Offering (Hardware, Software, Services), Protocol (PROFINET, EtherNet/IP), End-use Industry (Automotive & Transportation, Electrical & Electronics), and Region – Global Forecast to 2026", published by MarketsandMarkets™, the market was valued at USD 9.2 billion in 2020 and is projected to reach USD 13.7 billion by 2026. It is expected to grow at a CAGR of 7.3% during the forecast period. Growing need for scalable, fast, reliable, and interoperable communication protocols, increasing initiatives by governments of developing countries to promote adoption of industrial automation, and growing popularity of smart automobiles are contributing to the growth of the industrial ethernet market. Rising adoption of 5G to act as a growth opportunity for the market players.
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Hardware to account for the largest share of the industrial ethernet market
The hardware segment is expected to hold the largest share of the industrial ethernet market. Devices such as IP phones and PCs are connected to the internet to enable rapid communication in industries. Machine-to-machine (M2M) communication in the industrial environment helps facilitate efficient plant operations. It accelerates operations and ensures higher reliability and robustness across various industries, such as automotive, transportation, aerospace & defense, pharmaceutical, and food & beverage. However, a secure and robust network is required to protect internet-connected devices from data manipulation or theft. Such a robust application-specific network can be built using networking components. The hardware segment covers the components that are used to build specific communication networks. The components include switches, routers, gateways, power supply devices, controllers, and others.
Automotive & Transportation end-user industry accounted for the largest share of the industrial ethernet market in 2020
Automotive is one of the largest end-use industries of the industrial ethernet market and is expected to continue to dominate the market due to the growing need for advanced automation in automobile manufacturing hubs worldwide. Likewise, water level monitoring sensors, AC drives, and controllers are the crucial components of water treatment systems, and an industrial ethernet network is used to facilitate communication among these systems. The automotive industry continues to evolve at an impressive pace with the adoption of automation and connectivity. However, componnt manufacturers strive to address the growing need for bandwidth and cost-effectiveness. An automobile is a complex and technologically sophisticated machine. The manufacturing of cars requires advanced technological methods and processes. To improve the quality of vehicles and overall production efficiency, manufacturers invest substantial time and money in developing and improving the manufacturing process and rely heavily on technological innovations. Industrial ethernet solutions leverage the benefits of the industrial internet to connect machines, data, and people for attaining an unmatched level of information visibility and manufacturing insight. This helps accelerate production, improve quality, and lower costs.
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Asia Pacific to account for the largest share of the industrial ethernet market by 2026
APAC is currently the largest manufacturing hub for the automobile and electronic companies. To compete with other global players, the companies in APAC use advanced automation systems, which require highly reliable communication networks for machine-to-machine (M2M) communication in their plants. The manufacturing companies in APAC extensively adopt the smart factory concept for implementing advanced manufacturing technologies on the factory floor. This innovative concept has transformed the manufacturing sector in APAC and has increased the implementation of smart automation in factories. The growing acceptance of Industrial Revolution 4.0 in APAC is also a factor driving the growth of the regional market. The decrease in the number of COVID-19 patients in China is slowly normalizing the manufacturing activities in the country. This, in turn, is expected to drive the growth of the industrial ethernet market in APAC. However, it is likely that this growth will not be as significant as it was estimated in the pre-COVID-19 era.
A few of the key players in the industrial ethernet market are Seimens (Germany), Rockwell Automation (US), Cisco (US), Belden (US), Omron (Japan), Moxa (Taiwan), Huawei Technologies (Sweden), SICK (Germany), Schneider Electric (France), and ABB (Switzerland).
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