Asia Pacific to Grow at the Highest CAGR in the Industrial Ethernet Market
The global industrial ethernet market size is projected to grow from USD 11.0 billion in 2023 to USD 15.8 billion by 2028; it is expected to record atCAGR of 7.5% during the forecast period.
Growing popularity of smart automobiles and rising adoption of 5G are expected to fuel the growth of the industrial ethernet market.
Asia Pacific is currently the largest manufacturing hub for automobile and electronic companies. To compete with other global players, the industrial ethernet companies in Asia Pacific use advanced automation systems, which require highly reliable communication networks that can help in machine-to-machine (M2M) communication in the plants. The manufacturing companies in Asia Pacific extensively adopt the smart factory concept for implementing advanced manufacturing technologies on the factory floor. This innovative concept has transformed the manufacturing sector in Asia Pacific and has increased the implementation of smart automation in factories. The growing acceptance of Industrial Revolution 4.0 in Asia Pacific is also a factor driving the growth of the regional market.
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Service segment to account for the largest share of the industrial ethernet market by 2028
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. Companies are adopting remote network monitoring services, which are expected to boost the services market during the forecast period.
Industrial Ethernet Market for MODBUS–TCP protocol to grow with significant CAGR during the forecast period
MODBUS–TCP can interact with EtherNet/IP and other industrial Ethernet protocols (i.e., HTTP, FTP, and Telnet) without any non-standard network interface cards and/or switching infrastructure, and thus, offering a high level of interoperability for industrial communication network devices.
Industrial Ethernet Market for Engineering/Fabrication to have significant CAGR during the forecast period
The industrial ethernet is mainly used in engineering design and fabrication of metal, steel, and other structural parts manufacturing. In the fabrication industry, different networking technologies can be implemented. For instance, the Industrial ethernet ensures consistent, uninterrupted mobile connectivity for workers, vehicles, and equipment while extending connectivity outside the plant (transportation yard and interconnected buildings). It also supports features such as data security and allows workers to coordinate workforce activities and communicate in real-time for better safety management and increasing productivity.
Cisco (US), Siemens (Germany), Rockwell Automation (US), OMRON (Japan), Moxa (Taiwan), Belden( US), Huawei Technologies (China), SICK (Germany), Schneider Electric (France), and ABB (Switzerland) are few major industrial ethernet companies.
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