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.
Industry Trends
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.
Post time: May-26-2023
