DUBLIN–(BUSINESS WIRE)–The “Global Industrial Communication Market by Offering (Component, Software, Services), Communication Protocol (Fieldbus, Industrial Ethernet, Wireless), Vertical (Automotive, Engineering/Fabrication), and Region – Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The global industrial communication market is expected to grow from USD 18.8 billion in 2022 and is projected to reach USD 26.8 billion by 2027; it is expected to grow at a CAGR of 7.4% during the forecast period.
Market for services to have highest CAGR during the forecast period
Rapid changes in network infrastructure and the growing adoption of IIoT have led to the adoption of cloud and virtualization. This has significantly increased the pressure on network administrators to manage the network infrastructure. Hence, manufacturing industries are outsourcing network services to ensure better network management quality and reduced operating costs.
Also, post-COVID-19, most companies are adopting remote network monitoring services, which is expected to boost the services market during the forecast period.
Wireless connectivity segment to have highest growth throughout the forecast period
The number of wireless connections in industrial applications has increased considerably over the past few years due to improved network coverage, quality of transmission, and bandwidth capacity. Advancements in wireless communication technologies, especially in wireless highway addressable remote transducer (WHART), cellular, and wireless local area networks (WLAN), are helping manufacturing companies to remotely monitor their assets from anywhere in the world.
The popularity of wireless networks is increasing due to the speed and simplicity of installing them, as these features enable their deployment even in extreme environments. All these factors are expected to increase the adoption of wireless technology in the industrial communication market during the forecast period.
Market for water & wastewater management application to grow at highest CAGR during the forecast period
In water and wastewater treatment operations, reliable and timely data can improve efficiency and reduce 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 Outdated communication architectures are unable to keep up with existing SCADA applications in terms of the bandwidth, security features, scalability, and environmental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.
Water level monitoring sensors, AC drives, and controllers are the crucial components of water treatment systems, and an industrial communication network is used to facilitate communication among these devices. These factors are expected to fuel the growth of the industrial communication market for the water & wastewater vertical during the forecast period.
Market in APAC to grow at highest CAGR during the forecast period
Asia Pacific is one of the fastest-growing regions globally in terms of the adoption of industrial communication. Ongoing technological innovations and increasing adoption of automation technologies in various industries are leading to the growth of the industrial communication market in Asia Pacific.
Considering the large population of some of the emerging economies in Asia Pacific and the need for better infrastructure and healthcare facilities, the IIoT market is expected to have more opportunities for growth in this region. IIoT can potentially change the entire industrial landscape and contribute to the growth of the emerging countries in this region. Industrial automation mainly depends on network interfaces and communication devices as an efficient communication network helps monitor and optimize the automation process.
Market Dynamics
Drivers
- Growing Need for Scalable, Faster, Reliable, and Interoperable Communication Protocols
- Increasing Use of Digital Twin to Safely Monitor Smart Manufacturing Operations
- Increasing Use of Machine-To-Machine Communication Technology
- Initiatives Undertaken by Governments of Different Countries to Promote Adoption of Industrial Automation
Restraints
- Absence of Standardization in Industrial Communication Protocols and Interfaces
Opportunities
- 5G is Offering Lucrative Opportunities for Growth of Industrial IoT
- Recent Developments
- Upsurge in Demand for Wireless Networks
Challenges
- Threats Related to Cybersecurity
- Harsh Field Site Conditions such as High-Voltage Transients, Severe Shocks and Vibrations, and Extremely High Temperatures
Companies Mentioned
- AAEON
- ABB
- Advantech
- Belden
- Bosch Rexroth
- Cisco
- Ericsson
- FANUC
- GE Grid Solutions
- HMS Networks
- Honeywell
- Huawei Technologies
- IFM Electronic
- Mitsubishi Electric Group
- Moxa
- Omron
- Rockwell Automation
- Schneider Electric
- Sick
- Siemens
- Turck
For more information about this report visit https://www.researchandmarkets.com/r/u3von
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