Market Leadership - Industrial Communication Market
The industrial communication market is expected to reach USD 141.0 billion by 2023 from USD 83.2 billion in 2018, at a CAGR of 11.14% during 2018–2023. The market is mainly driven by the adoption of Industrial Internet of Things (IIoT) and advancement in M2M communication technology for industrial networking. The growth of Industry 4.0 practices in Europe and North America propels the growth of industrial communication. Moreover, the growing penetration of Industry 4.0 and computer-integrated manufacturing (CIM) in developing countries in APAC and the Middle East is expected to offer new growth opportunities for the industrial communication solutions providers. The growth of Industry 4.0 practices, specifically, in Europe and North America propels the growth of industrial communication.
The industrial communication market is highly competitive owing to the presence of a large number of players. Product launches and developments, acquisitions, and partnerships have been the major strategies adopted by the leading players to grow in the market. Among these strategies, players have widely adopted the strategies of product launches and developments to remain competitive in the market. Key players implementing these strategies are SICK AG (Germany), OMRON Corporation (Japan), Schneider Electric SE (France), ABB Ltd. (Switzerland), Belden Inc. (US), Moxa Inc. (US), Siemens AG (Germany), Rockwell Automation, Inc. (US), GE Grid Solutions, LLC (US), Cisco Systems, Inc. (US), Advantech Co., Ltd. (Taiwan), HMS Industrial Networks (Sweden), IFM Electronic GmbH (Germany), and Mitsubishi Electric Group (Japan).
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Top 2 players in industrial communication market:
Rockwell is one of the largest companies dedicated to industrial automation and information, which strives to improve the productivity and market sustainability of its customers. Rockwell focuses on R&D to stay ahead of its competitors in the market. Its R&D efforts are aimed at increasing efficiency, improving customer focus, and reducing the lead time to market for new products. With a strong technology foundation and deep understanding of its clients, the company is strongly positioned to deliver unparalleled value through innovative products and solutions across the automation industry. Rockwell serves its customers in a wide range of industries, including consumer products, resource-based industries, and the transportation industry. Rockwell Automation focuses on the expansion strategy to increase its geographic footprint in the global industrial communication market. It establishes partnerships and acquisitions, primarily, to strengthen its business. For instance, in June 2018, Rockwell Automation, Inc. partnered with PTC Inc. (US) with an aim to increase its product portfolio in wireless communication.
Siemens holds a strong position in the industrial communication market for its products and solutions offering. The Siemens Digital Factory division business has presence grown in all regions. It has a stronger market in Asia and Australia than other regions, with the accelerated growth in Europe. It has been facing high demand from the consumer-centric manufacturing industries in the US, whereas factory automation investment slowed in oil and gas producing countries owing to the slowdown in the gas industry worldwide. As part of its major growth strategies, it focuses on the innovation-driven growth markets by expanding and strengthening its product portfolio. For instance, in May 2018, Siemens launched industrial Ethernet switches with special functions for process industries.
Related Reports:
Industrial Communication Market by Offering (Components, Software, and Services), Communication Protocol (Fieldbus, Industrial Ethernet, and Wireless), End-Use Application (Automotive, Oil & Gas, Food & Beverages) and Geography - Global Forecast to 2023
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