The new industrial communication gateways market research report from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Industrial Communication Gateways Market 2020-2024 (Graphic: Business Wire)
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the industrial communication gateways market.
“One of the primary growth drivers for this market is the growth in high-speed communication,” says a senior analyst for the Industrials industry at Technavio. As the markets recover, Technavio expects the industrial communication gateways market size to grow by USD 611.40 million during the period 2020-2024.
Industrial Communication Gateways Market Segment Highlights for 2020
- The industrial communication gateways market is expected to post a year-over-year growth rate of 9.20%.
- Based on the end-user, the process industry segment led the market in 2019. The growth of the segment is driven by the extensive use of communication gateways for linking remote monitoring data with legacy systems of organizations to ensure effective communication in process industries.
- The market growth in the segment will be significant over the forecast period.
- 38% of the growth will originate from the APAC region.
- The growth of the market in APAC is driven by the increase in automation, the growing use of renewables in the power sector, and the rising adoption of industrial ethernet-based gateways in the automotive sector are driving/
- China is the key market for industrial communication gateways in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The industrial communication gateways market size is expected to accelerate at a CAGR of about 11% during the forecast period.
- The industrial communication gateways market is segmented by End-user (Process industry and Discrete industry) and Geography (North America, APAC, Europe, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including ABB Ltd., Advantech Co. Ltd., Artila Electronics Co. Ltd, Cisco Systems Inc., Emerson Electric Co., HMS Industrial Networks AB, Liebherr-International AG, MSA Safety Inc., Siemens AG, and SoftPLC Corp.
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