Report : Asia-Pacific Communications Interface Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product (1-Port, 2-Port, and Others), Mode of Communication (Wired and Wireless & Hybrid), and Application (Industrial Networking, Battery Monitoring System, Remote Sensors Communication, Railway Signalling System, Machine to Machine Communication, and Others)
At 9.7% CAGR, the Asia Pacific Communications Interface Market is speculated to be worth US$ 3,519.47 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific communications interface market was valued at US$ 2,016.71 million in 2022 and is expected to reach US$ 3,519.47 million by 2028, registering a CAGR of 9.7% from 2022 to 2028. Emergence of industry 5.0 and rising adoption of centralized manufacturing among industries are the critical factors attributed to the Asia Pacific communications interface market expansion.
Industry 5.0 is in a very nascent stage. Industry 5.0 collaborates advanced technology like artificial intelligence (AI) powered robots with human intelligence. It enables humans and technology to work together to increase production efficiency across manufacturing plants. The rapid emergence of industry 5.0 is increasing the demand for intelligent systems and collaborative robots. Major benefits of industry 5.0 include enterprise innovation and digitization; supply chain evaluation and optimization; transformation driven by IoT, AI, and Big Data; smart and sustainable manufacturing; and human-machine connectivity. The increasing awareness of industry 5.0 among industries is expected to fuel the demand for connected devices, providing growth opportunities for the Asia Pacific communications interface market over the forecast period.
On the contrary, high operating and maintenance costs and lack of skilled laborers hurdles the growth of Asia Pacific communications interface market.
- Based on product, the Asia Pacific communications interface market is segmented into 1-Port, 2-Port, and others segment. The 2-Port segment held 47.4% market share in 2022, amassing US$ 956.19 million. It is projected to garner US$ 1,674.70 million by 2028 to expand at 9.8% CAGR during 2022–2028.
- Based on mode of communication, the Asia Pacific communications interface market is segmented into wired and wireless & hybrid. The wired segment held 58.8% market share in 2022, amassing US$ 1,186.54 million. It is projected to garner US$ 2,025.77 million by 2028 to expand at 9.3% CAGR during 2022–2028.
- Based on application, the Asia Pacific communications interface market is segmented into industrial networking, battery monitoring system, remote sensors communication, railway signalling system, machine to machine communication, and others. the remote sensors communication segment held 37.8% market share in 2022, amassing US$ 762.39 million. It is projected to garner US$ 1,404.15 million by 2028 to expand at 10.7% CAGR during 2022–2028.
- Based on country, the Asia Pacific communications interface market is segmented into Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 41.1% market share in 2022. It was assessed at US$ 829.00 million in 2022 and is likely to hit US$ 1,518.30 million by 2028, exhibiting a CAGR of 10.6% during the forecast period.
Key players dominating the Asia Pacific communications interface market are ABB Ltd, Eaton Corp Plc, Honeywell International Inc, NXP Semiconductors NV, OMRON Corp, Parker Hannifin Corp, PR Electronics AS, Rockwell Automation Inc, and Socomec Holding SA, among others.
- In 2022, Parker Hannifin recently announced a new PAC motion controller and module series with web-based visualization for instant remote monitoring of up to 40 motion axes. The controller module contains numerous industry-standard communication and capability options, much like a modern PLC or other motion controllers. The primary communication interface is EtherCAT, with a secondary isolated Fieldbus port providing access to either a second EtherCAT network, Ethernet/IP (supporting Modbus TCP), or PROFINET I/O, depending on the specific model.
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