Industrial Communication Market by Component (Hardware, Software, and Services), Protocol (Fieldbus, Wireless, and Industrial Ethernet), Application (Automotive and Transportation, Energy & Power, Food & Beverages, Mining, Healthcare, and Others): Global Market Size Estimates and Forecast (2022-2030)

The industrial communication market is expected to cross US$ 19 billion in 2022 and is projected to hit US$ 28 billion by 2030, recording a CAGR of 8.5% during the forecast period.

Rise in the Use of Stable Communication for Real-Time Connectivity

In a dynamic technological era, development of advanced devices for communicating in a real-time is becoming necessary. To provide regulatory approved connectivity and reliable communication for time critical applications, the demand for industrial communication is getting broaden. With rise in the number of industrial plants and applications such as telemedicine, telehealth, smart hubs, and smart cities, the scope of industrial communication is expanding. This factor is amongst the driving factors accountable for driving the industrial communication market. In addition to factors fueling the industrial communication market, the demand for IIOT and wireless networks is rising for making communication more connected and in real-time. This factor is subjected to provide sufficient opportunities of growth to the industrial communication market in forthcoming period.

The hardware segment by component contributes massively towards the installation of industrial communication. The developments made in industrial switches and routers, the demand for hardware used for industrial communication is rising. Additionally, software is expected to gain traction during the forecasted year.

Within the report, the market is segmented into component, protocol, application, and geography. Based on component, the industrial communication market is segmented into hardware, software, and services. The hardware is further subsegmented into connectors, routers, communication interfaces, and others. Based on protocol, the industrial communication market is divided into fieldbus, wireless, and industrial ethernet. By application, the industrial communication market is categorized into automotive and transportation, energy & power, food & beverages, mining, healthcare, and others. Geographically, the market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

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Emergence of 5G connectivity and Wireless Devices for Communication is Anticipated to Augment the Demand of Industrial Communication Devices

Industrial communication acts as a backbone for automation system architecture as, it provides powerful means of data controllability, data exchange, and flexibility to connect different devices. Rise in number of initiatives by government and other regulatory bodies to assist industrial automation is accountable to accelerate the growth of industrial communication market. Moreover, increase in the concept of machine-to-machine communication also plays a major role in contributing towards the growth of industrial communication market.

Rising Adoption of Reliable Connectivity in Energy & Power Sector is Amongst the Key Factors Propelling the Industrial Communication Market Growth

In energy & power industry, communication holds a significant position for ensuring steadfast operation of the energy supply systems. With an aim to protect the valuable assets, an efficient, effective, and automated communication system is required. Owing to the fact that, power generation plants are surrounded with extreme rugged environment, use of notable utility-grade communication technology is must.

Moreover, automotive & transportation, healthcare, and food & beverages are other prominent end users of industrial communication requiring reliable communication and networking for their business procedures.

Recent Strategic Developments in Industrial Communication Market

The industrial communication market has undergone several significant developments, and a few of these have been mentioned below:

• In March 2022, Moxa, an industrial communications and networking company unveiled its EDS-4000/G4000 Series. This series is a next-generation industrial Ethernet switches developed to help clients in building their industrial networks by making them stronger in industrial spaces. The new series has its application in transportation, power, factory automation, and maritime.
• In May 2022, Siemens AG has created a technique to conduct the Profinet industrial protocol in a real time using private 5G network. This industrial protocol would play a crucial role in enabling industrial communication. The step is a part of infrastructure developed by Siemens AG for private 5G networks in which it has signed a contract with Qualcomm, a chip supplier.

The industrial communication market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Honeywell International, Inc.; Sick AG; Belden Inc.; ABB Ltd.; Siemens AG; Omron Corporation; Rockwell Automation, Inc.; Moxa Inc.; Ifm Electronic GmbH; and Mitsubishi Electric Group are among the prominent players operating in the industrial communication market.

Target audience for the report:

• Industrial communication raw material and component providers
• Industrial communication providers
• Industrial communication -related service providers
• Industrial communication related associations, organizations, and alliances
• Government bodies, such as regulating authorities and policy makers
• Venture capitalists, private equity firms, and start-up companies
• Industrial communication distributors, sales firms, and third party distributors
• Target end users of industrial communication
• Research Institutes for industrial communication and automation

Scope of the report:

In this report, the market has been segmented on the basis of:

• Component   
  • Hardware
    • Connectors 
    • Routers
    • Communication Interfaces
    • Others
  • Software
  • Services

• Protocol
  • Fieldbus
  • Wireless
  • Industrial Ethernet

• Application
  • Automotive and Transportation
  • Energy & Power
  • Food and Beverages
  • Mining
  • Healthcare
  • Others
• Region
  • North America
  • Europe
  • Asia Pacific
  • South & Central America
  • Middle East & Africa

• Companies profiled
  • Honeywell International, Inc.
  • Sick AG
  • ABB Ltd.
  • Omron Corporation
  • Ifm Electronic GmbH