The Global IO-Link Market size was valued at US$ 1.96 Bn in 2020 and is expected to reach US$ 20.15 Bn by 2026 to exhibit a CAGR of 33.82% during the forecast period.
The Global IO-Link Market size was valued at US$ 1.96 Bn in 2020 and is expected to reach US$ 20.15 Bn by 2026 to exhibit a CAGR of 33.82% during the forecast period.
The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.The
Global IO-Link Market
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The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data, and projections with a suitable set of assumptions and methodology. The report also helps in understanding the global IO-link market dynamics, structure by identifying and analyzing the market segments and project the global market size.
Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the global IO-Link market.
IO-link is a robust tool, used by companies to install serial communication protocol with sensors and actuators. It helps in growing work efficiency and increases the working conditions of the manufacturing companies. IO-link mostly extends the limit of PLC and deals with the transmission of three different data types. The urge for greater operating safety and improved working condition by the manufacturing industries has given a boost to the global IO-link market.
The major factors behind the growth of the global IO-Link market are initiatives of governments toward the adoption of industrial automation, high focus on growing energy efficiency, optimizing resources, and reducing production costs, increase in digital industrial technology—industry 4.0 and ability of IO-link to support much higher level Fieldbus and
Ethernet communication protocols.
The factors which restrict the growth of the global IO-Link market are the absence of standardization and restriction of IO-Link in high-speed or motion control applications. The major challenges to the growth of the market are threats related to cybersecurity and deficiency of interoperability between information technology and operational technology.
Availability of cloud interface in IO-link and release of IO-link safety specification in 2017 are making many opportunities in the global IO-link market. The discrete industries are anticipated to grow at the highest rate during the forecast period due to the recent flow in the adoption of Ethernet communication protocol as an advanced level communication protocol in automotive, medical devices, and semiconductor and electronics industries.
Owing to the high cost and design complexity, the Ethernet communication protocol is not appropriate for field-level communication applications where a large number of sensors and actuators are used. This restraint of ethernet has offered a new growth opportunity to IO-Link to accept as a field-level communication protocol in recent years. Also, the Ethernet protocol is expected to dominate the market for discrete industries during the forecast period. This, in turn, is anticipated to increase the IO-Link market growth in discrete industries in the future.
Packaging applications are expected to grow at the highest rate during the forecast period due to the amplified focus by many manufacturing industries to defend greater operating safety and efficiency, diminish errors and expand working conditions, which have supported the adoption of packaging automation solutions in industries. The packaging application is anticipated to show the highest growth in the IO-Link market owing to the flexibility that IO-Link delivers to fulfill the necessities for enhancing the packaging process.
In Handling and Assembly Automation, the IO-link is widely used in the process and assembly automation simplifies the connection of valves, RFID read heads, and sensors nodes. The IO-Link is a serial communication standard and capable of joining valves and RFID read heads are gaining grip in the market for the smooth operation of handling and assembly systems. The capacity of IO-Link to replace the parallel wiring with serial wiring makes IO-Link less complex in handling and assembly automation systems.
The Asia Pacific countries such as China, Japan, and South Korea are expected to contribute to the growth of the IO-Link market in this region during the forecast period owing to the rising manufacturing sector in the Asia Pacific. China is a worldwide manufacturing hub for semiconductor and automotive companies. The quickly rising automotive industry in China is likely to create progress opportunities for the IO-Link market players in this country. With the increasing automotive and manufacturing industries, China witnessed a substantial surge in the adoption of IO-Link in recent years.
Also, Europe is expected to grow at the highest rate during the forecast period owing to Fast developments in technologies, strict regulatory policies, strong government support, besides the major presence of key industry players, are a few key factors driving the market growth in Europe. Germany is anticipated to continue to hold a main share of the European market due to the high presence of German players in the market. Germany is also a key center for discrete manufacturing industries.
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The Scope of Global IO-Link Market : Inquire before buying
Global IO-Link Market, by Component
• IO-Link Masters
• IO-Link Components
o Sensor Nodes
o Modules
o Actuators
o RFID Read Heads and Others
Global IO-Link Market, by Industry
• Discrete
• Hybrid
• Process
• Others
Global IO-Link Market, by Application
• Machine Tool
• Handling and Assembly Automation
• Packaging
• Intralogistics
• Others
Global IO-Link Market , by Region
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• South America
Key Players Operating in the Global IO-Link Market
• Siemens
• Rockwell Automation
• Omron
• SICK
• Balluff
• Ifm Electronic
• Turck
• Datalogic
• Festo
• Banner Engineering
• Comtrol
• Beckhoff Automation
• Baumer
• Wenglor Sensoric
• Bosch Rexforth
• Belden
• Aventics
• Weidmuller
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