According to the latest market study released by Technavio, the global industrial communication market is expected to grow at a CAGR of almost 13% during the forecast period.
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Technavio has published a new report on the global industrial communication market from 2017-2021. (Photo: Business Wire)
This research report titled ‘Global Industrial Communication Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
| The market size of industrial communication is expected to grow
to USD 95.76 billion by 2021. APAC will be responsible for
generating maximum incremental growth, driven by the thriving automotive industry in the region. |
The increasing adoption of the industrial internet of things (IIoT) technology to connect different infrastructure and reduce operating expenses is one of the most important drivers of the market. The increased bandwidth capabilities of open networks like Ethernet is used in IoT automation and smart factories to streamline maintenance and eliminate breakdowns.
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Based on protocol, the report categorizes the global industrial communication market into the following segments:
- Fieldbus
- Industrial Ethernet (IE)
- Wireless
Fieldbus
“The fieldbus protocol segment of the industrial communication market enjoys market dominance and is expected to show moderate growth with a CAGR of over 10% through the forecast period. PROFIBUS and Modbus are the two most important network protocols, which are widely adopted by consumers,” says Abhishek Sharma, one of the lead analysts at Technavio for M2M and connected devices research.
A PROFIBUS is used to link an automation module to the process control unit in large sites, as it is a cost effective and affordable communication channel for industries. Whereas, a Modbus is used to establish communication between devices within a single network. It is capable of capturing information like temperature and humidity, transmit the data, tabulate the results and display it via a computer. The simplicity, ease of use, and reliability of Modbus are some of the key drivers for the widespread adoption of Modbus.
Industrial Ethernet (IE)
The IR protocol segment was valued at almost USD 20 billion in 2016, with IE technologies like Ethernet/IP, PROFINET, EtherCAT, Modbus TCP, and POWERLINK responsible for generating maximum revenue. Ethernet/IP offers networking tools to end-users to enable deployment of Ethernet in industrial automation applications. PROFINET is one of the fastest growing technologies, with more than three million devices added in 2015 alone. Other technologies also have innovative and necessary offerings, leading analysts to forecast a steady and fast growth for this segment.
Wireless
“The wireless protocol segment is expected to grow the fastest, with a CAGR of almost 27% through the forecast period. This fast growth will be driven by the growing demand from the manufacturing industry to perform remote operations on high-value assets,” says Abhishek.
There is a growing demand from hybrid industries with smart manufacturing for knowledge-based experts and decision-makers. Additionally, the increased adoption of industrial Internet in the energy sector has created job opportunities in remote monitoring, predictive maintenance, advanced contra, and safety and security. Utilities have been adopting M2M solutions for controlling power grid communications and remote monitoring of smart meters, thus driving market growth.
The top vendors highlighted by Technavio’s research analysts in this report are:
- ABB
- Rockwell Automation
- Schneider Electric
- Siemens
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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