The industrial communication market is projected to grow from USD 21.9 billion in 2023 to USD 29.0 billion by 2028; it is expected to grow at a CAGR of 5.7% from 2023 to 2028. Initiatives undertaken by governments of different countries to promote the adoption of industrial automation, the growing need for scalable, faster, reliable, and interoperable communication protocols, increasing use of machine-to-machine communication technology, and increasing use of digital twin to safely monitor smart manufacturing operations are among the factors driving the growth of industrial communication market.
Services offerings to
witness highest CAGR during the forecast period
There is a growing
requirement for services pertaining to industrial communication. Various
services are provided by industrial communication market players, which can
meet the application-specific needs of end users. Service providers provide
customized network design and other related services, such as long-term
maintenance contracts of installations, to cater to clients with specific
requirements. They also provide remote support services for networks and can solve
or manage network problems remotely. Companies such as Siemens and General
Electric provide a separate services portfolio for this market.
Pharmaceutical and
medical devices to witness highest CAGR during the forecast period
The pharmaceutical
industry is evolving with the adoption of automation and sensing technologies.
A pharmaceutical company generally has different plants or units for various
processes, such as manufacturing and packaging. Chemical plants process various
medicines, and the manufacturing and packaging plants pack these medicines into
capsules and bottles. However, there must be proper communication between these
units to ensure efficient production. Companies such as Rockwell Automation
provide communication solutions for gaining real-time access and extended
enterprise visibility into vital manufacturing data. This can enable businesses
to improve their processes and provide organizations with better access to
real-time production information. It also helps improve supply chain integration
across a pharma facility.
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Asia Pacific to witness
highest CAGR during forecast period
Asia Pacific is
currently the largest manufacturing hub for automotive and electronics
companies. The manufacturing companies in Asia Pacific extensively adopt the
smart factory concept for implementing advanced manufacturing technologies on
the factory floor. This innovative concept has transformed the manufacturing
sector in Asia Pacific and has increased the implementation of smart automation
in factories. The growing acceptance of Industrial Revolution 4.0 in Asia
Pacific is among the factors driving the growth of the industrial communication
market in this region. Furthermore, an increase in factory automation in
various industries to integrate wireless networking technologies for reliable
and fast machine-to-machine communications led to the growth of the industrial
communication market in Asia Pacific.
Key Market Players
The major players in the
industrial communication companies include Cisco Systems, Inc. (US), Siemens
(Germany), Rockwell Automation (US),
OMRON Corporation (Japan), Moxa Inc. (Taiwan), Huawei Technologies Co., Ltd. (China), SICK
AG (Germany), Schneider Electric (France), ABB (Switzerland), Belden Inc. (US),
GE (France), Advantech Co., Ltd (Taiwan), FANUC CORPORATION (Japan), Bosch Rexroth AG (Germany), AAEON
Technology Inc. (Taiwan), HMS Networks (Sweden), Honeywell International Inc.
(US), Mitsubishi Electric Corporation (Japan),
Ericsson (Sweden), Hans Turck GmbH & Co. KG (Germany), ACS Motion
Control (Israel), Eaton (Ireland), Beckhoff Automation (Germany), Hitachi, Ltd.
(Japan). These companies have used both organic and inorganic growth strategies
such as product launches, acquisitions, and partnerships to strengthen their
position in the market.
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