Northrook, IL -- (SBWIRE) -- 02/26/2020 -- The industrial communication market is expected to be worth USD 141.0 billion by 2023, growing at a CAGR of 11.1% during 2018–2023.

Rise of digital industrial technology—Industry 4.0, and initiatives of governments across the world toward the adoption of industrial automation are some of the major factors driving the growth of the market. The objective of the report is to define, describe, and forecast the industrial communication market size based on offering, communication protocol, end-use industry and region.

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Industrial communication market for wireless communication protocol to grow at highest rate during forecast period

The number of wireless connections in industrial applications has increased considerably over the past few years as a result of improved network coverage, quality of transmission, and bandwidth capacity. Advancements in wireless communication technologies, especially in the wireless highway addressable remote transducer (WHART), cellular, and wireless local area network (WLAN), are helping manufacturing companies to remotely monitor their assets from anywhere in the world.
Industrial communication market for water and wastewater application to grow at the highest CAGR between 2018 and 2023

There is a growing demand for effective industrial communication in the water and wastewater industry with the rising need to manage and increase the efficiency of the plants in response to the increasing water scarcity and growing complexity of water management in water utilities and plants. Rain gauges and smart flow-meters are the most commonly used instruments in the water facilities. Water level monitoring sensors, AC drives, and controllers are crucial components of the water treatment systems, and the industrial communication network is used to facilitate communication among these devices.

APAC to hold largest size of Industrial communication market by 2023

Growing manufacturing sector in APAC countries such as China, Japan, and South Korea is expected to contribute to the growth of the industrial communication market in this region during the forecast period. China is a global manufacturing hub for semiconductor and automotive manufacturers. Rapidly growing automotive industry in China is likely to create growth opportunities for the market players in this country. The manufacturing companies in APAC extensively adopt smart factory concept for implementing advanced manufacturing technologies on the factory floor. This innovative concept has transformed the manufacturing sector in APAC and has increased the implementation of smart automation in factories. The growing acceptance of Industrial Revolution 4.0 in APAC is also one of the factors driving the growth of the market in this region.

Browse in-depth TOC on "Industrial Communication Market - Global Forecast to 2023"

118 Tables
41 Figures
200 Pages

Key Market Players in Industrial Communication Market

Major players in the Industrial Communication market are OMRON Corporation (Japan), Schneider Electric SE (France), Siemens AG (Germany), ABB LTD. (Switzerland), Rockwell Automation, Inc. (US), Advantech Co., Ltd. (Taiwan), IFM electronic Gmbh (Germany), HMS Industrial Networks (Sweden), Cisco Systems, Inc. (US), Moxa Inc. (US), and Belden Inc. (US).

OMRON Corporation (Japan) was ranked first in the industrial communication market. OMRON manufactures and sells market-leading sensing and control products in ~117 countries globally. OMRON's strengths and represent potentially large growing markets including, factory automation, healthcare, mobility, and energy management. The innovative automation technology implemented by the company helps its Industrial Automation Business to deliver a stream of value-added products to its customers.

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