Industrial Communication Market Size, Share, Industry Report, Revenue Trends and Growth Drivers 2023 – 2028

Posted by Steve Stark on August 3rd, 2023

The industrial communication market is projected to grow from USD 21.9 billion in 2023 to USD 29.0 billion by 2028; it is expected to grow at a CAGR of 5.7% from 2023 to 2028. Initiatives undertaken by governments of different countries to promote the adoption of industrial automation, the growing need for scalable, faster, reliable, and interoperable communication protocols, increasing use of machine-to-machine communication technology, and increasing use of digital twin to safely monitor smart manufacturing operations are among the factors driving the growth of industrial communication market.

Services offerings to witness highest CAGR during the forecast period

There is a growing requirement for services pertaining to industrial communication. Various services are provided by industrial communication market players, which can meet the application-specific needs of end users. Service providers provide customized network design and other related services, such as long-term maintenance contracts of installations, to cater to clients with specific requirements. They also provide remote support services for networks and can solve or manage network problems remotely. Companies such as Siemens and General Electric provide a separate services portfolio for this market.

Pharmaceutical and medical devices to witness highest CAGR during the forecast period

The pharmaceutical industry is evolving with the adoption of automation and sensing technologies. A pharmaceutical company generally has different plants or units for various processes, such as manufacturing and packaging. Chemical plants process various medicines, and the manufacturing and packaging plants pack these medicines into capsules and bottles. However, there must be proper communication between these units to ensure efficient production. Companies such as Rockwell Automation provide communication solutions for gaining real-time access and extended enterprise visibility into vital manufacturing data. This can enable businesses to improve their processes and provide organizations with better access to real-time production information. It also helps improve supply chain integration across a pharma facility.

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Asia Pacific to witness highest CAGR during forecast period

Asia Pacific is currently the largest manufacturing hub for automotive and electronics companies. The manufacturing companies in Asia Pacific extensively adopt the smart factory concept for implementing advanced manufacturing technologies on the factory floor. This innovative concept has transformed the manufacturing sector in Asia Pacific and has increased the implementation of smart automation in factories. The growing acceptance of Industrial Revolution 4.0 in Asia Pacific is among the factors driving the growth of the industrial communication market in this region. Furthermore, an increase in factory automation in various industries to integrate wireless networking technologies for reliable and fast machine-to-machine communications led to the growth of the industrial communication market in Asia Pacific.

Key Market Players

The major players in the industrial communication companies include Cisco Systems, Inc. (US), Siemens (Germany), Rockwell Automation (US),  OMRON Corporation (Japan), Moxa Inc. (Taiwan),  Huawei Technologies Co., Ltd. (China), SICK AG (Germany), Schneider Electric (France), ABB (Switzerland), Belden Inc. (US), GE (France), Advantech Co., Ltd (Taiwan), FANUC CORPORATION  (Japan), Bosch Rexroth AG (Germany), AAEON Technology Inc. (Taiwan), HMS Networks (Sweden), Honeywell International Inc. (US), Mitsubishi Electric Corporation (Japan),  Ericsson (Sweden), Hans Turck GmbH & Co. KG (Germany), ACS Motion Control (Israel), Eaton (Ireland), Beckhoff Automation (Germany), Hitachi, Ltd. (Japan). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the market.