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At CAGR of 9.6%, Single Pair Ethernet Market is expected to grow from US$ 1,901.37 Million in 2021 to US$ 3,602.17 Million by 2028
Single Pair Ethernet Market: Key InsightsAccording to our latest market study on "Single Pair Ethernet Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Application, and Geography," the single pair ethernet market is expected to grow from US$ 1,901.37 million in 2021 to US$ 3,602.17 million by 2028; it is estimated to grow at a CAGR of 9.6% from 2021 to 2028.
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SPE (Single Pair Ethernet) is considered as a backbone for the Industrial Internet of Things (IIoT) based applications and industry 4.0. Modern equipment, machines, and systems perform complex tasks that encourage manufacturers to deploy a strong & reliable data network system to give a steady and constant flow of information to or from their devices, equipment, machines, and systems. Through a strong communication network, smart devices can seamlessly offer reliable data to or from their source and assist field service technicians and engineering plant managers to make real-time decisions. "SPE is a technology in which manufacturers and different end-users are paving the path of the future success of IIoT. As technology is getting improvised, manufacturers present globally are seeking forward to integrate smart manufacturing, industrial factory automation, and machine learning in the business models and activities.
Pertaining to the fact that Ethernet cables are getting used widely, the single pair ethernet market growth is projected to remain high. However, Ethernet has a few shortcomings that cause obstacles in its adoption. Disadvantages of ethernet include poor security, low durability, easy to tap, high attenuation, thin and can easily break down, and susceptible to electromagnetic interference. Additionally, Ethernet provides a nondeterministic service and is not appropriate for traffic-intensive purposes. In a situation where the traffic rate is high on Ethernet, the efficiency of Ethernet lowers. Such cons may decrease the hold of Ethernet for real-time applications as it needs deterministic service. The factors mentioned above are restraining the single pair ethernet market growth.
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Growing Demand for Manufacturing Industries Propels Single Pair Ethernet Market Growth
The global manufacturing sector is rapidly expanding, with many regions investing in manufacturing plants in their localities. As per the Global Manufacturing Risk Index 2020: China, the US, Japan, Germany, and India are the prominent countries in this sector. The COVID-19 pandemic adversely affected all countries. In addition to industrial advancements in emerging economies, governments are striving to expand the manufacturing sector in their respective countries. AI, 3D printing, and robots are the most prevailing technologies in the manufacturing sector.
For instance, in Australia, the modern manufacturing initiative is a major element of the country's government's modern manufacturing strategy that aims to assist Australian manufacturers in scale-up and competing internationally. Similarly, India can become a global hub for manufacturing by 2030. Such robust plans and aims for reinforcing the manufacturing sector are driving the growth of IIoT and automation globally, which fueled the growth of the single pair ethernet market. Further, the demand for real-time manufacturing data, increased analytics, secure device-to-cloud computing, and monitoring applications is rising, thereby increasing the demand for better industrial communication, which, in turn, is driving the growth of the single pair ethernet market.
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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.
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