The Time-sensitive Networking Market size is projected to reach USD 1,188million by 2026 from an estimated USD 134million in 2021, at a CAGR of 54.7% from 2021 to 2026. Growing adoption of industrial automation in manufacturing industries, rising demand for deterministic Ethernet for real-time applications, and challenging multiple controller applications are among the factors driving the growth of the TSN market.
Switches held a major share of the TSN market, based on components, in 2020, and a similar trend is likely to be observed during the forecast period. The increasing adoption of automation in manufacturing industries is expected to create potential growth opportunities for TSN switches. Industry 4.0 and IoT are becoming key technologies for industrial automation motion control systems, which require interconnected devices on a large scale, which is expected to accelerate the demand for TSN switches in the near future.
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The industrial automation application is expected to capture the largest share of the TSN market during the forecast period owing to the large-scale adoption of TSN technology in industrial automation and manufacturing to fulfill the requirement of the Industrial Internet of Things (IIoT). Industrial automation helps industries streamline the production process, increase production capacity, improve flexibility, and ensure cost reduction. Industry 4.0 and IIoT technologies help industries automate and integrate production equipment with other systems and help businesses to boost their productivity and efficiency and improve predictive maintenance, which, in turn, is expected to fuel the need for TSN technology in industrial automation applications to ensure seamless connectivity and achieve wireless, deterministic, and time-sensitive communication.
In 2020, the US accounted for a larger share of the TSN market in North America. This country is also expected to witness the highest CAGR in the North American TSN market during the forecast period. The rapidly growing manufacturing companies in the US are likely to create high demand for TSN solutions. In addition, the growing adoption of Industry 4.0 that enables smart factory and connected manufacturing across industries provides major growth opportunities for TSN devices.
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