Industrial Communication Market Growth, Key Players, Covid-19 Impact, Communication Protocol and Forecasts to 2027

The industrial communication market is expected to grow from USD 18.8 billion in 2022 and is projected to reach USD 26.8 billion by 2027; it is expected to grow at a CAGR of 7.4% during the forecast period. A factory system should be capable of offering faster response times, better efficiency, and greater reliability. To achieve these benefits, designers must select the best communication technology, navigate a multiprotocol environment, and cover a wide range of industrial equipment. Therefore, the need for scalable and interoperable protocols are driving industry initiatives to develop a newer set of communication products. The clients of the companies offering smart manufacturing products and solutions are currently deferring the implementation of new projects as a short-term strategy and are concentrating on saving their business and cash flow. However, as the pandemic has subsided, companies are starting to demand smart manufacturing products and solutions. Still, the increased demands may not reach the demand levels estimated in the pre-COVID-19 era. Apart from this, The lack of standardization in these communication interfaces and protocols may result in the misrepresentation of data. The lack of standardization complicates the integration of systems and hinders the use of plug-and-play features for unrelated systems.

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"Market for services to have highest CAGR during the forecast period"
Rapid changes in network infrastructure and the growing adoption of IIoT have led to the adoption of cloud and virtualization. This has significantly increased the pressure on network administrators to manage the network infrastructure. Hence, manufacturing industries are outsourcing network services to ensure better network management quality and reduced operating costs. Also, post-COVID-19, most companies are adopting remote network monitoring services, which is expected to boost the services market during the forecast period.

"Wireless connectivity segment to have highest growth throughout the forecast period"
The number of wireless connections in industrial applications has increased considerably over the past few years due to improved network coverage, quality of transmission, and bandwidth capacity. Advancements in wireless communication technologies, especially in wireless highway addressable remote transducer (WHART), cellular, and wireless local area networks (WLAN), are helping manufacturing companies to remotely monitor their assets from anywhere in the world. The popularity of wireless networks is increasing due to the speed and simplicity of installing them, as these features enable their deployment even in extreme environments. All these factors are expected to increase the adoption of wireless technology in the industrial communication market during the forecast period.

"Market for water & wastewater management application to grow at highest CAGR during the forecast period"
In water and wastewater treatment operations, reliable and timely data can improve efficiency and reduce costs. Outdated communication architectures are unable to keep up with existing SCADA applications in terms of the bandwidth, security features, scalability, and environmental ruggedness required to connect to remote areas. Water level monitoring sensors, AC drives, and controllers are the crucial components of water treatment systems, and an industrial communication network is used to facilitate communication among these devices. These factors are expected to fuel the growth of the industrial communication market for the water & wastewater vertical during the forecast period.

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"Market in APAC to grow at highest CAGR during the forecast period"
Asia Pacific is one of the fastest-growing regions globally in terms of the adoption of industrial communication. Ongoing technological innovations and increasing adoption of automation technologies in various industries are leading to the growth of the industrial communication market in Asia Pacific. Considering the large population of some of the emerging economies in Asia Pacific and the need for better infrastructure and healthcare facilities, the IIoT market is expected to have more opportunities for growth in this region. IIoT can potentially change the entire industrial landscape and contribute to the growth of the emerging countries in this region. Industrial automation mainly depends on network interfaces and communication devices as an efficient communication network helps monitor and optimize the automation process.

In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the industrial communication market space. The break-up of primary participants for the report has been shown below:
• By Company Type: Tier 1- 30%, Tier 2- 50%, and Tier 3 - 20%
• By Designation: C-level Executives- 10%, Directors- 30%, and Others - 60%
• By Region: North America-25%,APAC- 40%, Europe - 25%,and RoW - 10%

The report profiles key players in the industrial communication market with their respective market ranking analysis. Prominent players profiled in this report are Cisco (US), Siemens (Germany), Rockwell Automation (US), Omron (Japan), Moxa (Taiwan), Huawei Technologies (China), SICK (Germany), Schneider Electric (France), ABB (Switzerland), Belden (US), GE Grid Solutions (France), Advantech (Taiwan), HMS Networks (Sweden), IFM Electronic (Germany), Mitsubishi Electric (Japan), Erisccon (Sweden), Honeywell (US), FANUC (Japan), AAEON (Taiwan), Turck (US).

Research Coverage:
This research report categorizes the industrial communication market on the basis of offering, communication protocol, vertical, and geography. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the industrial communication market and forecasts the same till 2027(including analysis of COVID-19 impact on the market). Apart from these, the report also consists of leadership mapping and analysis of all the companies included in the industrial communication ecosystem.

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Key Benefits of Buying the Report:
The report would help leaders/new entrants in this market in the following ways:
• This report segments the industrial communication market comprehensively and provides the closest market size projection for all sub segments across different regions.
• The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
• This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product launches, deals, and expansions.
• The analysis of the top 21 companies, based on the strength of the market rank as well as the product footprint will help stakeholders visualize the market positioning of these key players.

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This release was published on openPR.