The industrial ethernet switch market has experienced strong growth, increasing from $2.8 billion in 2023 to $3.01 billion in 2024, with a CAGR of 7.3%. This growth is driven by automation, Industry 4.0, and high-speed data transmission needs. The market is projected to reach $3.88 billion by 2028, with a CAGR of 6.5%. Growth drivers include 5G integration, edge computing expansion, and cybersecurity concerns. Major trends are time-sensitive networking (TSN), gigabit ethernet, and remote management.
The growth trajectory of the industrial ethernet switch market is fueled by the increasing adoption of the industrial Internet of Things (IIoT). This expansion and application of the Internet of Things (IoT) in industrial sectors drive the demand for industrial ethernet switches, providing high-bandwidth or high-density industrial networking IoT solutions globally. According to a September 2022 report by Ericsson, nearly 60% of cellular IoT connections are expected to be broadband IoT by the end of 2028, with a significant increase in IoT connections from 13.2 billion in 2022 to a projected 34.7 billion by 2028. This growth signifies an 18% annual growth rate, highlighting the escalating adoption of IIoT. Consequently, the industrial ethernet switch market is propelled by the increasing prevalence of the industrial Internet of Things, with the market size expected to reach [2023 Market Size] in 2023, followed by [2024 Market Size] and [2028 Market Size] in 2024 and 2028, respectively.
Request A Free Sample Of The Global Industrial Ethernet Switch Market ReportMicrosoft Corporation, Dell Technologies Inc., Huawei Technologies Co. Ltd., Hikvision Digital Technology Co. Ltd., Siemens Ag, International Business Machines Corporation, Cisco Systems Inc., Schneider Electric SE, ABB Ltd., Hewlett Packard Enterprise Company, Rockwell Automation Inc., Omron Corp., Juniper Networks Inc., Arista Networks Inc., Phoenix Contact GmbH & Co. KG, Avaya Inc., Hirschmann (a Belden brand), Belden Inc., Advantech Co. Ltd., Polycom Inc., Alcatel-Lucent S.A, Extreme Networks Inc., Netgear Inc., Allied Telesis Inc., Moxa Inc., Beckhoff Automation GmbH & Co. KG, 3onedata Co., Mencom Corporation, Korenix Technology Co. Ltd., Brocade Communication Systems Inc., Weidmüller, Westermo Network Technologies, B&R Industrial Automation GmbH, Harting Technologiegruppe, TRENDnet
Product innovations are a key trend gaining popularity in the industrial ethernet switch. Major companies in the industrial ethernet switch market are developing advanced products to sustain their position in the market. For instance, in May 2022, Westermo, a Sweden-based industrial data communications products manufacturer, launched a 10-gigabit industrial Ethernet switch. This was designed to accommodate growing bandwidth demands, allowing contemporary, large-scale data communication networks to transport more data than ever before. The product offers the WeOS operating system, which assures continuous operation and support for an expanding range of protocols and features while streamlining installation, operation, and maintenance, contributing to the reduction of complexity.
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The industrial ethernet switch market covered in this report is segmented –
1) By Type: Managed Industrial Ethernet Switches, Unmanaged Industrial Ethernet Switches
2) By Application: Smart Grid, Security And Surveillance, Intelligent Rail And Traffic
3) By Industry Vertical: Manufacturing, Electric And Power, Aerospace And Defense, Automotive And Transportation, Oil And Gas, Other Industry Verticals
By Geography:The regions covered in the industrial ethernet switch market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the global industrial ethernet switches market in 2023.
The Industrial Ethernet Switch Global Market Report 2024 furnishes information about the global industrial ethernet switch market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.