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Time-Sensitive Networking Market Growth at CAGR of 53.8%, 2017-2024
September 25, 2017 | PRNewswireEstimated reading time: 2 minutes
The time-sensitive networking (TSN) market is expected to be worth USD 606.0 Million by 2024, at a CAGR of 53.8% considering that it will get commercialized by 2019.
The growth of this market can be attributed to the increasing adoption of industrial IoT and Industry 4.0, the increasing need for real-time networking for various applications, and the development of IEEE standards for deterministic Ethernet.
The time-sensitive networking (TSN) market, on the basis of component, has been segmented into switches; hubs, routers, and gateways; connectors; communication interfaces; power supply devices; controllers and processors; memory; isolator and convertors; and others. The market for switches is expected to grow at the highest rate during the forecast period as many players are expected to provide TSN-enabled switches in coming years. For instance, Belden is releasing a software update for its modularly managed Hirschmann switch types RSPE35 and RSPE37. This will enable TSN features on these switches. This update is expected to be available by the end of 2017. These developments infer that switches would hold the largest share of the TSN market.
The time-sensitive networking (TSN) market based on application has been segmented into industrial automation, power and energy, automotive, transportation, oil & gas, aerospace, and others. The market for automotive application is expected to grow at the highest CAGR during the forecast period. The increasing interest for TSN in automotive application plays a significant role to solve the requirement of latency, synchronization, conformance, availability, and QoS for vehicle communication. The growing environment and safety regulations for automobiles and the integration of advanced systems in automobile manufacturing are expected to fuel the TSN market for automotive applications.
North America is expected to hold the largest share of the time-sensitive networking (TSN) market during the forecast period. Manufacturers in the US are leveraging a competitive advantage through the efficiencies gained through automation. The growing industrial automation in the US is one of the driving factors for the TSN market. The increasing adoption of TSN technology for industrial manufacturing and Industry 4.0 applications in the US is one of the reasons for the growth of the TSN market in North America.
The companies are collaborating to develop the TSN testbed activities. For instance, in June 2016, the first TSN testbed was organized by IIC (US) at National Instruments Corporation (US) IoT lab. NI collaborated with the Industrial Internet Consortium (IIC) and industry leaders such as Bosch Rexroth AG (Germany), Cisco Systems, Inc. (US), Intel Corporation (US), KUKA Aktiengesellschaft (Germany), Schneider Electric SE (France), and TTTech Computertechnik AG (Austria) to develop the first TSN testbed. These activities would help provide opportunities for the TSN market in the coming years.
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