The Industrial Ethernet Switch Global Market Report 2023 by The Business Research Company, provides industrial ethernet switch market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Industrial Ethernet Switch Global Market Report 2023, the global industrial ethernet switches market size is expected to grow from $2.6 billion in 2022 to $2.8 billion in 2023 at a compound annual growth rate (CAGR) of 6.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global industrial ethernet switches market size is expected to reach $3.62 billion in 2027 at a CAGR of 6.6%.
The growing adoption of the industrial Internet of Things (IoT) is expected to propel the growth of the industrial ethernet switch market going forward. The industrial Internet of Things (IIoT) is the expansion and application of the Internet of Things (IoT) in industrial sectors and applications. Industrial Ethernet switches, which provide high-bandwidth or high-density industrial networking IoT solutions, are useful components for business and industrial networks all over the world.
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The industrial ethernet switch market 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
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.
The industrial ethernet switch market report table of contents includes:
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