Global Ethernet Switch Market to Reach $26.1 Billion, Globally, by 2031 at 4.4%: Allied Market Research
Increase in the adoption of Ethernet switches due to their benefits and rise in need to ensure efficiency in communication infrastructure in the automotive & transport environment, emergence of industry 4.0, rise in popularity connected vehicles in the automotive & transportation industry, and rapid technological advancements are expected to drive the growth of the global ethernet switch market.
PORTLAND, Ore., Oct. 17, 2022 /PRNewswire/ -- Allied Market Research published a report titled, "Ethernet Switch Market by Type (Modular Ethernet Switches, Fixed Configuration Ethernet Switches), by Configuration (Unmanaged, Smart, Managed L2, Managed L3, Divided), by Speed (1G, 10 G, 25 G, 40 G, 100 G, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global ethernet switch market generated 17.2 billion in 2021, and is projected to reach $26.1 billion by 2031, growing at a CAGR of 4.4% from 2022 to 2031.
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Drivers, Restraints and Opportunities
Increase in the adoption of Ethernet switches due to their benefits and rise in need to ensure efficiency in communication infrastructure in the automotive & transport environment, emergence of industry 4.0, rise in popularity connected vehicles in the automotive & transportation industry, and rapid technological advancements are expected to drive the growth of the global ethernet switch market. On the other hand, technological complexity involved in Ethernet switches that make it vulnerable towards security attacks might hamper the ethernet switch market growth. However, extensive applications of Ethernet switch in industrial infrastructures, such as smart grid, intelligent rail & traffic, security & surveillance, and other utilities are expected to create ample opportunities for the industry.
The outbreak of COVID-19 has had a negative impact on the growth of the global ethernet switch market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in the closure of various manufacturing facilities, including those of ethernet switches and other electronic appliances, which adversely impacted the growth of the market. In addition, reduced demand from the industrial and automotive sector additionally impacted the growth of the market. Furthermore, reduction in workforce and shortage of raw materials during the pandemic further aggravated the impact on the market. These factors were imposed by the government so as to curb the spread of the virus during the pandemic.
The Fixed Configuration Ethernet Switches Segment to Lead the Trail
Based on type, the Fixed Configuration Ethernet Switches segment held the largest market share in 2021, holding nearly four-fifths of the global market, and is expected to maintain the dominating status during the forecast period. The reason for the growth is that Fixed configuration switches provide ethernet switching solutions for a variety of applications, including enterprise branch offices, campus, midsize companies, and small and medium-sized business (SMB), and provide access security, sustainability, operations excellence, and enhanced work experience. These factors play a vital role in fuelling the demand for fixed configuration Ethernet switches across the globe. The Modular Ethernet Switches segment, on the other hand, is expected to cite the fastest CAGR of 5.61% during theforecast period. Modular switches offer an option of adding a dedicated network security device on a module of the chassis. Instead of being limited to simply a stack of switches, a modular switch can have multiple roles.
The Managed L3 Segment to Dominate the Segment
Based on configuration, the managed L3 segment held the dominating market share in 2021, holding nearly three-fourths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same region is expected to cite the fastest CAGR of 4.72% during the forecast period. The growth of this segment is mainly because L3 switches are becoming more and more important to industrial network topologies, such as intelligent transportation management and applications related to urban infrastructure. Industrial applications normally work with a variety of industrial devices within an isolated network, with few monitoring interfaces at the field site. These factors are responsible for the growing demand for managed L3 switches in the market. The report also analyses other segments of the market such as Unmanaged, Smart, Managed L2, and Divided.
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North America To Dominate the Global Market Share By 2031
Based on region, the market across North America held the dominating market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The growth of this segment is mainly due to overall Ethernet switch expenditures are continuing to witness rapid growth across the U.S. and Canada. North America holds the largest market share in the Ethernet switch market, as this region is encouraging huge investments in automation in a number of industries, such as manufacturing, aerospace and defense, and oil and gas. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 5.86% during the forecast period. Developing countries, such as China and India are anticipated to be the largest Ethernet switch market. This is attributed to the fact that industries in the region are investing heavily in the automation process. Also, multinational companies, such as Mercedes and BMW, are opening their manufacturing units in China and India, further contributing toward the market growth.
Prominent Market Players:
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The report analyzes these key players in the global ethernet switch market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances, and joint ventures for enhancing market penetration and reinforcing their position in the industry. The report helps the target audience in determining the market performance, performance of each segment, product portfolio development in the market, and contributions made by each player to the market expansion.
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