Yahoo Finance $10.38 Billion, Communications Interface Market to Reach 8.9% of CAGR by 2028 with Emergence of Industry 5.0 | Global Report by The Insight Partners
The global communications interface market growth is impelled by rising adoption of automation technologies across industries, increasing development of robots and emergence of industry 5.0
New York, Dec. 07, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study “Communications Interface Market Size, Share, Trends, Growth and Demand Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (1-Port, 2-Port, and Others), Mode of Communication [Wired (Ethernet, USB, RS-232/RS-485, and Others) and Wireless & Hybrid], and Application (Industrial Monitoring, Battery Monitoring System, Remote Sensors Communication, Railway Signaling System, Machine to Machine Communication, and Others)”, The global communications interface market size is estimated to grow from USD 6.22 billion in 2022 to USD 10.38 billion by 2028; it is estimated to grow at a CAGR of 8.9% from 2022 to 2028.
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Global Communications Interface Market – Report Scope:
Growth rate | CAGR of 8.9% from 2022 to 2028 |
Market Size Value in | USD 6.22 Billion in 2022 |
Market Size Value by | USD 10.38 Billion by 2028 |
Forecast Period | 2022-2028 |
Base Year | 2022 |
No. of Pages | 200 |
No. of Tables | 115 |
No. of Charts & Figures | 88 |
Historical data available | Yes |
Segments covered | Product, Mode of Communication, and Application |
Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Communications Interface Market: Competitive Landscape and Key Developments
ABB Ltd., Eaton Corp Plc, Honeywell International Inc, Omron Corp, and Rockwell Automation Inc. are a few key communications interface market players operating across the globe. During this study, several other communications interface market players were analyzed to get a holistic view of the communications interface market size and its ecosystem.
In 2022, Parker Hannifin announced a new PAC motion controller and module series with web-based visualization for instant remote monitoring of up to 40 motion axes. The controller module contains numerous industry-standard communication and capability options such as modern PLC or other motion controllers. The primary communication interface is EtherCAT, with a secondary isolated Fieldbus port providing access to either a second EtherCAT network, Ethernet/IP (supporting Modbus TCP), or PROFINET I/O, depending on the specific model.
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Global Communications Interface Market: COVID-19 Pandemic Impact
With favorable government policies to boost innovation and reinforce infrastructure capabilities, North America has the highest acceptance and development rate of emerging technologies. Therefore, any negative impact on industries is projected to hinder the region's economic development. The continuous growth in the number of COVID-19 patients compelled government authorities to impose stringent lockdowns across the US and other countries during the first three quarters of 2020. Hence, businesses got disrupted, and companies scrambled to remain afloat in the market. However, the pandemic led to an exponential increase in demand for industrial automation, leading to a steep rise in demand for communications interfaces after the reopening of industries. According to the Association for Advancing Automation, in Q1 of 2021, procurement of robotics was 86% higher by metal manufacturers; 72% higher by life sciences, pharmaceuticals, and biomed manufacturers; 32% higher by food and consumer goods manufacturers; and 12% higher by other nonautomotive manufacturers, compared to Q1 of 2020 in North America. Thus, the rise in robot adoption and industrial automation are expected to revive the sale volume of communications interfaces across the region in 2021.
The rapid adoption of smart devices and systems for various applications such as industrial networking, battery monitoring system, remote sensor communication, railway signaling system, and machine to machine communication is also increasing the need for proper connection between the systems to efficiently communicate data for timely operations. IoT devices are being rapidly adopted across industries to enhance asset performance and utilize it optimally. In January 2022, Midea Group, as a part of its ‘full digitization and intelligence’ program, announced its plan to modernize its kitchen and water heater appliance manufacturing plant. To attain this, the company installed 5G-enabled Industrial IoT (IIoT) solutions across the production facility. Thus, the rising adoption of IoT and smart devices has increased the demand for communication interface devices, thereby contributing to the communications interface market growth.
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Global Communications Interface Market: Product Overview
Based on product, the communications interface market size is segmented into 1-port, 2-port, and others. The 2-Port segment accounted for the largest share in the market in 2021. However, the others segment is expected to grow with the highest CAGR over the forecast period in the communications interface market. 2-Port interfaces are the most prevalent type in the industrial scenario. A 2-port refers to a pair of terminal connecting an external device. Two ports are provided for connecting host computers, Programmable Terminals (PTs), general-purpose external devices, and Programming Devices (excluding Programming Consoles). Each port can be connected to an independent external device and operated simultaneously. Majority of computers include dual port communication interface, which acts as a major driving factor for the market growth in the segment. ABB, NXP Semiconductors, OMRON Corporation, Eaton, Gauging Systems Inc, and Honeywell International Inc. are among the major players providing 2-port communication interface. There is a massive adoption of this port, as the data transfer speed is higher in comparison with the serial port.
Global Communications Interface Market: Application Overview
Based on application, the communications interface market is segmented into industrial networking, battery monitoring system, remote sensors communication, railway signaling system, machine to machine communication, and others. The machine to machine communication segment is expected to register the highest CAGR during the forecast period. Communication interface in machine to machine communications facilitates ubiquitous communications where numerous intelligent devices such as sensors, machines, and hardware connected by wired or wireless links interact without direct human intervention. Machine to machine communication is increasingly used in smart grids, e-healthcare, home area networks, intelligent transportation systems, environmental monitoring, smart cities, and industrial automation. It is one of the fastest-growing technologies to connect millions of devices within a single network. Such growth prospects generated the need for communication interfaces for machine to machine communications, which augments the growth of the global communications interface market size in the machine to machine communication segment.
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Communication interface devices are used to connect communication systems to networks enabling an efficient flow of data while connecting several smart devices and systems installed during the operational process. The adoption of Industry 4.0, which requires intelligent systems to communicate with each other for optimized performance, is driving the need for communication interfaces, such as IO-Link, Ethernet, and near-field communication (NFC). Thus, the increasing adoption of intelligent devices across industries is driving the communications interface market growth.
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