Time Sensitive Networking Market to Reach USD1014.44 Million By 2026
Increasing usage of wireless communication, industrial automation and robotics to drive the growth of the Global Time Sensitive Networking market through 2026.
According to TechSci Research report, “Global Time Sensitive Networking Market By Component (Switches, Hubs, Routers & Gateways, Controller & Processors, Isolators & Convertors, Connectors, Communication Interfaces, Others), By Application (Industrial Automation, Power & Energy, Automotive, Transportation, Oil & Gas, Aerospace, Others), By Region, Competition Forecast & Opportunities, 2026”, the Global Time Sensitive Networking Market was valued at USD219.90 million in 2020 and is expected to grow at a CAGR of 27.90% during the forecast period owing to the rising demand for wireless communication, industrial automation and robotics across the globe. Low transmission latency, reduced costs of implementations, precise data delivery, etc. are further propeling the market growth. However, ownership of networks and issues related to network securities can hamper the market growth during the forecast period.
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The Global Time Sensitive Networking Market is segmented based on component, application, company and region. Based on component, the market is segmented into switches, hubs, routers and gateways, controller and processors, isolators and convertors, connectors, communication interfaces and others including power supply devices and other hardware components. The switches segment held a majority market share of 51.94% in 2020 and is expected to dominate the market in the forecast period as well on account of their benefits over the traditional ethernet switches. These switches are encased in mechanical style tough steel enclosures, improving their toughness in harsh modern industrial conditions. These high level switches support time synchronization and path control reservation to empower deterministic real time networking over standard ethernet for an assortment of utilizations. Most of the companies provide time sensitive networking enabled switches and are expected to launch more products in the same category in the forecast period.
In terms of application, the market is segmented into automotive, power and energy, industrial automation, transportation, oil and gas, aerospace and others including performance audio, traffic management, etc. In 2020, the automotive segment dominated the market with a share of 30.63% and is expected to dominate the market in the upcoming years due to the growing need for automation in automotive industry. Advanced driver assistance systems (ADAS), for example, lane keeping/departure warning, emergency braking, impact aversion and, eventually, fully autonomous driving features, all demand predictable latency and ensured transmission capacity in the network to guarantee that safety-critical data can move from sensors to processors and back rapidly enough to be effective.
To meet this demand, time sensitive networking is becoming increasingly popular in automotive sector which provides real time networking which enables the automotive applications to take control over the vehicle in case of an adverse situation. However, the oil and gas segment is expected to grow at a faster pace in the forecast period. This is primarily due to the adoption of automation platforms and autonomous robotics in the industry. Oil, gas, and energy companies are streamlining and simplifying operations by creating intelligent enterprises based on industrialized services that enable innovative technologies such as robotic process automation (RPA). Time sensitive networking enables more robust and reliable Ethernet communication between machines and plants even under high network load conditions.
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Cisco Systems Inc., N.X.P Semiconductors N.V, Marvell Technology Group Ltd., Microsemi Corporation, Intel Corporation, Xilinx Inc., National Instruments Corporation, Analog Devices Inc., Belden Inc., Broadcom Inc. are among the leading players operating in the Global Time Sensitive Networking Market. Companies operating in the market are using strategies such as product advancement through the addition of new features, mergers, and collaborations to boost their share.
“North America held the largest market share with 37.41% in 2020 and is expected to dominate the market in future as well. Advent of Industry 4.0 and ongoing industrial revolution for automation of conventional manufacturing and industrial practices are expected to fuel the growth of global Time Sensitive Networking Market. The dependability of TSN gives critical benefits to robotization applications in industries like automotive, mechanical engineering, consumer goods, etc. Significant cost reduction is one of key drivers for the industries embracing time sensitive networking. Hardware and system maintenance cost in time sensitive networking is low as the framework requires few cables and devices. Also, time sensitive network allows the convergence of different traffic classes on a single network platform, thus leading to significant cost reduction. This is one of the significant benefits for end clients to move from audio video bridging ethernet to time sensitive networking.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Time Sensitive Networking Market By Component (Switches, Hubs, Routers & Gateways, Controller & Processors, Isolators & Convertors, Connectors, Communication Interfaces, Others), By Application (Industrial Automation, Power & Energy, Automotive, Transportation, Oil & Gas, Aerospace, Others), By Region, Competition Forecast & Opportunities, 2026” has evaluated the future growth potential of the Global Time Sensitive Networking Market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Time Sensitive Networking.
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