CHICAGO, June 21, 2023 /PRNewswire/ -- The global industrial communication market was valued at USD 21.9 billion in 2023 and is projected to reach USD 29.0 billion by 2028; registering a CAGR of 5.7% during the forecast period according to a new report by MarketsandMarkets. The overall growth of the industrial communication market is being driven by the growing need for scalable, faster, reliable, and interoperable communication protocols, increasing use of digital twin to safely monitor smart manufacturing operations, initiatives undertaken by governments of different countries to promote adoption of industrial automation, and increasing use of machine-to-machine communication technology.
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Industrial Communication Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $21.9 billion |
Estimated Value by 2028 | $29.0 billion |
Growth Rate | Poised to grow at a CAGR of 5.7% |
Market Size Available for | 2019-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Components, Software, Services, Communication Protocol, Vertical and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Harsh field site conditions such as high-voltage transients, severe shocks and vibrations, and extremely high temperatures |
Key Market Opportunities | Upsurge in demand for wireless networks |
Key Market Drivers | Increasing use of machine-to-machine communication technology |
By Communication Protocol: Wireless communication protocol to grow at highest CAGR during 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 industry during the forecast period.
By Vertical: In 2028, the Electrical & Electronics vertical to grow at the highest CAGR during the forecast period.
The electronics manufacturing industry has an exceptional opportunity with the exponential expansion of the Internet of Things (IoT). It necessitates a re-assessment of the production process and management practices that were previously challenging to attain using conventional methods. Moreover, the IoT empowers electronic manufacturing machines to autonomously process and store data while remaining digitally interconnected. Furthermore, ongoing advancements in sensor fabrication are crucial, as sensors serve as the pivotal components that enable various IoT applications.
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Asia Pacific is likely to grow at the 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. It is one of the world's fastest-growing consumer markets as well as a preferred destination for global manufacturing facilities. Automobile manufacturers use factory automation technologies and components to make their processes fully automatic and efficient. As labor costs are increasing in Asia Pacific and are likely to intensify in the near future, these trends are expected to fuel the global demand for industrial robotics and other automation technologies.
The major players in the industrial communication companies include Cisco Systems, Inc. (US), Siemens (Germany), Rockwell Automation (US), OMRON Corporation (Japan), Moxa Inc. (Taiwan), Huawei Technologies Co., Ltd. (China), SICK AG (Germany), Schneider Electric (France), ABB (Switzerland), Belden Inc. (US), GE (France), Advantech Co., Ltd (Taiwan), FANUC CORPORATION (Japan), Bosch Rexroth AG (Germany), AAEON Technology Inc. (Taiwan), HMS Networks (Sweden), Honeywell International Inc. (US), Mitsubishi Electric Corporation (Japan), Ericsson (Sweden), Hans Turck GmbH & Co. KG (Germany), ACS Motion Control (Israel), Eaton (Ireland), Beckhoff Automation (Germany), Hitachi, Ltd. (Japan). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the market.
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