Delray Beach, FL, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Industrial Ethernet Market Size
The industrial ethernet market size is projected to grow from USD 11.0 billion in 2023 to USD 15.8 billion by 2028, exhibiting a CAGR of 7.5% during the forecast period.
Rising adoption of 5G to act as a growth opportunity for the market players. However, factors such as threats related to cybersecurity, and harsh field site conditions—high-voltage transients, severe shocks and vibrations, and extremely high temperatures hinder the industrial ethernet market growth.
Industrial Ethernet Market Segment
By offering, the hardware segment is expected to hold the second-largest share of the industrial ethernet market during the forecast period.
Devices such as mobile phones and PCs are connected to the internet to enable rapid communication in industries. Machine-to-machine (M2M) communication in the industrial environment helps facilitate efficient plant operations. It accelerates operations and ensures higher reliability and robustness across various industries, such as automotive, transportation, aerospace & defense, pharmaceutical, and food & beverage. However, a secure and robust network is required to protect internet-connected devices from data manipulation or theft. Such a robust application-specific network can be built using networking components. The hardware segment covers the components that are used to build specific communication networks. The components include switches, routers, gateways, power supply devices, controllers, and others.
Ethernet/IP is an industrial ethernet protocol developed by Rockwell Automation, Inc. (US) in 1990. It is now managed by the Open DeviceNet Vendors Association (ODVA). Ethernet/IP is one of the leading industrial protocols and is widely used in industrial automation equipment and control systems. As this protocol uses standard ethernet and switches, it can have hundreds of nodes in a system. This allows for the use of a single network across many different endpoints on a factory floor.Ethernet/IP facilitates users with the tools to deploy standard Ethernet technology (IEEE 802.3 combined with the TCP/IP Suite) in industrial automation applications, enabling the availability of internet and enterprise connectivity at different locations.
By end-use industry, the water & wastewater segment is projected to register the highest CAGR of 9.9% during the forecast period.
Industrial Ethernet is used in a typical water treatment plant, where it allows the collection of data from numerous locations among several plants and makes that data accessible to any device or person on the network. It offers flexibility in connectivity in terms of handling different wireless protocols, minimizing power consumption, and adding new sensor inputs to control devices such as control pumps, gates, flow meters, or sensors for the process. It also enables improved remote monitoring performance with a human-machine interface (HMI).
Industrial Ethernet Market Regional Analysis
Asia Pacific to grow at the highest CAGR in the industrial ethernet market during the forecast period
Asia Pacific is currently the largest manufacturing hub for automobile and electronic companies. To compete with other global players, the industrial ethernet companies in Asia Pacific use advanced automation systems, which require highly reliable communication networks that can help in machine-to-machine (M2M) communication in the plants.
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 also a factor driving the growth of the regional market.
Partnerships and collaborations were the key strategies adopted by the leading players operating in the market from January 2019 to November 2022. Leading players have adopted these strategies to research and development of the industrial ethernet market.
Top Industrial Ethernet Companies - Key Market Players
Recent Developments in Industrial Ethernet Industry
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