CHICAGO, November 27, 2018
CHICAGO, November 27, 2018 /PRNewswire/ --
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", published by MarketsandMarkets™, 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.
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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.
Browse in-depth TOC on "Industrial Communication Market"
71 - Tables
41 - Figures
189 - Pages
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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