With the emergence and long-term Impact of COVID-19, Global Industrial Communication Market to reach USD 32.3 Billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Industrial Communication Market points towards a potential rise to USD 32.3 Billion by 2030. Industrial communication refers to the network infrastructure and technologies utilized for seamless and reliable data exchange within industrial environments. It encompasses a wide range of wired and wireless communication systems, protocols, and devices that connect and coordinate industrial equipment, machinery, sensors, and control systems. Industrial communication enables real-time monitoring, control, and integration of industrial processes, facilitating efficient operations, automation, and data-driven decision-making. It plays a crucial role in industrial automation, Industry 4.0 initiatives, and the Industrial Internet of Things (IIoT), ensuring effective communication, interoperability, and connectivity across the industrial ecosystem. The factors driving the market growth are increasing industrial automation and growing demand for Real-Time Data Exchange.
Geographically, the global Industrial Communication market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to the policies and initiatives taken by the government to drive automation and digitalization in industries, including programs that provide financial incentives and funding for research and development in advanced technologies. Asia Pacific is expected to become the fastest growing during the forecast period, owing to factors such as the rise in demand for advanced manufacturing hubs for consumer electronics and automobiles in countries such as China and India.
The global Industrial Communication market is highly competitive owing to the presence of several key players such as Cisco Systems, Inc. Huawei Technologies Co., Ltd. Belden Inc. Bosch Rexroth AG AAEON Technology Inc. Honeywell International Inc. Mitsubishi Electric Corporation Hans Turck GmbH & Co. KG Hitachi, Ltd. ACS Motion Control and others.
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Global Industrial Communication Market Size study & Forecast, by Offering (Introduction, Components, Software, Services), by Communication Protocol (Introduction, Fieldbus, Industrial Ethernet, Wireless), by Vertical (Industrial, Automotive, Electrical & Electronics, Aerospace & Defense, Others) and Regional Analysis, 2023-2030
Key findings of the study suggest:
- Global Industrial Communication Market is anticipated to grow with a healthy growth rate of more than 5.7% over the forecast period 2023-2030.
- In the Offering segment, Components emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to the policies and initiatives taken by the government to drive automation and digitalization in industries, including programs that provide financial incentives and funding for research and development in advanced technologies.
- Asia Pacific is expected to grow at higher rate followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
By Communication Protocol:
- Industrial Ethernet
- Electrical & Electronics
- Aerospace & Defense
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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