Industrial Communication Market Size to Reach USD 141120 Million by 2027 at CAGR 8.4% - Valuates Reports
BANGALORE, India, Nov. 24, 2021 /PRNewswire/ -- The Industrial Communication Market is Segmented by Type (Fieldbus, Industrial Ethernet, Wireless), End User (Automotive & Transportation, Electrical and Electronics, Aerospace & Defense, Oil & Gas, Food & Beverages, Pharmaceutical, Energy and Power Generation, Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Internet & Telecom Category.
The global Industrial Communication market size is projected to reach USD 141120 Million by 2027, from USD 77730 Million in 2020, at a CAGR of 8.4% during the forecast period 2021-2027
Major Factors Driving The Growth Of The Industrial Communication Market Are:
The growing demand for scalable, quicker, more reliable, and interoperable communication protocols is one of the key driving factors for the Industrial Communication Market.
During the forecast period, the usage of digital twins to safely monitor smart manufacturing operations is likely to fuel the industrial communication market growth. Another important aspect projected to drive market expansion is the continued rise in machine-to-machine connectivity.
The increased adoption of Industry 4.0 is driving the industrial communication market. Digital disruption is wreaking havoc on various industry sectors.
Trends Influencing The Growth Of Industrial Communication Market
The industrial communication market is being driven by the increased usage of advanced communication protocols among companies. As industries become more digitally connected, the necessity for effective communication technologies grows. Previous communication protocols were serial-based and therefore couldn't handle the growth of digital data and latency-sensitive applications. Organizations are moving toward more complex and flexible industrial ethernet protocols to overcome these issues.
Growing industrial 4.0 adoption is expected to drive the growth of the communication market. There is a growing demand for communication protocols that are scalable, quicker, more reliable, and interoperable. Industrial Ethernet is critical for complete transparency within an industrial plant and between the plant and business networks. The core of the Industry 4.0 idea is a reliable communication network. Real-time operating requirements are critical to both industrial automation and industrial communication networks. As a result, they must be able to deal with data in a deterministic and redundant manner. The networks must be scalable over a large range of equipment that operates on a number of standards and interfaces.
Increasing machine-to-machine communication is expected to further fuel the industrial communication market growth. The rising popularity of new machine-to-machine (M2M) technologies is due to improved connection for smooth communication and low power needs. To ensure effective M2M communication, mobile networks' current capacity must be able to handle the billions of nodes predicted to be deployed in the next few years.
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Industrial Communication Market Share Analysis
Based on type, Industrial Ethernet is expected to be the most lucrative. Indusrial Ethernet's popularity and reach are growing because of advantages including better speed, longer connection distances, and the capacity to connect more nodes, which make it ideal for use in process industries.
North America is one of the most lucrative markets for the industrial communication market. The market is being driven by supporting government initiatives and regulations in the region to promote automation and digitalization among sectors. By investing in cutting-edge manufacturing technologies and building a full-fledged network dedicated to scaling up advanced manufacturing technologies and processes, the government is focusing on promoting the adoption of Industry 4.0 manufacturing technologies in the region.
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Leading Players in the Industrial Communication Market
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