Industrial Ethernet Market Projected to Surpass USD $350B by 2032
The Industrial Ethernet Market is set to grow from its current market value of more than $50 billion to over $350 billion by 2032; as reported in the latest study by Global Market Insights, Inc.
The industrial ethernet market is speculated to amass substantial gains by 2032 owing to the emergence of 5G technology across global industries. In addition, the burgeoning demand for industry 4.0 and automation in the manufacturing industry, along with the surging awareness regarding economic industrial solutions, is likely to propel the market growth over the forecast period.
The COVID-19 pandemic created exponential opportunities for the industrial ethernet industry as many firms witnessed a shift in working trends and adopted advanced automation solutions. Industrial ethernet emerged as an efficient choice for Industry 4.0 approach. For instance, the food and beverage industry witnessed a lag in connectivity during the pandemic due to food contamination concerns. Later, the FDA clearance on guidelines related to installing industrial switches encouraged many F&B industry players to implement industrial ethernet switches.
Moreover, the major players in the industry have been focusing on rigorous R&D initiatives to enhance their business outreach, thereby fostering overall market dynamics. For instance, in July 2022, Ethernet Alliance, a global ethernet consortium, approved the UL Solutions for Ethernet Alliance Gen 2 Power over Ethernet Certification Testing in Taiwan, extending new features to manufacturers. This certification makes products safer, secure and sustainable.
The industrial ethernet market has been bifurcated based on component, protocol, application and region.
Based on component, the industrial ethernet market has been divided into hardware, software and service. The services segment has been further classified into integration & testing service and maintenance service. The industrial ethernet maintenance service segment is foreseen to expand at over 30% CAGR between 2023-2032 as ethernet services aid firms in reducing failures that occurred due to cable breakdowns. The surging use of predictive maintenance in industrial Ethernet aids in receiving a failure analysis through an industry 4.0 network, enabling the failed cable to be replaced.
With respect to protocol, the industrial ethernet market has been classified into Ethernet TCP/IP, gigabit, PROFINET, EtherCAT, Ethernet/IP, Modbus TCP/IP, Powerlink, Sercos III and HSE. The ethernet TCP/IP held over 40% market share in 2022 due to the mounting popularity of ethernet TCP/IP protocol to manage the connection between automated devices & technologies such as CNCs, PLCs, sensors, robots and other industrial equipment.
On the basis of application, the industrial ethernet market has been classified into aerospace & defense, oil & gas, electrical & electronics, energy & power, automotive & transport, chemical and others. The electrical & electronics segment amassed over 20% of the market share in 2022 as a result of technological advancements in electrical and electronic products. Furthermore, electronics products such as routers, firewalls, gateways, hubs and switches enable the implementation of industrial ethernet, driving the segmental growth.
In the regional context, the Latin America industrial ethernet market is poised to showcase over 15% CAGR through 2032. The government initiatives towards improving and expanding power generation capacity and transmission infrastructure are contributing to market growth in the LATAM region. Also, swelling demand for setting up renewable energy generation plants in the region is anticipated to encourage power cable installations over the next 10 years.
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