Industrial Ethernet Market: Growing Demand for Reliable Communication in Industrial Environments

Posted by Tom C on April 5th, 2023

The industrial Ethernet market is a rapidly growing sector in the field of communication technology. It is a network communication system that is widely used in various industrial applications. The industrial Ethernet market is expected to grow at a significant rate due to the increasing demand for high-speed and reliable communication in industrial environments.

According to a report published by MarketsandMarkets, the global industrial Ethernet market is projected to reach USD 15.8 billion by 2028 from USD 11.0 billion in 2023, at a CAGR of 7.5% during the forecast period. The report analyzes the market by various segments such as component, protocol, application, and geography.

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Based on the component, the market is segmented into hardware, software, and services. The hardware segment holds the largest market share and is expected to continue its dominance during the forecast period. The hardware segment includes Ethernet switches, Ethernet gateways, Ethernet cables, connectors, and others. The software segment is expected to grow at the highest CAGR during the forecast period, owing to the increasing demand for advanced software solutions for industrial automation.

Based on the protocol, the market is segmented into EtherCAT, Ethernet/IP, Modbus TCP, PROFINET, POWERLINK, and others. The Ethernet/IP protocol holds the largest market share and is expected to continue its dominance during the forecast period. The Ethernet/IP protocol is widely used in various industrial applications such as automotive, food and beverages, and oil and gas, among others.

Based on the application, the market is segmented into automotive, aerospace and defense, oil and gas, food and beverages, energy and power, pharmaceuticals, and others. The automotive segment holds the largest market share and is expected to continue its dominance during the forecast period. The increasing demand for high-speed and reliable communication in the automotive industry is driving the growth of the industrial Ethernet market.

Geographically, the industrial Ethernet market is segmented into North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific holds the largest market share and is expected to continue its dominance during the forecast period. The increasing adoption of industrial automation in various industries such as automotive, aerospace and defense, and food and beverages is driving the growth of the industrial Ethernet market in this region.