DUBLIN–(BUSINESS WIRE)–The “Global Industrial Communication Market by Offer (Component, Software, Services), Communication Protocol (Fieldbus, Industrial Ethernet, Wireless), Vertical (Automotive, Engineering/Manufacturing) and Region – Forecast to 2027” report has been added to from ResearchAndMarkets.com offer.
The global industrial communications market is expected to grow from USD 18.8 billion in 2022 and is expected to reach USD 26.8 billion by 2027; it is expected to grow at a CAGR of 7.4% during the forecast period.
The Services Market will have the highest CAGR during the forecast period
Rapid changes in network infrastructure and growing adoption of IIoT have driven the adoption of cloud and virtualization. This has greatly increased the pressure on network administrators to manage network infrastructure. Therefore, manufacturing industries are outsourcing network services to ensure higher quality network management and lower operating costs.
Additionally, post COVID-19, most enterprises are adopting remote network monitoring services, which is expected to drive the service market over the forecast period.
Wireless Connectivity Segment to Witness the Highest Growth Throughout the Forecast Period
The number of wireless connections in industrial applications has increased dramatically in recent years due to improved network coverage, transmission quality, and bandwidth capacity. Advances in wireless communication technologies, particularly in Wireless Highway Addressable Remote Transducers (WHART), Cellular and Wireless Local Area Networks (WLANs), 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 their installation, as these features allow their deployment even in extreme environments. All these factors are expected to increase the adoption of wireless technology in the industrial communications market during the forecast period.
Water and Wastewater Management Application Market is Expected to Grow at the Highest CAGR Over the Forecast Period
In water and wastewater treatment operations, reliable and up-to-date data can improve efficiency and reduce costs. Outdated communication architectures cannot keep up with existing SCADA applications in terms of bandwidth, security features, scalability and environmental robustness required to connect to remote areas.
Water level monitoring sensors, frequency converters and controllers are the essential components of water treatment systems, and an industrial communication network is used to facilitate communication between these devices. These factors are expected to fuel the growth of the industrial communications market for the water and wastewater vertical over the forecast period.
APAC Market Expected to Grow at Highest CAGR Over Forecast Period
Asia-Pacific is one of the fastest growing regions in the world in terms of industrial communication adoption. Ongoing technological innovations and increasing adoption of automation technologies in various industries are driving the growth of the Asia-Pacific industrial communications market.
Considering the large population of some of the emerging economies in Asia-Pacific and the need for improved infrastructure and healthcare facilities, the IIoT market is expected to have more growth opportunities in this region. The IIoT has the potential to change the entire industrial landscape and contribute to the growth of emerging countries in this region. Industrial automation mainly depends on network interfaces and communication devices because an efficient communication network helps to monitor and optimize the automation process.
Market dynamics
Drivers
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Growing need for scalable, faster, reliable and interoperable communication protocols
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Growing use of the digital twin to safely monitor smart manufacturing operations
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Increasing use of machine-to-machine communication technology
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Initiatives Taken by Governments of Different Countries to Promote the Adoption of Industrial Automation
Constraints
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Lack of standardization in industrial communication protocols and interfaces
Opportunities
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5G offers lucrative opportunities for industrial IoT growth
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RECENT DEVELOPMENTS
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Rise in demand for wireless networks
Challenges
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Cybersecurity Threats
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Harsh field conditions such as high voltage transients, severe shock and vibration, and extremely high temperatures
Companies cited
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AAEON
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ABB
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Advantech
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Belden
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Bosch Rexroth
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Cisco
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Ericsson
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FANUC
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GE Network Solutions
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HMS networks
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Honeywell
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Huawei technology
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IFM Electronics
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Mitsubishi Electric Group
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Moxa
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Omron
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Rockwell Automation
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Schneider-Electric
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Sick
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Siemens
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Turkish
For more information on this report, visit https://www.researchandmarkets.com/r/u3von