The Industrial Ethernet Market is being driven by Increasing number of smart grid projects
The Industrial Ethernet Market is expected to grow at a CAGR of 13.29% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 43.52 billion. In today's industrial landscape, the shift towards smart factories is gathering momentum. This transformation represents a gradual evolution from traditional automation to a more adaptable, interconnected system. In a smart factory, real-time data and information are seamlessly exchanged via a continuous data stream, enabling process enhancements through automation and self-optimization. Two crucial infrastructures, networks and the cloud, are indispensable for realizing this vision. Networks facilitate communication and data flow between devices, while the cloud offers robust computing and storage capabilities for Big Data analysis and hosting intelligent applications. Industrial Ethernet protocols, including EtherCAT, play a pivotal role in implementing machine-to-machine, machine-to-cloud, and controller-to-sensor/actuator communication within the smart factory ecosystem, ensuring the necessary connectivity specifications are met.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
188 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 13.29% |
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Market growth 2024-2028 |
USD 43.52 billion |
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Market structure |
fragmentation |
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YoY growth 2023-2024(%) |
12.55 |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Industrial Ethernet market is experiencing significant growth due to the digitalization and automation trends in various industries, including consumer electronics, smart automation in the fabrication industry, and structural parts manufacturing in engineering/fabrication. Steel and metal industries are increasingly adopting Industrial Ethernet for its ability to transmit data in real-time, enabling efficient production processes. The MODBUS-TCP Protocol is a popular choice for industrial applications due to its reliability and ease of use. However, operating costs can be a challenge for smaller businesses, as Industrial Ethernet requires specialized equipment and expertise. Industrial Ethernet must also withstand harsh environments, including vibrations, severe shocks, and high-voltage transients. The challenge of integrating Industrial Ethernet with 5G technology presents an opportunity for innovation and improved interfaces. Europe, which has a rich industrial history, has been a leader in industrialization and industrial automation. However, the European recession has led to a focus on cost reduction and efficiency gains, making Industrial Ethernet an attractive solution. Keywords: Digitalization, Automation, Consumer Electronics, Smart Automation, Fabrication Industry, Structural Parts Manufacturing, Steel, Metal, Engineering/Fabrication, MODBUS-TCP Protocol, Operating Costs, Vibrations, Severe Shocks, High-Voltage Transients, Challenge, 5G Technology, Opportunity, Interfaces, European, Recession, Industrialization, Industrial Automation.
The Industrial Ethernet market is a significant segment of the expansive Global Industrial Machinery, Supplies, and Components Market. This market encompasses businesses involved in the manufacturing of industrial machinery and components, including presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio, the Global Industrial Machinery, Supplies, and Components Market's size is determined by the consolidated revenue generated by the manufacturers of machinery and components utilized in industrial settings. The market's growth is primarily driven by the increasing industrial output in process and discrete industries, fueled by the burgeoning demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages in rapidly developing countries. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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