LONDON--(BUSINESS WIRE)--Technavio has been monitoring the industrial communication market and it is poised to grow by USD 69.77 billion during 2020-2024, progressing at a CAGR of almost 12% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
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Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a direct impact on the industrial communication market. The market growth in 2020 is likely to increase compared to market growth in 2019.
Frequently Asked Questions:
Based on segmentation by the market landscape, which is the leading segment in the market?
The fieldbus is the leading segment in the market.
What are the major trends in the market?
The increasing deployment of industrial ethernet solutions are the major trends in the market.
At what rate is the market projected to grow?
The market is projected to accelerate at a CAGR of almost 12%.
Who are the top players in the market?
ABB Ltd., Advantech Co. Ltd., Cisco Systems Inc., Emerson Electric Co., General Electric Co., National Instruments Corp., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, and Texas Instruments Inc. are the top players in the market.
What are the key market drivers and challenges?
The market is driven by the emergence of new and innovative Fieldbus. However, the lack of determinism in industrial communication networks will challenge growth.
How big is the APAC market?
45% of the market’s growth will originate from APAC during the forecast period.
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. ABB Ltd., Advantech Co. Ltd., Cisco Systems Inc., Emerson Electric Co., General Electric Co., National Instruments Corp., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, and Texas Instruments Inc. are some of the major market participants. Although the emergence of new and innovative Fieldbus will offer immense growth opportunities, the lack of determinism in industrial communication networks is likely to pose a challenge for the market vendors. In a bid to help players strengthen their market foothold, this industrial communication market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Industrial Communication Market 2020-2024: Segmentation
The industrial communication market is segmented as below:
- Industrial Ethernet
- North America
- South America
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Industrial Communication Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The industrial communication market report covers the following areas:
- Industrial Communication Market Size
- Industrial Communication Market Trends
- Industrial Communication Market Industry Analysis
This study identifies the increasing deployment of industrial ethernet solutions as one of the prime reasons driving the industrial communication market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Industrial Communication Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist industrial communication market growth during the next five years
- Estimation of the industrial communication market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the industrial communication market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of industrial communication market vendors
Table of Contents:
- Market Overview
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Other 1
- Market segments
- Comparison by Other1
- Fieldbus - Market size and forecast 2019-2024
- Industrial Ethernet - Market size and forecast 2019-2024
- Wireless - Market size and forecast 2019-2024
- Market opportunity by Other1
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver - Demand led growth
- Volume driver - Supply led growth
- Volume driver - External factors
- Volume driver - Demand shift in adjacent markets
- Price driver - Inflation
- Price driver - Shift from lower to higher priced units
- Market challenges
- Market trends
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- ABB Ltd.
- Advantech Co. Ltd.
- Cisco Systems Inc.
- Emerson Electric Co.
- General Electric Co.
- National Instruments Corp.
- Rockwell Automation Inc.
- Schneider Electric SE
- Siemens AG
- Texas Instruments Inc.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.