LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global industrial Ethernet market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global industrial Ethernet market will grow at a CAGR of close to 16% during the forecast period. The increasing number of smart grid projects is a major factor driving the market’s growth.
With the growing need for detection and reaction to local changes in the use of power, there is a surge in the implementation of smart grids in the power industry. The initiatives taken by governments of these regions to modernize traditional power grids into smart grids are increasing the scope of the global industrial Ethernet market.
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In this report, Technavio highlights the emergence of smart factories as one of the key emerging trends in the global industrial Ethernet market:
Emergence of smart factories
The advent of smart factories is changing the face of industrial manufacturing, with the gradual shift from traditional automation to a fully connected and flexible system. In a smart factory, a constant stream of real-time data and information is shared to improve or optimize processes through automation and self-optimization. Network and cloud are two essential connected infrastructures required to achieve this goal. The network facilitates the interconnection for communication and data flow, whereas the cloud delivers powerful and elastic computing and storage abilities for Big Data and intelligent applications for further analysis.
Industrial Ethernet protocols, such as EtherCAT, are selected to implement a machine network comprising of machine to cloud communication, and machine to machine communication in the smart factory.
According to a senior analyst at Technavio for automation research, “Factors such as ongoing technological advances, increasing complexity in the supply chain, growing competitive pressures worldwide, and increased investments by end-user industries are fostering the growth and acceptance of the concept of smart factories worldwide. This will drive the growth of the global industrial Ethernet market during the forecast period.”
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Global industrial Ethernet market segmentation
This market research report segments the global industrial Ethernet market by technology (Ethernet/IP, PROFINET, EtherCAT, Modbus TCP/IP, and POWERLINK) and key regions (the Americas, APAC, and EMEA).
Based on technology, the Ethernet/IP segment held the largest market share of close to 29%. The segment is expected to maintain its position during the forecast period. In 2017, the market in EMEA accounted for a significant share of around 38% of the global market revenue followed by the Americas and APAC. Although APAC accounted for the smallest share of the market, it is expected to witness the maximum growth over the forecast period.
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