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Industrial Ethernet Market Key Drivers, Size, Trends, Growth, Outlook 2024-2033
Industrial Ethernet Market Key Drivers
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According to The Business Research Company's, The industrial ethernet market size has grown rapidly in recent years. It will grow from $32.01 billion in 2023 to $36.56 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth in the historic period can be attributed to growth in industrial automation, adoption of ethernet for real-time communication, increase in industrial iot (iiot) deployments, demand for high-speed and reliable connectivity, emphasis on standardization of industrial communication protocols.
The industrial ethernet market size is expected to see rapid growth in the next few years. It will grow to $63.91 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%. The growth in the forecast period can be attributed to integration of time-sensitive networking (tsn) in industrial ethernet, expansion of industry 4.0 initiatives, increased adoption in smart manufacturing, growth in industrial edge computing, emphasis on cybersecurity in industrial networks. Major trends in the forecast period include adoption of gigabit and 10 gigabit ethernet in industrial applications, development of power over ethernet (poe) for industrial devices, use of single pair ethernet (spe) for simplified connectivity, integration of wireless communication in industrial ethernet networks, emphasis on network convergence in industrial communication systems.
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Market Drivers and Trends:
The growing popularity of smart automobiles is expected to propel the growth of the industrial ethernet market going forward. The smart automobile is a technique that links directly to the vehicle's electronic control module to record, track, and manage multiple automobile control subsystems. Industrial ethernet is a reliable and significantly faster networking protocol that powers smart automotive technologies such as self-driving cars, vehicle-to-everything communication, advanced driver-assistance system (ADAS), infotainment systems, and others within the automobile industry. For instance, in April 2022, European Patent Office (EPO), a Germany-based administrative council, stated in their Patent Index 2021 that patent applications for two smart automobile technologies, such as hybrid drive control and electric propulsion, are increasing. In comparison to 2020, the hybrid drive control grew by 22.8% in 2021, and electric propulsion has increased by 15.1% since 2020. Therefore, the growing popularity of smart automobiles will drive the industrial ethernet market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Cisco Systems Inc., Siemens AG, Rockwell Automation Inc., Beckhoff Automation, Moxa Inc., Belden Inc., Huawei Technologies Co Ltd., Asea Brown Boveri Ltd., Schneider Electric SE, ACS Motion Control Ltd., Physik Instrumente GmbH, IFM Electronics GmbH., Analog Devices Inc., Yokogawa Electric Corporation, Eaton Corporation., Robert Bosch GmbH, Bosch Rexroth AG., Honeywell International Inc., Advantech Co. Ltd., B&R Automation, General Electric Pvt Ltd., Weidmuller, Arista Networks Inc., Mitsubishi Electric Corporation., Alta Industrial Motion, National Instruments Corporation., Omron Corporation., Parker Hannifin Corporation., Phoenix Contact
Industrial Ethernet Market 2024 Key Insights:
• The industrial ethernet market size is expected to see rapid growth in the next few years. It will grow to $63.91 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%.
• Smart Automobiles Fueling The Growth Of The Industrial Ethernet Market
• Pioneering Technological Advancements Westermo's Next-Generation Industrial Ethernet Switch Platform
• Asia-Pacific was the largest region in the industrial ethernet market in 2023
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