According to the research report titled ‘Industrial Communication Market Size By Component (Hardware [Switches, Hubs, Routers & Gateways, Connectors, Communication Interface, Controller & Processor], Software, Service [Installation Service, Maintenance Service]), By Protocol (Fieldbus [PROFIBUS, Modbus, CC-Link, DeviceNet, CANopen], Ethernet [PROFINET, Ethernet/IP, EtherCAT, Modbus-TCP, Powerlink], Wireless [WLAN, ISA100.11a, Wireless HART]), By Application (Automotive & Transportation, Electrical & Electronics, Aerospace & Defense, Oil & Gas, Food & Beverages, Energy & Power, Chemical, Pharmaceutical, Industrial manufacturing), Industry Outlook, Regional Analysis (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Australia, China, India, Japan, South Korea, Brazil, Mexico, UAE, Saudi Arabia, South Africa), Growth Potential, Competitive Landscape & Forecast, 2019 – 2025’ available with Market Study Report, the global industrial communication market is expected to cross USD 160 billion by the year 2025.
 

As per the report, rising adoption of Industry 4.0 technologies is a major factor driving the industrial communication market growth. Various enterprises are using next-gen industrial technologies such as IIoT (Industrial Internet of Things) in order to optimize the operations and to develop smart supply chains with an effective end-to-end ecosystem. These factors, along with surging need to reduce CAPEX while enhancing operational efficiency is further aiding the market expansion.
 

Favorable government initiatives which encourage automation and digitalization are compelling industries to upgrade their current communication infrastructure. Adding to this, these regulatory firms are collaborating with market majors to develop advanced communication solutions. Introduction of advanced communication standards, in tandem with incorporation of flexible connectivity mechanisms are also stimulating the industry outlook.
 

As per component type, the hardware switches segment held 25% market share in the year 2018 owing to its significance in functioning of network infrastructure. Moreover, advancements in industrial switches have enhanced their use in harsh working conditions, thus, facilitating the business scenario.
 

According to the report, the services segment is presumed to expand with a CAGR of 10% during 2019-2025. The growth is attributed to the growing demand for reliable & efficient communication infrastructure across enterprises.
 

In terms of protocol, the report states that fieldbus segment held 49% share of industrial communication market in the year 2018. Rising adoption of PROFIBUS owing to its ability to easily integrate discrete motion control aspects with digital input & output devices will impel the segmental share.
 

Based on the application spectrum, automotive & transportation segment accounted for 25% market share in 2018. Rising integration of communication technologies, data exchange, and advanced automation solutions in automotive sector, coupled with the need to improve production yield is favoring the market outlook.
 

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As per regional analysis, Europe industrial communication market held 37% share in 2018. Surging investments in Industry 4.0 technologies are contributing towards the growth of the regional market. However, industrial communication market in Asia-Pacific region is presumed to expand with a CAGR of 12% through 2025, due to rapid industrialization and favorable government initiatives.
 

The prominent companies operating in the industrial communication market are Siemens AG, Sick AG, Schneider Electric, Rockwell Automation, Parker Hannifin, Inc., Omron Corporation, Moxa, Inc., Mitsubishi Electric Group, IFM Electronic Gmbh, Honeywell International, Inc., HMS Industrial Networks, General Electric, Eaton Corporation, Cisco Systems, Inc., Bosch Rexroth AG, Belden, Inc., and Beckhoff Automation Gmbh among others.