Industrial Ethernet Market Worth Over $70 Billion by 2025: Global Market Insights
The industrial Ethernet market is predicted to hike from $25 billion in 2018 to around $70 billion by 2025, according to a 2019 Global Market Insights, Inc. report. The rapidly growing adoption of Industrial IoT (IIoT) predominantly among the manufacturing and automotive sectors to improve the efficiency of production processes and supply chain is driving the growth of the market. Supportive government initiatives and hefty investments to extensively convert traditional grids into smart grids are resulting in the proliferation of the market.
Large-scale adoption of industrial Ethernet products, such as switches, gateways, connectors, processors, and controllers for structuring industrial networks, is expected to boost the market growth over the forecast timeline. The advent of innovative technologies, such as big data analytics, coupled with the increasing demand for cloud-based solutions in several enterprises across various sectors is escalating the demand for data centers, resulting in the industrial ethernet market growth.
The service segment is projected to exhibit the fastest growth in the industrial ethernet market between 2019 and 2025, reporting a CAGR of over 20% owing to the need for effective installation, testing, and maintenance of the network infrastructure to ensure long-term stability. The software solution segment is estimated to grow at a significant CAGR over the forecast timeline owing to its capability to enable network management through the monitoring of industrial Ethernet networks with a varying number of nodes.
The automotive & transport segment is expected to witness an accelerated growth in the industrial ethernet market throughout the forecast timeline owing to the increasing requirement of bandwidth in automobiles. The automobiles are currently transforming from hardware-driven machines to software-driven electric devices, resulting in a significant increase in complexity and weight of wiring harness.
Consequently, OEMs are integrating more computer-based systems, connections, and applications to ensure proper connectivity between systems, contributing to an exponential increase in wiring harness, resulting in the third highest heaviest and costliest component in cars. It can significantly reduce the complexity and the cost of wiring in the automotive by providing a single network for connecting all the systems via a central switch.
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