With rising demand from a plethora of high-revenue industrial sectors, the global time sensitive networking (TSN) market is set to register a remunerative growth period over the coming years. TSN is an IEEE defined standard technology that is used to facilitate deterministic messaging capabilities through a standard Ethernet.
Deterministic communication is crucial for a number of industrial sectors, ranging from automotive, aerospace, and transportation to manufacturing and utilities. Facilitating means of determinism on standard Ethernet allows for new levels of optimization and connectivity, which subsequently leads to significant cost savings for the aforementioned industries.
While the exact format of widespread TSN use needs to be further refined, the technology is set to take over standard Ethernet across industrial settings owing to its superiority with regards to latency.
The overall time sensitive networking (TSN) market is bifurcated in terms of component, application, and regional landscape.
When it comes to component, the market is further bifurcated into solution and service, which are further classified into switch, controllers & processors, and other hardware components; as well as professional services, and managed services, respectively.
Under the solution segment, the other hardware component sub-segment is anticipated record significant growth over the coming years. In fact, the other hardware segment is likely to grow with an impressive CAGR of more than 20% over the projected analysis period owing to exponentially growing demand for network interfaces.
With respect to the application segment, the market landscape is divided into power and energy, oil & gas, automotive and transportation, industrial automation, aerospace, and others. Among the aforementioned segments, the oil & gas segment is forecast to depict a remunerative growth graph over the coming years.
The segment is expected to record a momentous CAGR of more than 25% during the analysis period. Rapidly rising level of automation across the overall oil & gas sector and increasing adoption of IoT devices is attributed to bring forth this growth.
In terms of regional landscape, the time sensitive networking (TSN) market is divided into North America, Europe, APAC, Latin America, and MEA. Among these, the Middle East and Africa time sensitive networking market is anticipated to record a period of exponential growth.
Owing to technological advancements and growing capabilities and sophistication of automation systems, industries across the Middle East and Africa region have been witnessing increasing adoption of industrial automation systems over the past years. Going forward, the region is anticipated to continue fueling this trend.
Attributing to this growing adoption of industrial automation in the region, the MEA TSN market is anticipated to register a CAGR of more than 30% throughout the forecast timeframe.