Industrial Ethernet Market Growth Factor By Key Venders; Cisco, ABB, Beckhoff Automation, Belden Inc., Bosch Rexroth, Honeywell, MOXA, Parker Hannifin, Rockwell Automation, Siemens, Schneider Electric, B&R Industrial Automation
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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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
3. Beckhoff Automation
4. Belden Inc.
5. Bosch Rexroth
8. Parker Hannifin
9. Rockwell Automation
11. Schneider Electric
12. B&R Industrial Automation
Industrial Ethernet Market in Asia Pacific 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.
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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 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 oil & gas segment is expected to witness an accelerated growth throughout the forecast timeline as Industrial Ethernet market solutions enable mission-critical communications in harsh conditions in oil and natural gas extraction environments. Due to the capabilities such as reliability, ruggedness, and remote access, the technology proves to be advantageous over office-grade ethernet equipment for operating in the harshest environmental conditions.
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:
Industrial Ethernet Market size is set to exceed USD 72 billion by 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. While Industrial Ethernet operates on the same protocols used for Ethernet implementation in office-automation, the use in industrial setting requires consideration of the environment in which the technology needs to function
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.
Top key players operating in the Industrial Ethernet market are, 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, Yaskawa America, Inc. - Drives & Motion Division
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