The advent of the fourth industrial revolution has commendably transformed industrial communication market outlook. The Internet of Things (IoT) and robotics have played major roles in industrially transforming manufacturing systems, with the introduction of digital ecosystems. Automation undeniably, has helped market trends to thrive and has advanced the operational work process across numerous sectors. To increase efficiency and productivity in organizations and encourage smart manufacturing, industrial IoT is rapidly being adopted by companies, propelling market outlook.
In modern industrial processes, the amount of data generated by sensors embedded in machine tools, cloud-based solutions and business management is continuously increasing. IIoT platforms have started to replace MES and related applications, including production maintenance, quality, and inventory management, which are a mix of Information Technology (IT) and Operations Technology (OT).
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Fieldbus protocols such as Modbus, CC-Link, PROFIBUS are experiencing a rapid adoption across process-oriented applications. Fieldbus protocol segment accounted for more than 49% revenue share of industrial communication market in 2018. These protocols have the ability to seamlessly integrate digital input and output devices as well as discrete motion control components such as analyzers belonging to third-party solutions providers.
Meanwhile, ethernet segment is projected to grow at a CAGR of 12% through 2025. The technology serves as a cost-effective solution for many small and medium size industries. An increasing need for reliable and seamless connectivity protocols that can integrate legacy systems with new and advanced communication devices will bolster industrial communication market outlook.
Hardware components used in industrial communication systems include switches, routers, communication interface devices, and controllers. Switches are expected to capture more than 25% revenue share of industry by 2025. Switches play a central role in the overall functioning of the network infrastructure for seamless implementation of new connectivity-enabled strategies. Recent technological developments in switches have enhanced their ability to function in harsh environments.
On the other hand, the demand for software services is expected to grow at a CAGR of 10% through 2025. Installation and maintenance software services help in maintaining a reliable and efficient communication architecture among businesses. The upgradation of a communication infrastructure requires the integration of software as well as hardware components that require robust technical expertise in order to ensure long-term stability of the network.
In terms of the application, automotive and transportation sector accounted for more than 25% revenue share of industrial communication market in 2018. Automakers have been implementing advanced automation, communication, and data exchange technologies into assembly lines for mass production. The need to achieve higher production volumes within short timeframes is likely to fuel the adoption of industrial communication systems in automotive and transportation sector.
The demand for industrial communication solutions across the aerospace sector is estimated to grow at an 11% CAGR through 2025. Majority of aerospace OEMs are embracing new communication technologies as a cost reduction of just 1% represents savings worth billions of dollars.
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Industrial communication market is being driven by robotization trends in industries in the emerging economies of the APAC region. Moreover, the increasing adoption of the Industry 4.0 revolution further augments the prospects for the market. Asia Pacific market size is forecast to grow at a CAGR of more than 12% over 2019-2025.
Some other participants in the industrial communication market include ACS Motion Control, Advanced Motion Control, ADVANTECH, Beckhoff Automation, Belden etc.
Major Key Points from Table of Content:
Chapter 7. Industrial Communication Market, By Application
7.1. Key trends, by application
7.2. Aerospace & defense
7.2.1. Market estimates and forecast, 2014 – 2025
7.3. Automotive & transportation
7.3.1. Market estimates and forecast, 2014 – 2025
7.4.1. Market estimates and forecast, 2014 – 2025
7.5. Electrical & electronics
7.5.1. Market estimates and forecast, 2014 – 2025
7.6. Energy & power
7.6.1. Market estimates and forecast, 2014 – 2025
7.7. Food & beverages
7.7.1. Market estimates and forecast, 2014 – 2025
7.8. Industrial manufacturing
7.8.1. Market estimates and forecast, 2014 – 2025
7.9. Oil & gas
7.9.1. Market estimates and forecast, 2014 – 2025
7.10.1. Market estimates and forecast, 2014 – 2025
7.11.1. Market estimates and forecast, 2014 – 2025
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