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LAMEA accounted for around 8% of the industrial ethernet market in terms of revenue in 2019 and is expected to register optimistic revenue growth by the end of 2027. Growing automation in the oil & gas sector is foreseen to propel regional market growth over the forecast period.
Industrial ethernet expedites the synchronization and communication of the actuators that are involved in production processes. Furthermore, several benefits, such as reduced downtime, increased savings, and high flexibility, have positively impacted industrial ethernet market expansion across the globe.
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The industrial ethernet market is projected to witness significant growth by 2027 driven by mounting product demand across varied applications. Moreover, increasing focus of companies on improving operational efficiency is expected to further support market growth through the forecast timeline.
Industrial ethernet refers to a collection of ethernet protocols based on standard ethernet hardware and internet protocols with a proprietary application layer, which ensures that the correct information is transmitted and received as required for a particular operation.
The industrial ethernet market has been categorized on the basis of component, protocol, application, and region. Based on component, the market has further been segmented into hardware, software, and service. The hardware component segment has been divided into switches, controllers and processors, communication interface, connectors, hubs, router, and gateways, and others.
The switches hardware segment has been bifurcated into 2.5 - 10 Gbps, up to 1 Gbps, 1 - 2.5 Gbps, and above 10 Gbps. The above 10 Gbps switches segment was valued at over USD 1 billion in 2020 and is estimated to grow at a notable pace over 2021-2027. Rapid virtualization across the manufacturing industry is set to fuel the demand for above 10 Gbps ethernet switches in the coming years.
In 2020, the hubs, router, and gateways hardware segment held a sizable market share and is projected to register a CAGR of around 5% through the assessment timeframe. Hubs, router, and gateways facilitate the networking of devices to controllers and connect these controllers to the control room, which is likely to promote segmental adoption over the following years.
The connectors hardware segment is anticipated to observe significant growth at approximately 15% CAGR over the study timeline. As more and more companies are looking for higher network speeds with high-quality data transmission, there is a surging demand for connectors, which is slated to bolster segmental expansion in the upcoming years.
From the application perspective, the industrial ethernet market has been segmented into oil & gas, energy & power, aerospace & defense, automotive & transport, electrical & electronics, chemical, and others. The aerospace & defense application segment is calculated to grow at a CAGR of above 10% through the assessment timeline. These components ensure proper data transfer across different systems in the aircraft, which is anticipated to stimulate product demand in the aerospace & defense sector in the coming years.
The energy & power application segment garnered a market share of nearly 15% in 2019 and is speculated to develop at a prominent rate over 2021-2027. Rising adoption of industrial ethernet switches in the sector is set to boost segmental uptake over the study timespan.
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The communication interface hardware segment is expected to progress at a CAGR of over 20% through the analysis period to attain a considerable valuation by the end of 2027. Due to their ability to support various network topologies applications, such as gateways, sensors, transmitters, remote I/O solutions, and operator terminals, communication interfaces are speculated to witness profitable expansion in the forthcoming years.
The service component segment has been segregated into maintenance service and installation and testing service. The maintenance service segment is forecast to see substantial growth by 2027, expanding at about 25% CAGR over the review period. Rising significance of predictive maintenance across the manufacturing industry is likely to foster segmental outlook in the future.
With respect to protocol, the industrial ethernet market has been bifurcated into Ethernet TCP/IP, HSE, Modbus TCP/IP, PROFINET, Gigabit, EtherCAT, Powerlink, Sercos III, and others. The EtherCAT protocol segment is foreseen to amass lucrative gains, progressing at a CAGR of more than 15% through the estimated period. EtherCAT's ability to support multiple device profiles and safety protocol is slated to promote revenue growth of the segment through 2027.
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