The industrial Ethernet market is set to grow from its current market value of more than $50 billion to more than $350 billion by 2032, as reported in the latest study by Global Market Insights, Inc.
The market is speculated to amass substantial gains by 2032 owing to the emergence of 5G technology across global industries, per the study. In addition, the burgeoning demand for Industry 4.0 and automation in the manufacturing industry, along with the surging awareness regarding economic industrial solutions, is likely to propel the market growth over the forecast period.
The industrial Ethernet market has been bifurcated based on component, protocol, application and region, notes Global Market Insights. Based on component, the industrial Ethernet market has been divided into hardware, software and service. The services segment has been further classified into integration/testing service and maintenance service. The industrial Ethernet maintenance service segment is foreseen to expand at over 30% CAGR between 2023-2032 as Ethernet services aid firms in reducing failures that occurred due to cable breakdowns, per the study.
