Press release
Industrial Ethernet Market to expand US$72bn by 2024, Companies Profiled, Omron Corporation, Rockwell Automation, Schneider Electric Se, Siemens, ABB, B&R Automation, Bosch Rexroth AG, Cisco, Eaton, Honeywell, Innovasic, Moxa
Industrial Ethernet Market
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Industrial Ethernet Market size is set to exceed USD 72 billion to grow at around 15% CAGR till 2024. The Industrial Ethernet market growth is attributed to the growing popularity of industrial IoT (IIoT) to improve the efficiency of supply chain and production processes in industrial settings. Large-scale adoption of Industrial Ethernet products, such as switches, gateways, connectors, processors, and controllers for structuring industrial networks, is expected to boost the Industrial Ethernet market growth over the forecast timeline.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Schneider Electric
2. Siemens
3. Rockwell Automation
4. Parker Hannifin
5. MOXA
6. Honeywell
7. Eaton
8. Cisco
9. Bosch Rexroth
10. Belden Inc.
11. Beckhoff Automation
12. B&R Industrial Automation
13. ABB
Ethernet TCP/IP protocol is projected to witness an extensive adoption in Industrial Ethernet market throughout the forecast period for facilitating connections between various devices such as robots, sensors, PLCs, and other industrial machines. As the protocol enables effective real-time communication of time-sensitive factory/floor data in the industrial environment, it is expected to witness a large-scale adoption between 2017 and 2024.
Browse key industry insights spread across 230 pages with 173 market data tables & 29 figures & charts from the report, Industrial Ethernet Market in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/industrial-ethernet-market
The installation and testing service segment held a major share of the Industrial Ethernet market in 2016 and is expected to maintain this dominance over the forecast period. As different hardware and software components of the infrastructure need to be integrated with the legacy systems used in industrial settings, the demand for effective functional testing and the implementation of such components will witness a steady growth over the forecast timeline.
The hardware segment is expected to hold a major share of the Industrial Ethernet market by 2024 owing to the extensive adoption of Ethernet switches, hubs, gateways, and connectors to enable industrial automation functions. The service segment in Industrial Ethernet market is projected to exhibit the fastest growth between 2017 and 2024 reporting a CAGR of around 27% owing to the need for effective installation, testing, and maintenance of the network infrastructure to ensure a long-term stability.
The emergence of the industrial Internet of Things has opened new growth avenues for the industrial ethernet market as IoT will increasingly utilize the higher bandwidth and real time capabilities provided by industrial ethernet. IoT is being majorly deployed in the automobile industry to produce smarter cars in the future – quite overtly, the automotive sector will come to emerge as a prime growth avenue for industrial ethernet market.
Smart automobiles, besides having more streamlined on-board functionality, are expected to have futuristic features like traffic light recognition system, lane departure warning system and advanced driver assistance system. Automobile based industrial ethernet market is expected to grow due to the reliability and versatility of industrial ethernet which will in turn gravitate automobile manufacturers. Experts assume that the cars of the future will be equipped with 60 to 100 Ethernet nodes.
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North America will hold the majority share of the Industrial Ethernet market by 2024, accounting for over 50% due to the rapid growth of manufacturing automation applications in the region supported by Industry 4.0. The supportive government initiatives and policies for driving the adoption of industrial automation among the manufacturing and automotive industry are also estimated to have a significant impact on the Industrial Ethernet market growth throughout the forecast timeline.
The Asia Pacific Industrial Ethernet market growth is largely driven by rapid industrialization in countries including India, China, and Japan owing to the increasing demand for the industrial automation solution in the region. Furthermore, the increasing adoption of IIoT solutions and the growing adoption of the solutions among the organizations for flexibility, scalability, and to reduce the cost of operation are the major factors fueling the market growth.
The dominance of the regional industrial ethernet market can be majorly attributed to the supportive governmental policies regarding increasing deployment of automation across automotive and manufacturing domains. In tandem, the region also houses most of the renowned manufacturing giants which have been constantly working on diversifying their product portfolio. Say for instance, recently HMS has shipped its patent five-millionth Anybus product to North American manufacturing leader Parker Hannifin, in a bid to enhance the latter’s new valve control unit. Anybus CompactCom B40, that is proposed to be incorporated in Parker’s new valve unit, would allow this valve controlling unit to communicate to any industrial ethernet network or any fieldbus anywhere. Endorsed with this unique feature, experts believe, this would provide tremendous network flexibility as it can be flashed to meet North America fieldbus protocols.
Top key players operating in the industrial Ethernet market offer complete solutions that include ABB, ACS Motion Control, ADVANCED Motion Controls, B&R Industrial Automation, Beckhoff Automation, Belden Inc., Bosch Rexroth, Cisco, Eaton, Honeywell, Innovasic Semiconductor, MOXA, Omron Industrial Automation Europe, Parker Hannifin, Rockwell Automation, Siemens, Schneider Electric, and Yaskawa America, Inc. - Drives & Motion Division.
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