According
to the new market research report "Industrial
Communication Market by Offering (Components, Software, and
Services), Communication Protocol (Fieldbus, Industrial Ethernet, and
Wireless), End-Use Application (Automotive, Oil & Gas, Food &
Beverages) and Geography - Global Forecast to 2023", the market is
expected to reach USD 141.0 billion by 2023 from USD 83.2 billion by 2018, at a
CAGR of 11.14%. The growth of the industrial communication market can be
attributed to the initiatives of governments all over the world toward the
adoption of industrial automation; high focus on increasing energy-efficiency,
optimizing resources, and reducing production costs; and rise of digital
industrial technology Industry 4.0. Moreover, industrial communications across
multiple industries are necessary for various complex tasks, such as controlling
machines and production lines, monitoring modern traffic systems, and
controlling power distribution.
Industrial
communication market for wireless communication protocol to grow at highest
CAGR during forecast period
The
number of wireless connections in industrial applications has increased
considerably over the past few years as a result of improved network coverage,
quality of transmission, and bandwidth capacity. Advancements in wireless
communication technologies, especially in the wireless highway addressable
remote transducer (WHART), cellular, and wireless local area network (WLAN),
are helping manufacturing companies to remotely monitor their assets from
anywhere in the world.
Industrial
communication market for water and wastewater to grow at highest CAGR from 2018
to 2023
There
is a growing demand for effective industrial communication in the water and
wastewater industry with the rising need to manage and increase the efficiency
of the plants in response to the increasing water scarcity and growing
complexity of water management in water utilities and plants. Rain gauges and
smart flowmeters are the most commonly used instruments in the water
facilities. Water level monitoring sensors, AC drives, and controllers are
crucial components of the water treatment systems, and the industrial
communication network is used to facilitate communication among these devices.
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APAC
continues to hold largest size of industrial communication market by 2023
Growing
manufacturing sector in APAC countries such as China, Japan, and South Korea is
expected to contribute to the growth of the industrial communication market in
this region during the forecast period. China is a global manufacturing hub for
semiconductor and automotive manufacturers. Rapidly growing automotive industry
in China is likely to create growth opportunities for the industrial communication
market players in this country. The manufacturing companies in APAC extensively
adopt smart factory concept for implementing advanced manufacturing
technologies on the factory floor. This innovative concept has transformed the
manufacturing sector in APAC and has increased the implementation of smart
automation in factories. The growing acceptance of Industrial Revolution 4.0 in
APAC is also one of the factors driving the growth of the industrial
communication market in this region.
Major
vendors in the industrial communication market include OMRON Corporation
(Japan), Schneider Electric SE (France), Siemens AG (Germany), ABB LTD.
(Switzerland), Rockwell Automation, Inc. (US), Advantech Co., Ltd. (Taiwan),
ifm electronic gmbh (Germany), HMS Industrial Networks (Sweden), Cisco Systems,
Inc. (US), Moxa Inc. (US), and Belden Inc. (US).
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