rising adoption of iiot technology is driving the Industrial Communication Market
Technavio analyzes that the Industrial Communication Market is expected to grow at a CAGR of 11.01% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 81.2 billion.There are various factors that contribute to the growth of the market.ai_driver_list1
In the realm of industrial communication, Fieldbus is a prominent network system employed for real-time distributed control in industries. This system facilitates the connection of instruments in a manufacturing plant through various communication protocols. One such protocol is PROFIBUS, a cost-effective solution for linking automation modules to process control. PROFIBUS utilizes a multi-drop single cable for device connection, reducing installation costs and simplifying fault identification. Two types of PROFIBUS exist: PROFIBUS PA, which offers a bus power supply for field devices and intrinsic safety, catering to process automation needs.
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Industrial Communication Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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In the process industries, the demand for Industrial Communication Market is increasing due to the need for efficiency and standardization. Human intervention is minimized through advanced industrial equipment interfaces, protocols, and plug-and-play features. Equipment manufacturers integrate wireless networks like Bluetooth Smart, WirelessHART, WLAN, Zigbee, and cellular technologies to ensure seamless communication. However, challenges such as data misrepresentation, high voltage transients, electrostatic discharge, surge, burst, and lightning strikes necessitate the use of industrial switches with electromagnetic protection and robust device housings. IEEE 802 and HART communication standards ensure compatibility, while networking wires and air conditioning systems maintain optimal operating conditions. The oil & gas industry, in particular, benefits from these advancements, addressing concerns related to shock and vibration, electromagnetic interference, and harsh environmental conditions.
The industrial communication market is a significant segment of the larger global electrical components and equipment market. This market encompasses companies specializing in the production of industrial communication interfaces, protocols, and equipment. Key drivers include the need for increased efficiency and standardization in process industries, which necessitates the use of advanced human-machine interfaces and communication systems in industrial equipment. Technavio's market analysis includes manufacturers of automation solutions, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, and test and measurement equipment, among others. Additionally, rental and leasing of communication components and equipment to industrial, commercial, and residential sectors are considered in the market estimation.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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