Press release
Industrial Ethernet Switch Market Report 2024: Trends and Growth Forecast
Industrial Ethernet Switch Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $3.88 billion In 2028 At A CAGR Of 6.5% :
The industrial ethernet switch market size has grown strongly in recent years. It will grow from $2.8 billion in 2023 to $3.01 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to automation in manufacturing, rise of Industry 4.0, growing need for high-speed data transmission, increased adoption of ethernet-based protocols, need for robust and reliable networking.
The industrial ethernet switch market size is expected to see strong growth in the next few years. It will grow to $3.88 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to integration with 5G networks, rapid expansion of edge computing, increasing cybersecurity concerns, growth in remote monitoring and maintenance, and continued IIoT expansion. Major trends in the forecast period include integration of time-sensitive networking (TSN), migration to gigabit and 10-gigabit ethernet, enhanced security features, robustness for harsh environments, remote management and monitoring.
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Industrial Ethernet Switch Market Major Segments
The industrial ethernet switch market covered in this report is segmented -
1) By Type: Managed Industrial Ethernet Switches, Unmanaged Industrial Ethernet Switches
2) By Application: Smart Grid, Security And Surveillance, Intelligent Rail And Traffic
3) By Industry Vertical: Manufacturing, Electric And Power, Aerospace And Defense, Automotive And Transportation, Oil And Gas, Other Industry Verticals
Key Driver - IoT Revolution Fueling Growth In The Industrial Ethernet Switch Market
The growing adoption of the industrial Internet of Things (IoT) is expected to propel the growth of the industrial ethernet switch market going forward. The industrial Internet of Things (IIoT) is the expansion and application of the Internet of Things (IoT) in industrial sectors and applications. Industrial Ethernet switches, which provide high-bandwidth or high-density industrial networking IoT solutions, are useful components for business and industrial networks all over the world. For instance, in September 2022, according to a report published by Ericsson, a Sweden-based telecommunications company, nearly 60% of cellular IoT connections are expected to be broadband IoT by the end of 2028, with 4G connecting the majority. Globally, there were 13.2 billion IoT connections in 2022, increasing to 34.7 billion connections predicted by 2028, indicating an 18% growth rate. Therefore, the increasing adoption of the industrial Internet of Things is driving the industrial ethernet switch market.
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Prominent Trend - Major Strides In Product Development Propel The Industrial Ethernet Switch Market Forward
Product innovations are a key trend gaining popularity in the industrial ethernet switch. Major companies in the industrial ethernet switch market are developing advanced products to sustain their position in the market. For instance, in May 2022, Westermo, a Sweden-based industrial data communications products manufacturer, launched a 10-gigabit industrial Ethernet switch. This was designed to accommodate growing bandwidth demands, allowing contemporary, large-scale data communication networks to transport more data than ever before. The product offers the WeOS operating system, which assures continuous operation and support for an expanding range of protocols and features while streamlining installation, operation, and maintenance, contributing to the reduction of complexity.
Industrial Ethernet Switch Market Players
Major companies operating in the industrial ethernet switch market report are Microsoft Corporation, Dell Technologies Inc., Huawei Technologies Co. Ltd., Hikvision Digital Technology Co. Ltd., Siemens Ag, International Business Machines Corporation, Cisco Systems Inc., Schneider Electric SE, ABB Ltd., Hewlett Packard Enterprise Company, Rockwell Automation Inc., Omron Corp., Juniper Networks Inc., Arista Networks Inc., Phoenix Contact GmbH & Co. KG, Avaya Inc., Hirschmann (a Belden brand), Belden Inc., Advantech Co. Ltd., Polycom Inc., Alcatel-Lucent S.A, Extreme Networks Inc., Netgear Inc., Allied Telesis Inc., Moxa Inc., Beckhoff Automation GmbH & Co. KG, 3onedata Co., Mencom Corporation, Korenix Technology Co. Ltd., Brocade Communication Systems Inc., Weidmüller, Westermo Network Technologies, B&R Industrial Automation GmbH, Harting Technologiegruppe, TRENDnet
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the global industrial ethernet switches market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial ethernet switch market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Industrial Ethernet Switch Market Report Structure
3. Industrial Ethernet Switch Market Trends And Strategies
4. Industrial Ethernet Switch Market - Macro Economic Scenario
5. Industrial Ethernet Switch Market Size And Growth
…..
27. Industrial Ethernet Switch Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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