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3 vital trends impacting industrial communication market size
The global industrial communication market has thrived successfully in the recent decade as growing adoption of these components in Industry 4.0 has effectively helped increased productivity in major industries. Labor reduction, waste reduction, repeatability, enhanced quality control, and integration with existing business systems have given companies an added advantage by lowering long-term costs, which could indirectly increase product output and revenue.
U.S. Industrial Communication Market Revenue, By Component, 2018 & 2025, (USD Million)
An industrial communication network is the backbone for any automation system architecture as it can offer powerful means of data exchange, controllability and flexibility to connect to various devices. The use of digital communication networks in industries can also lead to improved end-to-end digital signal accuracy and integrity.
Communication networks like LAN (Local Area Network) or WAN (Wide Area Network) can communicate large amounts of data via limited number of channels. Whereas industrial networking enable implementing various communication protocols between field devices, digital controllers and several automation related software tools and external systems. Therefore modern industries have demonstrated increased adoption of industrial communication networks over traditional LAN and WAN. This has led to industrial communication market size depicting a substantial increase lately.
For instance, according to renowned automation conglomerate ABB, and one of the notable players in industrial communication market, the firm’s revenue increased by 5% to $7,395 million in 2018. This has been credited to the strong growth in robotics & motion, robust performance achieved from electrification products and a steady result owing to industrial automation.
Some of the trends that industrial communication market is being defined by are mentioned below:
- Long-term application of industrial communication in the industrial automation sector
Growing demand for increased data processing speed will foster industrial communication market size in the automation sector. As industrial operations are becoming more complex and variable, the market has registered immense growth over recent years. Indeed, a greater number of network-based programmable controllers and mechanisms are required within modern industries to attain faster decisions and increased productivity and efficiency.
With network-based automation, companies can also attain increased saving in work force, energy, raw material, better control on product quality and enhanced plant availability and operational safety. In fact, the technology can help in raising the levels of process control & continuity with improved efficiency, eventually bringing potential production figures to the nominal plant capacity by cutting downtime, corrective maintenance and the lack of raw material supply to minimum.
With efficient real-time communication system like PROFIBUS-DP or PA, Fieldbus and more, distributed peripherals such as Input/output (I/O) modules, transducers, drives, valves and operational panels can also communicate with automation systems more accurately.
Thus, with the advent of the automated systems that are based on advanced industrial communication and technology, the automation sector will attain enhanced benefits in terms of maintenance, and increase plant productivity, further augmenting industrial communication market size.
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- S. to emerge as a pivotal revenue pocket for industrial communication market in the forthcoming years
Being a major producer of automation equipment, U.S. is anticipated to drive massive growth in industrial communication market. Citing International Trade Association (ITA) reports, the country is the leading producer of hardware components that are used in automated systems as well as a major supplier to manufacturing or production industries across the globe.
In fact, in 2015, U.S. exported nearly $10.5 billion worth of automation equipment to foreign markets, claims ITA. Sources suggest that supportive government policies and the presence of global automation players like General Electric, Honeywell, Rockwell, Emerson Electric and more will pave the way for industrialization in the region. Additionally, the increasing adoption of Industry 4.0 will boost the demand for the industrial communication technologies in the coming years, successfully proliferating U.S. industrial communication industry size.
- Wireless communication technologies to enhance industrial operations
Advancements in wireless communication along with growing adoption of advanced tech-based devices will drive the industrial communication industry. The key advantage of wireless systems is that they can be installed in remote locations in an efficient and cost-effective manner. As battery-powered transmitters don’t require wired infrastructure or power supply, they can be installed across areas that are far away from power wiring and wired fieldbus.
They can also be installed in sites where setting up power and cabling systems would be dangerous or too expensive. This flexibility allows use of wireless in both Greenfield projects and ongoing Brownfield projects.
Owing to the low-power nature of Wireless HART devices, users can also operate such equipment for several years without replacing the battery. Moreover, engineering, procurement, and construction contractors and plant owners can increasingly shift to wireless communication technology as it is beneficial in terms of reducing physical fixed infrastructure, managing schedule risk and cost escalation, and reducing space requirements and weight.
According to reports, adopting wireless solutions have reduced commissioning time by 50% for some contractors. The technology further helped in streamlining the design and engineering process, maintaining project schedule and improving user’s ability to manage change on their project. The prominence of this technology is rather overt from the estimate that wireless charging market size is slated to cross $14 billion by 2024.
Moreover, with industry-leading process plants installing wireless infrastructure, industrial communication market size from the wireless communication protocol is estimated to grow at a CAGR of over 22% over 2019-2025.
In a nutshell, it would not be incorrect to quote that industrial communication industry is likely to come up as a highly profitable vertical of the overall electronics cosmos. As per estimates, global industrial communication market size is anticipated to exceed USD 160 billion by 2025.
Author Name :Mateen Dalal
Europe artificial intelligence (AI) in manufacturing market to register a lucrative CAGR of 44% over 2019-2025, cybersecurity to emerge as a prominent application segment
Rising pressure on businesses to sustain profitability and improve efficiency has thrusted the artificial intelligence (AI) in manufacturing market into global recognition, with the need for better quality management, material movement, inspection and predictive maintenance. The growing use of IoT and other means of communication has also created a necessity for ensuring cybersecurity, further bringing AI into play. The advent of industry 4.0 has brought with it the integration of all types of technology-related changes into an organization, which has allowed the growth of AI in manufacturing industry to handle and manage these changes efficiently. Continuous advancements in technology have also led to the development of more complex and functional electronic components, requiring accurate programs and production automation to be implemented and monitored.
U.S. Artificial Intelligence in Manufacturing Market Revenue, By Technology, 2018 & 2025
Machine learning, for instance, has the potential to assist floor managers in devising most cost-effective and efficient production, maintenance and quality control plans, underlining the importance of the AI in manufacturing market. It is widely known that robots have been deployed in almost every manufacturing industry to replace humans in hazardous and more time consuming operations. Using AI to help control these robots and report their progress would help save companies enormous amounts of time and money, realized by reduction in errors and idle time. The ability of AI-enabled robots to be suited for 24-hr production schedule will help improve the competitiveness of businesses and meet rising customer demand for key automobile, appliance and aircraft components.
As evident, the AI in manufacturing industry can prove crucial in refining production and associated operations across numerous business verticals. Regions comprising of mostly developed economies, such as North America and Europe, represent key proponents of AI, with vast investment pools into R&D as well as high labor costs which calls for a more automated production system. Europe in particular has some of the most automated industries in the world. According to the International Federation of Robotics (IFR), Germany is ranked third in the world in terms of automation, with 309 robot units deployed for every 10,000 employees. Sweden and Demark boast of a high degree of automation as well, with 223 and 211 units of industrial robots installed in the manufacturing segment per 10,000 workers.
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In addition to these nations, other EU members have also adopted robots eagerly to take advantage of the long-term financial benefits they deliver, presenting tremendous growth opportunities for the AI in manufacturing market. Europe has witnessed the rise of many producers of hardware components that are compatible with AI technology, besides the augment of software providers and start-ups aiming to offer unique AI experiences. Reports indicate that the region has a constantly growing AI community, where U.K. supposedly has the largest AI ecosystem in the region with Germany, Spain and France close behind. Presence of world leading automakers, electronics product manufacturers, FMCG businesses and consumer goods producers in Europe provides key development and funding opportunities for emerging AI technology firms.
Speaking further, U.K. itself holds more than 120 AI companies while Germany has just over 50, demonstrating their capability to become dominant forces in the Europe AI in manufacturing industry. AI software and platforms are increasingly being designed to counter cyberthreats in this age of IIoT and connectivity, which will be major driving factor for AI in manufacturing market. In 2018, it was reported that nearly 48% of manufacturers in the U.K. had experienced cyber security incidents till date and half of them had even suffered business disruption or financial losses as a result. With most of an organization’s production and individual data stored on their business platforms, AI will certainly be indispensable for cybersecurity applications in the near future.
All in all, owing to the existence of numerous technology firms and surging investments in automation solutions, the AI in manufacturing market in Europe is anticipated to witness a 44% CAGR from 2019 to 2025. Key software and hardware providers based in Europe, such as Graphcore and SAP, as well as formation of technology partnerships with start-ups by American firms like Google, IBM and Microsoft in the region will define the competitive dynamics of the AI in manufacturing industry.
Author Name : Pankaj Singh
Global Market Insights Inc. 