Industrial Communication Market By Offering (Components, Switches, Gateways, Power Supply Devices, Routers &WAP, Controllers and connectors, Communication interface & convertor, Others); By Component (Software, Hardware, Services); By Communication Protocol (Fieldbus, Industrial Ethernet, Wireless); By End-use Application (Automotive, Electrical & Electronics, Aerospace & Defense , Oil & Gas, Water & Wastewater, Food & Beverages, Others); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2022-2032

Industrial Communication Market Overview

The global industrial communication market size was estimated at USD 22.6 billion in 2022 and is expected to reach USD 38.7 billion by 2032, growing with a CAGR of 5.6% over the forecasted period of 2022 to 2032.

Industrial communication systems are communication protocols that have a set of rules used for data exchange between various automation systems and related equipment's. These systems increase the productivity, efficiency, and accuracy and systems allow integration of data networks that are highly futuristic.

Currently, industrial communication is used for diverse and wide-ranging technology which includes software, services and components such as memory, power supply devices, connectors, communication interfaces, LED Displays, controllers, processors, etc. and also includes wired and wireless communication systems between devices.

IC is the key to greater productivity for any organization as it helps the enterprise in controlling machines and entire production line, monitor modern traffic systems and control power distribution. It enables the transfer of large amounts of data in real-time and with minimum delay, operate in an energy efficient manner and connect a large number of individual devices with security along with several other functions.

The industrial communication market is projected to experience rapid growth at a robust CAGR in the near future.

Industrial Communication Market Drivers

The growth of this market is attributed towards major relying factors which include; the rising demand for wireless networks and IIOT, widespread adoption of Industry 4.0 revolution, growing adoption of advanced communication protocols among industries, growing need for scalable, faster, reliable, and interoperable communication protocols, rise in number of initiatives by government and other regulatory bodies to assist industrial automation, persistent rise in machine-to-machine communication, increase in use of digital twin to safely monitor smart manufacturing operations and the growing need for interconnectivity between various devices and sharing of data etc.

Additionally, as digitalization is increasing, the need for effective communication technology also propels. The earlier communication protocols are not able to cope up with the explosion of digital data and latency-sensitive application. To address this, organizations are shifting toward more advanced and flexible industrial ethernet protocols which provide low deterministic and latency responses. These protocols also provide a flexible number of nodes and flexible network topology in the system, making them ideal for industrial communication application.

Moreover, growing number of end-user industries such as aerospace, transportation and automotive, defense, paper, cement, electrical and electronics, energy and power, pharmaceutical, oil and gas, food and beverages, mining, glass, fabrication or engineering, water and wastewater, and chemicals and fertilizers will benefit the market for industrial communication, thereby driving the market globally.

Furthermore, several advantages to the implementation of industrial communication such as the increase in the efficiency of the communication protocol, as well as the automation of industrial processes scales the market as well as the usage and preference of standardized wireless technologies such as Bluetooth technology and wireless WLAN which contribute towards growth.

However, factors such as various threats and risks associated with data and cyber security, the presence of traditional communication technology and harsh industrial environment, lack of standardization in industrial communication protocols and interfaces are expected to hinder the market growth.

Industrial Communication Market Segmentation

By Offering

• Components
• Switches
• Gateways
• Power Supply Devices
• Routers &WAP
• Controllers and connectors
• Communication interface & convertor
• Others
• Software
• Services

By Component

• Software
• Hardware
• Services

By Communication Protocol

• Fieldbus
  • PROFIBUS
  • Modbus
  • CC-Link
  • Others

• Industrial Ethernet
  • Profinet
  • EtherNet/IP
  • EtherCAT
  • Modbus-TCP
  • Others
• Wireless
  • WLAN
  • Bluetooth
  • ISA100.11a
  • Cellular
  • Others

By End-use Application

• Automotive
• Electrical & Electronics
• Aerospace & Defense 
• Oil & Gas
• Water & Wastewater
• Food & Beverages
• Pharmaceuticals
• Energy & Power
• Mining & Metals
• Chemicals & Fertilizers
• Engineering/Fabrication
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Industrial Communication Market Regional Insight

The APAC region is the fastest growing region in this market owing to the rapid industrialization in countries including India, China, Japan and Indonesia, increasing adoption of advanced technology and automation, favorable government initiatives, availability of cost-effective labor, large-scale development with the use of advanced technologies for manufacturing in the region etc.

The North American region is estimated to account for the largest share in terms of revenue in this market. This can be attributed to the advancements in technology and prevalence of Internet of Things in the region along with the increase in supportive government initiatives and policies etc.

The European region currently holds a significant share and is projected to account for steady growth in this market in the near future due to the high adoption rate of various industry verticals towards advanced technologies, massively increasing investments in the Industry 4.0 and industrial IoT space, growing government support and initiatives for the purpose of elimination of barriers and bringing in adoption of new and advanced digitalization in the region etc. The major contributors in the region include Germany, France, and the UK.

Industrial Communication Market Key Players

• Huawei Technologies
• Belden
• Mitsubishi Electric
• Cisco
• Rockwell Automation
• Beckhoff Automation
• ACS Motion Control
• Honeywell International
• Omron Corporation
• Eaton
• Emerson Electric Company
• General Electric
• TE Connectivity Ltd
• Infineon Technologies AG
• ABB Ltd.
• Texas Instruments Incorporated
• Advanced Industrial Automation Group
• National Instruments
• Siemens AG
• Schneider Electric SE.
• Rockwell Automation
• Advantech Co.
• IFM Electronic
• HMS Industrial Networks
• Moxa Inc.
• Other Players

RECENT DEVELOPMENTS:

In November 2020, SmartWave Technologiesreportedly announced its acquisition of Multi-Tech Systems, Inc., a global supplier of Industrial IoT communication devices and services.  SmartWave Technologies, a provider of industrial IoT end devices, and MultiTech will operate as one under the MultiTech brand.

In November 2020, Patton Electronics, a US manufacturer reportedly released a new US-Manufactured C1D2 Industrial Ethernet Switch for Deployment in hazardous environments which further expanded the company’s already-extensive portfolio of industrial-communication products.

Timeline Considered for Analysis:

- 2021: Base Year

- 2022 to 2032: Forecast Period

Research Scope and Deliverables

Overview & Executive Summary

Market Drivers, Trends, Challenges and Opportunities

Market Size and Forecast Projections

Macroeconomic Indicators of Various Countries Impacting the Growth of the Market

Extensive Coverage of Industry Players including Recent Product Launches and Market Activities

Porter’s Five Force Analysis

Market Segmentation Analysis:

Industry report analyzes the global industrial communication market by the following segments:

• Offering
• Component
• Communication Protocol
• End-use Application

Customization: We also offers customization’s in the industry report as per the company’s specific needs.

Key Questions Answered in the Global Industrial Communication Industry Report

• What is the overall market size in 2021? What will be the market growth during the forecast period i.e. 2022-2032?
• Which region would have high demand for product in the upcoming years?
• What are the factors driving the growth of the market?
• Which sub-market will make the most significant contribution to the market?
• What are the market opportunities for existing and entry-level players?
• What are various long-term and short-term strategies adopted by the market players?