The Global Industrial Communication Market size was valued at USD 20.19 Billion in 2022 and is expected to surpass USD 38.39 Billion by 2031, expanding at a CAGR of 7.4% during the forecast period, 2023 – 2031. The growth of the market is attributed to the implementation of advance communication protocol.
Industrial communication serves as a backbone for automation system architecture because it provides powerful methods of data controllability, data sharing, and flexibility to link diverse devices. It helps businesses to increase productivity and workplace safety, allowing them to achieve greater efficiency.
Industrial communication is essential for a company's efficiency since it allows to operate machinery and the complete manufacturing line, monitor current traffic systems, and manage electricity distribution. High-performance industrial communication technology can transport enormous volumes of data in real time with minimal delay, is energy-efficient, makes use of wireless technology, both within the plant and remotely, and links a large number of individual devices in a secure and trustworthy manner.
The COVID-19 pandemic has a detrimental influence on the industrial communication sector, as supply chains have been disrupted globally, and a large portion of the global workforce is working from home. With the integration of cloud in industrial communication solutions, manufacturers of industrial communication products and solutions are working hard to help employees, customers, and channel partners in stabilizing their company operations. The COVID-19 pandemic has opened up new growth opportunities for the market.
Market Trends, Drivers, Restraints, and Opportunities
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Rising demand for scalable, reliable, faster, and interoperable communication protocols is expected to drive the market.
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Growing degree of automation and robotization among industries is projected to propel the market during the forecast period.
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Data safety and security issues are anticipated to hinder the market.
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Presence of legacy systems along with harsh industry environment Is expected to hamper the market in the coming years.
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Rising of industrial IoT is projected to create lucrative opportunities for market players.
Scope of Industrial Communication Market Report
The report on the global industrial communication market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Industrial Communication Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Offerings (Software, Component, and Services), Verticals (Engineering/Fabrication and Automotive), and Communication Protocols (Wireless, Industrial Ethernet, and Fieldbus)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Schneider Electric; ABB; Belden; GE Grid Solutions; Advantech; HMS Networks; IFM Electronic; Mitsubishi Electric; Ericsson; Honeywell; FANUC; AAEON; Turck; Bosch Rexoth; Cisco; Siemens; and Rockwell Automation
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Industrial Communication Market Segment Insights
Software segment to expand at a considerable CAGR
On the basis of offerings, the industrial communication market is segmented into software, component, and services. The software segment is projected to expand at a considerable CAGR during the forecast period, to connect different infrastructure and to reduce operating expenses. The services segment is anticipated to account for a major market share during the forecast period, owing to growing degree of automation and robotization among industries.
Automotive segment to hold a significant share of the market
Based on verticals, the market is divided into engineering/fabrication and automotive. The automotive segment is expected to hold a significant share of the market in the coming years, due to increasing adoption of the industry 4.0 revolution. The engineering/fabrication segment accounts for a significant market share, to reduce the cost of operation and enhance performance.
Fieldbus segment to expand at a substantial CAGR
On the basis of communication protocols, the market is segregated into wireless, industrial ethernet, and fieldbus. The fieldbus segment is anticipated to expand at a substantial CAGR during the forecast period, owing to increasing degree of robotization & automation among industrial projects. The wireless segment is expected to hold a significant share of the market, due to growing demand for low-cost and flexible communication technology.
Asia Pacific is anticipated to constitute a key market share
In terms of regions, the industrial communication market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the forecast period, owing to growing industrialization in the region. The market in North America is anticipated to expand at a rapid pace during the forecast period, due to advancements in technology and prevalence of Internet of things in the region.
Segments
The global industrial communication market has been segmented on the basis of
Offerings
- Software
- Component
- Services
Verticals
- Engineering/Fabrication
- Automotive
Communication Protocols
- Wireless
- Industrial Ethernet
- Fieldbus
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Schneider Electric
- ABB
- Belden
- GE Grid Solutions
- Advantech
- HMS Networks
- IFM Electronic
- Mitsubishi Electric
- Ericsson
- Honeywell
- FANUC
- AAEON
- Turck
- Bosch Rexoth
- Cisco
- Siemens
- Rockwell Automation
Competitive Landscape
Key players competing in the global industrial communication market are Schneider Electric; ABB; Belden; GE Grid Solutions; Advantech; HMS Networks; IFM Electronic; Mitsubishi Electric; Ericsson; Honeywell; FANUC; AAEON; Turck; Bosch Rexoth; Cisco; Siemens; and Rockwell Automation.
Prominent market players are pursuing mergers and acquisitions in order to expand their consumer base and enter new markets. Existing key player partnerships and cooperation are projected to have a substantial influence on the future competitive environment.
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