May 04, 2023 04:31 ET | Source: Market Research Future Market Research Future
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London, United Kingdom, May 04, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Industrial Ethernet Switch Market Research Report Information By Type, By Application Areas, By Organization Size, By End-Users, And By Region – Market Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 5.36 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 7.10% during the assessment timeframe.
Ethernet is the global standard for networking systems, making communication between devices possible. Ethernet enables the conjoining of multiple computers, devices, machines, etc., over a single network. Ethernet today has become the most popular and widely used network technology. Industrial ethernet switch systems are more robust than office ethernet. Industrial ethernet switch has recently become a popular industry term in manufacturing.
Ethernet Industrial Protocol (Ethernet/IP) is a network communication standard to enable the handling of large amounts of data at ranging speeds. Industrial ethernet switch protocols like PROFINET and EtherCAT modify standard ethernet to ensure specific manufacturing data is correctly sent and received. It also ensures the timely data transfer needed to perform a specific operation.
Over recent years, the aerospace & defense and oil & gas industries have been witnessing rapid growth, boosting the industrial ethernet switch market share throughout the review period. Industrial ethernet switches advantages, and the growing requirement to ensure the effectiveness of communication infrastructure in the automotive and transport environments boost the market size.
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Key players active in the industrial ethernet switch market are-
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The industrial ethernet switch market outlook appears promising, witnessing tremendous opportunities. Industrial ethernet switches enable seamless data transfer via a secure network connection across the manufacturing plant. This helps to improve the supply chain and production capacities of the industry, minimizing the downtime of industrial processes.
Therefore, many industries are migrating towards the latest technology for process automation. The growing uptake of the Industrial Internet of Things (IIoT) and IoT in manufacturing and process industries is a key driving force behind the rapid industrial ethernet switch market growth.
Furthermore, government initiatives promoting the use of ethernet in process and manufacturing industries to adopt the latest technology drive the market's growth. On the flip side, the requirement of substantial capital investments to install industrial ethernet switch solutions is a major factor impeding market growth.
The COVID-19 outbreak fostered the need for industrial automation, which further helped the industrial ethernet switch market to normalize and witness rising revenues. Simultaneously, emerging economic and technical trends presented new opportunities to the market players. Industry players have started fostering investments in working on countermeasures. These factors would further positively impact the market growth.
The industrial ethernet switch market is segmented into types, organization sizes, applications, end-users, and regions. The type segment is sub-segmented into managed and unmanaged industrial ethernet switches. The organization size segment is sub-segmented into SME and large enterprises. The application segment is sub-segmented into smart grids, security & surveillance, and others. The end-user segment is sub-segmented into aerospace & defense, oil & gas, and others.
North America dominates the global industrial ethernet switch market. The large presence of key technology providers, such as Cisco and Analog Devices, and early adopters of the latest technology in this region drive market growth. The rising adoption of the latest communication network protocols and the demand for high data transfer speeds in data centers influence the industrial ethernet switch market share. The US and Canada hold sizable shares in the regional market with their rapid industrialization and spurring rise across industries.
The Asia Pacific region holds the second-leading global industrial ethernet switch market share. The presence of leading players, such as Moxa Inc., OMRON Corporation, and Yokogawa Electric Corporation (Japan), enabling the early adoption of the technology and high penetration of IoT devices, is the major industrial ethernet switch market trend.
Furthermore, widely spreading industrial automation in manufacturing and process industries and increased R&D investments to develop technology increase the region's industrial ethernet switch market share. China, Japan, and India are major industrial ethernet switch markets in the region.
Europe is emerging as a profitable market for industrial ethernet switches. The growth is driven by the rapidly growing aerospace & defense and energy & power industries. Moreover, the presence of key automakers and pharmaceutical product manufacturers impacts the market's growth. The flourishing manufacturing industry in this region is also a major tailwind for the market's growth.
Besides, rising defense budgets and huge spending in the European space industry to get long-term solutions for high-end, demanding devices support the regional market's growth. The UK, Germany, France, and Italy are major industrial ethernet switch markets in the region.
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The industrial ethernet switch market is witnessing several strategic approaches, such as partnerships, expansion, collaboration, mergers & acquisitions, and product/ technology launches. Leading industry players invest significantly to drive research and development activities and expansion plans.
For instance, on Oct. 11, 2022, Analog Devices, Inc. launched a multiprotocol industrial ethernet switch platform, the ADIN2299, for platform assessment and system development. These switches can address the connectivity needs of industrial and process automation, motion control, transportation, and energy automation. The platform is designed to operate in a star, line, or ring topology.
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