Industrial Ethernet Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The industrial ethernet market is projected to grow from USD 11.0 billion in 2023 to USD 15.8 billion by 2028, exhibiting a CAGR of 7.5% during the forecast period. Rising adoption of 5G to act as a growth opportunity for the market players. However, factors such as threats related to cybersecurity, and harsh field site conditions-high-voltage transients, severe shocks and vibrations, and extremely high temperatures hinder the industrial ethernet market growth.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=198318524

By offering, the hardware segment is expected to hold the second-largest share of the industrial ethernet market during the forecast period. Devices such as mobile phones and PCs are connected to the internet to enable rapid communication in industries. Machine-to-machine (M2M) communication in the industrial environment helps facilitate efficient plant operations. It accelerates operations and ensures higher reliability and robustness across various industries, such as automotive, transportation, aerospace & defense, pharmaceutical, and food & beverage. However, a secure and robust network is required to protect internet-connected devices from data manipulation or theft. Such a robust application-specific network can be built using networking components. The hardware segment covers the components that are used to build specific communication networks. The components include switches, routers, gateways, power supply devices, controllers, and others.

Ethernet/IP is an industrial ethernet protocol developed by Rockwell Automation, Inc. (US) in 1990. It is now managed by the Open Device Net Vendors Association (ODVA). Ethernet/IP is one of the leading industrial protocols and is widely used in industrial automation equipment and control systems. As this protocol uses standard ethernet and switches, it can have hundreds of nodes in a system. This allows for the use of a single network across many different endpoints on a factory floor. Ethernet/IP facilitates users with the tools to deploy standard Ethernet technology (IEEE 802.3 combined with the TCP/IP Suite) in industrial automation applications, enabling the availability of internet and enterprise connectivity at different locations.

By end-use industry, the water & wastewater segment is projected to register the highest CAGR of 9.9% during the forecast period. Industrial Ethernet is used in a typical water treatment plant, where it allows the collection of data from numerous locations among several plants and makes that data accessible to any device or person on the network. It offers flexibility in connectivity in terms of handling different wireless protocols, minimizing power consumption, and adding new sensor inputs to control devices such as control pumps, gates, flow meters, or sensors for the process. It also enables improved remote monitoring performance with a human-machine interface (HMI).

Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=198318524

Partnerships and collaborations were the key strategies adopted by the leading players operating in the market from January 2019 to November 2022. Leading players have adopted these strategies to research and development of the industrial ethernet market.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

This release was published on openPR.