According
to the new market research report "Industrial Communication Market by Offering
(Components, Software, and Services), Communication Protocol (Fieldbus,
Industrial Ethernet, and Wireless), End-Use Application (Automotive, Oil &
Gas, Food & Beverages) and Geography - Global Forecast to 2023", the market is expected to reach USD
141.0 billion by 2023 from USD 83.2 billion by 2018, at a CAGR of 11.14%. The
growth of the industrial communication market can be attributed to the
initiatives of governments all over the world toward the adoption of industrial
automation; high focus on increasing energy-efficiency, optimizing resources,
and reducing production costs; and rise of digital industrial technology
Industry 4.0. Moreover, industrial communications across multiple industries
are necessary for various complex tasks, such as controlling machines and
production lines, monitoring modern traffic systems, and controlling power
distribution.
Industrial communication market for
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 as a result of improved network coverage,
quality of transmission, and bandwidth capacity. Advancements in wireless
communication technologies, especially in the wireless highway addressable
remote transducer (WHART), cellular, and wireless local area network (WLAN),
are helping manufacturing companies to remotely monitor their assets from
anywhere in the world.
Industrial communication market for
water and wastewater to grow at highest CAGR from 2018 to 2023
There
is a growing demand for effective industrial communication in the water and
wastewater industry with the rising need to manage and increase the efficiency
of the plants in response to the increasing water scarcity and growing
complexity of water management in water utilities and plants. Rain gauges and
smart flowmeters are the most commonly used instruments in the water
facilities. Water level monitoring sensors, AC drives, and controllers are
crucial components of the water treatment systems, and the industrial
communication network is used to facilitate communication among these devices.
APAC continues to hold largest size of
industrial communication market by 2023
Growing
manufacturing sector in APAC countries such as China, Japan, and South Korea is
expected to contribute to the growth of the industrial communication market in
this region during the forecast period. China is a global manufacturing hub for
semiconductor and automotive manufacturers. Rapidly growing automotive industry
in China is likely to create growth opportunities for the industrial
communication market players in this country. The manufacturing companies in
APAC extensively adopt smart factory concept for implementing advanced
manufacturing technologies on the factory floor. This innovative concept has
transformed the manufacturing sector in APAC and has increased the
implementation of smart automation in factories. The growing acceptance of
Industrial Revolution 4.0 in APAC is also one of the factors driving the growth
of the industrial communication market in this region.
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Major
vendors in the industrial communication market include OMRON Corporation
(Japan), Schneider Electric SE (France), Siemens AG (Germany), ABB LTD.
(Switzerland), Rockwell Automation, Inc. (US), Advantech Co., Ltd. (Taiwan),
ifm electronic gmbh (Germany), HMS Industrial Networks (Sweden), Cisco Systems,
Inc. (US), Moxa Inc. (US), and Belden Inc. (US).
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