Industrial Communication Market size is set to grow by USD 81.2 billion from 2024-2028, Rising adoption of IIoT technology boost the market, Technavio

NEW YORK, June 12, 2024 /PRNewswire/ -- The global industrial communication market size is estimated to grow by USD 81.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 11.01% during the forecast period. Rising adoption of iiot technology is driving market growth, with a trend towards integration of fieldbus with IIoT. However, lack of determinism in industrial communication networks poses a challenge. Key market players include ABB Ltd., Advantech Co. Ltd., ASUSTeK Computer Inc., Beckhoff Automation GmbH and Co. KG, Belden Inc., Cisco Systems Inc., Emerson Electric Co., FANUC Corp., General Electric Co., Huawei Technologies Co., Ltd., ifm electronic gmbh, Moxa Inc., OMRON Corp., Phoenix Contact GmbH and Co. KG, Physik Instrumente GmbH and Co. KG, Rockwell Automation Inc., Schneider Electric SE, SICK AG, Siemens AG, and Texas Instruments Inc..

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              Industrial Communication Market Scope



     Report Coverage                                  
     Details



     Base year                                                                                                                                                    2023



     Historic period                                  
     2018 - 2022



     Forecast period                                  
     2024-2028


      Growth momentum & CAGR                                                                                                             Accelerate at a CAGR of 11.01%


      Market growth 2024-2028                          
     USD 81.2 billion



     Market structure                                 
     Fragmented


      YoY growth 2022-2023 (%)                                                                                                                                    9.63


      Regional analysis                                
     APAC, North America, Europe, South America, and Middle East and Africa


      Performing market
       contribution                                                                                                                                         APAC at 49%



     Key countries                                    
     US, China, Germany, UK, and Japan


      Key companies profiled                             ABB Ltd., Advantech Co. Ltd., ASUSTeK Computer Inc., Beckhoff Automation GmbH and Co. KG, Belden Inc., Cisco
                                                          Systems Inc., Emerson Electric Co., FANUC Corp., General Electric Co., Huawei Technologies Co., Ltd., ifm
                                                          electronic gmbh, Moxa Inc., OMRON Corp., Phoenix Contact GmbH and Co. KG, Physik Instrumente GmbH and Co. KG,
                                                          Rockwell Automation Inc., Schneider Electric SE, SICK AG, Siemens AG, and Texas Instruments Inc.

Market Driver

The integration of Industrial Internet of Things (IIoT) with Fieldbus is revolutionizing industrial communications, particularly in industries adopting modern systems. This setup provides real-time data, enhances safety and security, and reduces CAPEX and OPEX through Internet-enabled services. Fieldbus integrated with IIoT offers benefits such as minimized downtime, lower total cost of ownership, and direct linking of process instruments. Siemens FOUNDATION Fieldbus H1 and SIMATIC PCS 7 integration provides real-time information and connectivity between production floors and offices.

The demand for advanced industrial communications systems like Fieldbus is expected to grow due to the emergence of IIoT and Industry 4.0 technologies.

The Industrial Communication Market is experiencing significant growth due to the increasing demand for automation and digitization in various industries. Protocols such as PROFINET, Modbus, and Ethernet are trending in this market. Hart and CANopen are also popular choices for real-time communication in industrial automation.

Devices and systems are becoming more connected, leading to the use of technologies like Wireshark for network analysis and troubleshooting. The use of encryption and security measures is also on the rise to protect industrial communication networks. Additionally, the integration of artificial intelligence and machine learning is expected to further drive market growth. Overall, the Industrial Communication Market is witnessing a surge in demand due to the digital transformation of industries.

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Market Challenges

    --  In the industrial communication market, determinism is a crucial factor
        for ensuring reliable and predictable data transfer in real-time
        applications. However, Ethernet networks, commonly used in industrial
        settings, lack determinism due to unpredictable packet travel times and
        variable paths. This can lead to bandwidth loss, data collisions, and
        network interruptions, which can negatively impact production processes
        and onsite safety. The unpredictability of Ethernet networks may hinder
        their adoption in critical control applications, potentially limiting
        the growth of the industrial communication market.
    --  The Industrial Communication Market faces several challenges in
        implementing advanced technologies. These include the need for
        compatibility across various communication protocols and systems, such
        as Ethernet, Cellular, and Wi-Fi. Additionally, ensuring security and
        data privacy in industrial communication networks is a significant
        concern.
    --  The use of outdated technology and lack of standardization also pose
        challenges. Furthermore, integrating artificial intelligence and machine
        learning into industrial communication systems requires careful planning
        and execution. Lastly, ensuring interoperability between different
        systems and ensuring reliability and uptime are essential for industrial
        communication success.

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Segment Overview

    1. Product
        --  1.1 Fieldbus
        --  1.2 Industrial Ethernet
        --  1.3 Wireless
    2. Type
        --  2.1 Component
        --  2.2 Software
        --  2.3 Services
    3. Geography
        --  3.1 APAC
        --  3.2 North America
        --  3.3 Europe
        --  3.4 South America
        --  3.5 Middle East and Africa

1.1 Fieldbus- The industrial communication market is thriving, driven by the increasing demand for automation and digitalization in industries. Companies are investing in advanced technologies like Wi-Fi, Bluetooth, and cellular connectivity to enhance their production processes and improve communication between machines and workers. This results in increased efficiency, productivity, and cost savings. Additionally, the growing trend of Industry 4.0 and the Internet of Things (IoT) is further fueling the market's growth.

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Research Analysis

In the process industries, efficiency and standardization are key priorities. Human intervention in industrial communication is being minimized through advanced technologies and interfaces. Industrial equipment manufacturers continue to innovate, integrating plug-and-play features and wireless networks for seamless communication. Bluetooth Smart, WirelessHART, WLAN, Zigbee, and other wireless technologies are revolutionizing industrial communication.

The oil & gas industry, in particular, benefits from these advancements, enabling real-time data transfer and reducing human error. IEEE 802 standards ensure compatibility and security in HART communication and cellular technologies. High voltage transients, electrostatic discharge (ESD), surge, burst, and lightning strikes necessitate robust electromagnetic protection for industrial switches. Shock and vibration resistance, as well as air conditioning for device housings, are essential considerations for industrial communication systems. Networking wires must be shielded and protected to maintain data integrity.

Market Research Overview

The Industrial Communication Market encompasses various technologies and solutions that facilitate the exchange of data between industrial equipment and systems. These communications enable efficient and effective manufacturing processes, optimizing production and reducing downtime. Technologies such as WirelessHART, Modbus, and PROFINET are commonly used in industrial communication systems. Additionally, Ethernet and cellular technologies are gaining popularity due to their flexibility and scalability.

The market is driven by the increasing demand for automation and digitization in industries, particularly in sectors like manufacturing, oil and gas, and power and energy. The implementation of Industry 4.0 and the Internet of Things (IoT) is further fueling the growth of the industrial communication market. The market is expected to continue expanding as industries continue to seek ways to improve operational efficiency and productivity.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

    --  Product
        --  Fieldbus
        --  Industrial Ethernet
        --  Wireless
    --  Type
        --  Component
        --  Software
        --  Services
    --  Geography
        --  APAC
        --  North America
        --  Europe
        --  South America
        --  Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio