As cited by the research report titled ‘Industrial Ethernet Market Size, By Component (Hardware [Switches, Hubs, Routers & Gateways, Connectors, Communication Interfaces, Controllers & Processors], Software, Service [Integration & Testing Service, Maintenance Service]) By Protocol (Ethernet TCP/IP, Gigabit, PROFINET, Modbus TCP/IP, Powerlink, EtherCAT, Sercos III, HSE), By Application (Automotive & Transport, Aerospace & Defense, Electrical & Electronics, Oil & Gas, Energy & Power, Chemical), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with MarketStudyReport, global industrial ethernet market is projected to expand significantly over 2020-2026.
 

Rising adoption of advanced industrial ethernet protocols is a major factor driving global industrial ethernet market growth.
 

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For the record, industrial ethernet offer real-time control and determinism in industrial applications. In recent years, industrial ethernet has gained considerable prominence in the manufacturing sector as it ensures correct and on-time transfer of manufacturing data to perform certain operations.
 

Based on component type, the hardware segment is poised to witness notable growth in the coming years. The communication interfaces segment is expected to expand at 20% CAGR through 2026, owing to an increased demand due to their ability to support several network topologies and applications.
 

Meanwhile, the maintenance service segment is poised to grow at 25% CAGR up to 2026 on account of increased adoption of predictive maintenance solutions across the manufacturing sector.
 

Considering protocol type, the EtherCAT protocol segment is anticipated to record a 15% CAGR through 2026, on account of its ability to support multiple device profiles as well as different safety protocols.
 

Moving on to application range, the energy & power segment obtained around 15% revenue share in 2019 and is expected to garner significant returns over the forecast timeline.
 

Considering the regional frame of reference, Latin America and the Middle East & Africa market captured 8% of the overall revenue share in 2019 and are likely to showcase considerable growth over the assessment period owing to rising levels of automation in the oil & gas sector.
 

Prominent players influencing the industrial ethernet industry dynamics are Innovasic Inc. (ANALOG DEVICES Inc.), Honeywell International Inc., Eaton Corporation PLC, Cisco Systems Inc., Robert Bosch GmbH (Bosch Rexroth AG), Belden Inc., Beckhoff Automation GmbH & Co. KG, Barta-Schoenewald Inc., Physik Instrumente (PI) GmbH & Co. KG (ACS Motion Control, Ltd.), ABB Ltd., Yokogawa Electric Corporation, Yaskawa Electric Corporation, Siemens AG, Schneider Electric SE, Rockwell Automation Inc., Parker-Hannifin Corporation, Omron Corporation, Moxa Technologies Inc., and Monnit Corporation (Alta Ethernet Gateway).