Industrial Communication Market Information, Figures and Analytical Insights 2029

shital

Feb 3, 2024 • 4 min read

The Industrial Communication Market, valued at US$ 19.70 billion in 2022, is expected to witness significant growth, reaching US$ 31.85 billion by 2029, at a CAGR of 7.1% during the forecast period.

Market Overview

As of the most recent Industrial Communication Market update, the global economic landscape reflects a dynamic interplay of various factors. Major financial markets continue to navigate the aftermath of the unprecedented events that unfolded in recent years, such as the global pandemic and geopolitical shifts. Equities have demonstrated resilience amid ongoing uncertainties, propelled by technological advancements, innovation, and accommodative monetary policies. However, challenges persist, including inflationary pressures, supply chain disruptions, and regulatory changes in various sectors. Investors are closely monitoring central bank decisions, fiscal policies, and emerging trends to assess potential opportunities and risks. The market's response to evolving conditions underscores the importance of adaptability and strategic planning for both businesses and investors in this complex and ever-changing environment.

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Report Scope:

This report offers a comprehensive assessment of the industrial communication market, providing insightful analysis, historical data, and industry-validated market projections. It aims to understand market dynamics, identify and analyze market segments, and project the global market size.

Research Methodology:

The report employs a robust methodology, incorporating thoughtful insights, industry data, and projections based on a suitable set of assumptions. It utilizes PEST analysis, PORTER’s analysis, and SWOT analysis to provide shareholders with valuable insights for prioritizing future efforts and investments.

Drivers:

The market has witnessed gradual growth, driven by increasing adoption of the Industrial Internet of Things (IIoT), which optimizes infrastructure and reduces operational costs. Additionally, the adoption of Machine-to-Machine (M2M) solutions for power grid communications and smart meter monitoring has contributed to market expansion.

Restraints:

Challenges such as lack of standardization among equipment manufacturers and concerns regarding cybersecurity pose hurdles to market growth. Additionally, strict field site conditions, including high-voltage transients and extreme temperatures, impede data collection and information processing.

Segmentation:

End-user industries, notably automotive and transportation, have dominated the market, with significant contributions to overall market growth. Water and wastewater applications are expected to witness rapid growth, driven by the adoption of advanced automation techniques for production.

by Offering

Components
Software
Services

by Communication Protocol

Fieldbus
Industrial Ethernet
Wireless

by End-Use

Application Food & Beverages
Automotive and Transportation
Oil & Gas
Aerospace & Defense
Others (Electrical and Electronics, Chemicals and Fertilizers, Pharmaceutical, Energy & Power, Mining, and Water and Wastewater)

Regional Insights:

The Asia Pacific region, particularly countries like China, Japan, and South Korea, is poised to drive market development during the forecast period. The region's manufacturing sector, embracing the smart factory concept and innovative manufacturing technologies, presents lucrative opportunities for market players. China's burgeoning automotive industry and the widespread adoption of Industry 4.0 further propel market growth in the region.

Market Key Players:

1. Sick AG
2. Omron
3. Schneider Electric
4. Belden Inc.
5. Moxa Inc.
6. Siemens
7. Rockwell Automation
8. ABB
9. GE Grid Solutions, LLC
10. Cisco Systems
11. Advantech
12. Hms Industrial Networks
13. Ifm Electronic GmbH
14. Ericsson
15. Mitsubishi Electric Group
16. Honeywell
17. B&R Automation
18. Aaeon
19. Hans Turck GmbH & Co. Kg
20. Bosch Rexroth AG

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Key questions answered in the Industrial Communication Market report include:

What is Industrial Communication?
What factors drive Industrial Communication Market growth?
What are the main challenges for Industrial Communication Market growth?
What was the Industrial Communication market size in 2021?
Which trends are expected to contribute to Industrial Communication market growth?
What recent industry trends can generate additional revenue streams for the Industrial Communication Market?
What growth strategies are players considering to increase their foothold in the Industrial Communication Market?
Who held the largest market share in the Industrial Communication Market?

Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2021)
Past Pricing and price curve by region (2018 to 2021)
Market Size, Share, Size & Forecast by different segment | 2022−2029
Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation – A detailed analysis by segment with their sub-segments and Region
Competitive Landscape – Profiles of selected key players by region from a strategic perspective
Competitive landscape – Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER’s analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
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