Ottawa, Nov. 13, 2023 (GLOBE NEWSWIRE) -- The global industrial ethernet market accounted for USD 9.24 billion in 2023 and is anticipated to hit around USD 16.15 billion by 2029, According to Precedence Research. Asia Pacific led the market with the largest market share of 39% in 2022.
The growth of the global industrial ethernet market is fueled by the rising adoption of industrial automation. As industries increasingly embrace automated processes, the demand for reliable and high-performance communication networks like industrial Ethernet has surged, driving market expansion.
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Market Overview:
In the era of the modernization and digitalization of production processes, real-time data transfer is a primary factor in the wide adoption of Industry 4.0. Ethernet and industrial ethernet are popular industry terms in the manufacturing world. Ethernet is the standard for networking systems and creates effective communication between devices. Ethernet permits the conjoining of various computers, devices, and others over one network. Industrial Ethernet (IE) utilizes ethernet in an industrial setting with protocols that offer real-time control. Industrial ethernet widens the network’s value across industries. Industrial ethernet is preferable to tackle factory noise and harsh environments such as heat and cold and also capable of responding better to data collisions on the factory floor. Industrial ethernet is an indispensable technology in moving data and the use of Industrial Ethernet is rapidly growing.
The global industrial ethernet market is projected to see continued innovation and evolution as technology continues to advance to serve the needs of factories. The industrial ethernet market is projected to continue growing in the coming years, driven by factors such as the widespread adoption of Industry 4.0, increasing investment in industrial automation, rapid advancement in network technologies along with the rising demand across aerospace & defense applications.
Key Insights:
- By Offering, the hardware segment has held the biggest revenue share in 2022.
- By Offering, the services segment is estimated to expand at a CAGR fastest during the projected period.
- By Protocol, the PROFINET and EtherNet/IP segment held the major market share in 2022.
- By End-use Industry, the food & beverages segment had the largest market share in 2022.
- By End-use Industry, the aerospace and defense segment is projected to grow at the fastest CAGR over the projected period.
Regional Snapshot:
The Asia Pacific industrial ethernet market size surpassed USD 3.3 billion in 2022 and is projected to hit around USD 8.51 billion by 2032, growing at a CAGR of 10% from 2023 to 2032.
Asia Pacific is observed as a rapidly growing region in the industrial ethernet market; the rising technological advancements, rapid industrialization in the manufacturing sector, presence of key market players, well establishment of the manufacturing sector, and rapid adoption of Industry 4.0 are observed to fuel the market’s growth during the projected timeframe. Manufacturing is emerging as an integral pillar in developing countries such as India and China.
India is rapidly investing in emerging technologies and research for the growth of the factories of the future. According to the Manufacturing Sector in India Industry Report published by IBEF, with 17% of the nation’s GDP, the manufacturing sector plays a crucial role in the Indian economy. As the Indian government has started implementing various programs, the nation expects 25% of its economy to be output from the manufacturing sector by 2025.
The 2023 State of Smart Manufacturing Study indicated that the growing interest of the Indian manufacturing sector to penetrate digital technologies is expected to achieve digital transformation operational excellence in the upcoming period. On the other hand, China is likely to expand its international cooperation in robotics technology and encourage foreign robotics companies to invest in China.
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Industrial Ethernet Market Scope
| Report Coverage | Details |
| Market Size in 2023 | USD 9.24 Billion |
| Market Size in 2032 | USD 21.62Billion |
| Market CAGR | 9.9% from 2023 to 2032 |
| Asia Pacific Market Share | 39% in 2022 |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Key Players | ABB Ltd., Robert Bosch GmbH, Analog Devices Inc., B&R Automation, Moxa Inc, Belden Inc, Rockwell Automation, Schneider Electric, Siemens AG, Innovasic, Inc, Cisco Systems, Inc, Beckhoff Automation, Hitachi Ltd., Nexans SA |
Report Highlights:
- By Offering, the hardware segment acquires the highest revenue share of the industrial ethernet market. The industrial ethernet market players extensively use hardware components. The increasing demand for multiple hardware products such as switches, routers, controllers, connectors, and others is the major factor fueling the growth of the segment.
- By Protocol, the PROFINET and EtherNet/IP segment of the market held the largest share in 2022; the segment will show a significant increase during the projected timeframe. PROFINET (Process Field Net) is an innovative industrial ethernet solution extensively used for exchanging data between controllers and devices in industrial automation. PROFINET is widely applicable in industrial setups as it offers prompt data transmission even in challenging applications.
- By End-use Industry, the automotive and transportation segment is expected to maintain its dominance during the forecast period. The use of automated systems enables businesses in the automotive sector to maintain low-cycle times that provide high-volume, fast turnaround production with high quality.
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Market Dynamics:
Driver:
Rising demand across aerospace and defense applications
The increasing need for network infrastructure to establish secured and reliable communication in aerospace and defense sectors is expected to boost the growth of the industrial ethernet market during the forecast period. Advanced ethernet technologies, including industrial ethernet switches, are made for severe environments and sustain impacts and inconsistent temperatures, which complement their applicability in these sectors. With its high scalability and flexibility, industrial ethernet is observed to become popular in the aerospace and defense applications that usually require real-time monitoring and solutions.
Restraint:
High-cost maintenance
The high cost associated with the purchase of key hardware components is likely to hamper the Industrial Ethernet market. Moreover, the rising demand for industrial cables and intense market competition among the prominent market players have resulted made it difficult for vendors to compete. The industrial ethernet set up requires regular maintenance, which can be an additional cost for industries. In addition, the continuous requirement of skilled professionals for the same can change the behaviour for adoption of such services. Thus, the cost associated with maintenance of set up acts as a major restraint for the market.
Opportunity:
Penetration of 5G technology
The Rising demand for 5G technology is expected to fuel of the growth of the industrial ethernet market during the forecast period. The introduction of 5G technology is projected to positively impact the manufacturing sector in the coming. Industrial 5G networking technology is likely to change the way smart factories manufacture their products, make crucial decisions, and maintain plants or factories with its robust focus on machine-type communication and the Internet of Things (IoT). Thereby, the penetration of 5G technology is observed to open several opportunities for industrial ethernet market.
Challenge
Rise in security threats
The major issues with the rising security threats act as a key challenge for the growth of the industrial ethernet market. The rapidly increasing adoption of industrial ethernet may result in cyber-attacks and breaches and it is likely to hamper the growth of the market. The continuous threat of cyber-attack can result in data loss, which can hamper the industry’s overall operation. Thus, the element is observed to create an obstacle for the market’s expansion.
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Recent Developments:
- In May 2023, Cisco unveiled the Industrial Ethernet (IE) 4000 Series Switches Data Sheet. This series is suitable for Industrial Ethernet applications where hardened products are needed, including transportation, manufacturing, energy, and smart cities. The Cisco IE 4000 can be installed easily along with a GUI based device manager that offers out-of-the-box industrial usage configuration and delivers advanced security, video, and voice services over industrial networks.
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Market Segmentation
By Offerings
- Hardware
- Software
- Services
By Protocol
- EtherCAT
- EtherNet/IP
- PROFINET
- POWERLINK
- SERCOS III
- CC-Link IE
- Others
By End-use Industry
- Oil and Gas
- Automotive & Transportation
- Energy & Power
- Chemical & Fertilizer
- Food & Beverages
- Electrical & Electronics
- Aerospace & Defense
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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