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Single Pair Ethernet Market Forecast to 2028 - COVID-19 Impact and Global Analysis - Type and Application
The single pair ethernet market was valued at US$ 1,901. 37 million in 2021 and is projected to reach US$ 3,602. 17 million by 2028; it is estimated to grow at a CAGR of 9. 6% from 2021 to 2028.
New York, April 21, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Single Pair Ethernet Market Forecast to 2028 - COVID-19 Impact and Global Analysis - Type and Application" - https://www.reportlinker.com/p06270041/?utm_source=GNW
There has been a rapid increase in industrial robots in the automation of the automotive and consumer electronics industries, thereby propelling the need for the integration of different types of industrial robots, which is majorly driving the single pair ethernet market.Automotive, pharmaceuticals, packaging, and food and beverages are prominent industries where automated robotics systems are used.
The scope of SPE (Single Pair Ethernet) would also expand in the coming years with the growing use of robotics in manufacturing industries.In addition to the growing demand for industrial robots, smart devices are also expanding, which is expected to create lucrative business opportunities for the growth single pair ethernet market.
Rising demand for products with increased communication and smaller size with greater functionality, the penetration of smart devices continues to rise due to increasing demand for products with increased communication and smaller size with greater functionality.A strong and reliable communication network enables smart devices to seamlessly give accurate data to and from its source, supporting field service technicians and engineering plant managers to make real-time decisions.
Thus, the factors mentioned above are driving the single pair ethernet market growth.
Impact of COVID-19 Pandemic on North America Single Pair Ethernet Market
North America is among the worst-hit regions by the COVID-19 pandemic.COVID-19 outbreak negatively impacted the region’s manufacturing and construction businesses in four critical areas, including supply chain/operations, workforce, 2020 investments, and product offering.
Furthermore, there were disruptions in the supply chain of many industries due to restrictions in logistics and the closing of manufacturing facilities.Manufacturing companies such as Fiat Chrysler, Ford, and General Motors temporarily closed down their plants in the US due to rising COVID-19 cases in the first and second quarters of 2020.
Canada and Mexico also witnessed the same step by manufacturers to limit the spread of the virus.
However, in 2021, with the uplifting of lockdown restrictions and vaccination processes, the manufacturing plants started again, thereby creating a positive scenario for the single pair ethernet market growth.
The global single pair ethernet market has been segmented into five major regions — North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).North America held the largest market share in 2020, followed by Europe and Asia Pacific.
Asia Pacific is further anticipated to register the highest CAGR in the market during the forecast period.
North America has a diverse and developed industrial presence across the region.Manufacturers from the automotive, metals, pharmaceuticals, and consumer goods sectors have increased their adoption of robotic and automation processes.
Further, the region is expressing increasing sales of EVs and a rise in deployment of clean energy projects such as wind and solar, which is another factor for the high market share of single pair Ethernet.The European Union has set a goal to be carbon neutral by 2050, owing to which the deployment of solar and especially wind projects are on the rise, which is a major factor for the rising adoption of single pair ethernet in Europe.
Further, due to the limited availability of a skilled workforce and an aging population, industrial automation is on the rise, which is among other factors fueling the growth of the single pair ethernet market.
Analog Devices, Inc.; Belden Inc.; HARTING Technology Group; LAPP Group; LEONI; PHOENIX CONTACT India Pvt.Ltd.; Siemon; TE Connectivity Ltd.; Wiedmuller Interface GmbH & Co. KG; and Wurth Elektronik are the key players operating in the global single pair ethernet market.
The overall global single pair ethernet market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the single pair ethernet market.
The process also serves the purpose of obtaining an overview and forecast of the single pair ethernet market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the single pair ethernet market.
Read the full report: https://www.reportlinker.com/p06270041/?utm_source=GNW
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