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IO-Link Market by Product Type (IO-Link Wired, IO-Link Wireless), by Component (IO-Link Master, IO-Link Devices, Sensor Nodes, Modules, Actuators, RFID Read Heads, Others), by Application (Machine Tool, Handling & Assembly Automation, Intralogistics, Packaging), by Industry (Oil & Gas, Energy & Power, Automotive, Aerospace & Defense, Pharmaceuticals, Food & Beverages, Chemicals, Others), and Region - Global Analysis of Market Size, Share & Trends for 2021-2022 and Forecasts to 2032
IO-Link is a specified communication networking standard. The interaction between two different endpoints or nodes is represented by this communication. It operates in both directions and over a short distance since it is bi-directional. In an industrial, it is largely used to connect with sensors and actuators. Fieldbus connections connect sensors and actuators, enabling their placement in remote areas. When using IO-Link, the actuators and sensors in the field link to a "Master" device, which then communicates with a controller—typically a PLC, or Programmable Logic Controller. An unscreened, 20-meter-long 3 wire cable establishes the connection between the IO-Link Master and the field device. Potentially both digital signals and analog values are processed by the master device.
Increasing acceptance of IO-Link in the automotive industry, rising demand for industry 4.0, and rising demand for remote setup, monitoring, and maintenance are some of the factors propelling the growth of the IO-Link Market. The IO-Link Market is also expanding due to numerous benefits connected with the system, including the fact that it requires standardized and reduced wiring, has increased data availability, allows for remote configuration and monitoring, and just needs simple device replacement.
IO-Link Market is categorized on the basis of Product Type into IO-Link Wired and IO-Link Wireless. During the forecast period, the IO-Link wireless segment is anticipated to expand at a faster CAGR. While IO-Link wireless offers equal performance, functionality, and capability to wired IO-Link, the absence of wires results in greater flexibility, greater robustness, and better scalability. In the near future, there will likely be plenty of profitable chances for the growth of the IO-Link wireless protocol due to the growing demand for the IO-Link wireless protocol and the growing use of smart manufacturing across industries.
IO-Link Market is categorized on the basis of application into Machine Tool, Handling & Assembly Automation, Intralogistics, and Packaging. Since IO-Link makes it possible to set dynamic sensor parameters throughout the production process, the Intralogistics segment is predicted to expand significantly over the forecast period and to see a remarkable CAGR. It offers benefits in Intralogistics applications like lessens creep speed travel cycles, optimization of collision positions, and comparatively faster base speed. These advantages have increased the demand for IO-links in the intralogistics sector.
Some of the factors that are predicted to drive the growth of the global IO-Link market include the ability to support much higher level Fieldbus and Ethernet communication protocols, the surge in demand for Industry 4.0, and the rise in government initiatives toward the adoption of industrial automation. Automation is becoming more and more popular in India's industrial sector since it contributes significantly to operational excellence, increased productivity, and quality improvement. Industrial automation has seen an upsurge in the deployment of IO-link systems in recent years. IO-link supported sensor that is also connected through a master can communicate data in both directions using IO-link, an open standard serial communication protocol. These are considerably propelling the IO-Link Market.
The fact that IO-link does not require any special or intricate wiring is a major advantage for many sectors. With conventional discrete IO to link the devices, the cabling can be simply kept using the same common, inexpensive, unshielded 3-wire cables. Moreover, IO-link decreases the variety of cord sets necessary for sensors and eliminates the requirement for analog sensors, saving on inventory expenses. Further reducing the amount of wiring needed, 10-link allows a master-slave setup with passive connection points.
IO-Link Market growth is anticipated to be constrained by challenges with the usage of simple sensors, a lack of standardization, and IO-link restrictions in high-speed or motion control applications. Also, it is anticipated that the lack of compatibility between information technology (IT) and operational technology (OT) and cyber hazards related to automation systems would pose challenges to the IO-Link Market during the projected period.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
IO-Link Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America dominated the IO-Link Market due to its rapid technological breakthroughs, strong government support, and regulatory rules and also strong presence of major industrial players in the region.
Europe will hold a greater share of the market due to the presence of the automotive, aviation, defense, and industrial production verticals in the area. A number of Europe's economies are expanding quickly, offering the market a wide range of prospective options. The European market is also being driven by the expanding demand for IoT-connected devices and industrial automation in the manufacturing sectors.
Players in the IO-Link Market have been considerably impacted by the COVID-19 outbreak. The demand for IO link solutions significantly fell as a result of the complete shutdown of all factories, public areas, and offices worldwide due to lockdown. Moreover, the COVID-19 lockdown imposed by many countries has severely reduced the demand for electronic devices like sensors, switches, and actuators throughout the world. This has had an adverse effect on the growth of the IO-Link Market.
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Report Attribute |
Details |
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Market Size Value in 2021 |
USD 7.8 billion |
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Revenue Forecast in 2032 |
USD 148.2 billion |
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Growth Rate |
CAGR of 30.7% from 2022 to 2032 |
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Base Year for Estimation |
2021 |
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Quantitative Units |
Revenue in USD billion and CAGR from 2022 to 2032 |
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Report Coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments Covered |
Product Type, Component, Application, Industry, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key Companies Profiled |
Siemens, ABB, Emerson Electric Co., Bosch Rexroth AG, Omron Corporation, Rockwell Automation Inc., SICK AG, Pepperl+Fuchs, Hans Turck GmbH & Co. KG, Balluff GmbH, Datalogic S.p.A., ifm electronic GmbH, Banner Engineering Corp., Beckhoff Automation GmbH & Co. KG, Weidmüller Interface GmbH & Co. KG, and Other Prominent Players |
The IO-Link Market size was estimated at USD 7.8 billion in 2021 and is expected to reach USD 148.2 billion in 2032.
IO-Link is a specified communication networking standard. The interaction between two different endpoints or nodes is represented by this communication.
The IO-Link Wireless and Intralogistics segments accounted for the larger share of the IO-Link Market.
Key players in the IO-Link Market are Siemens, ABB, Emerson Electric Co., Bosch Rexroth AG, Omron Corporation, Rockwell Automation Inc., SICK AG, Pepperl+Fuchs, Hans Turck GmbH & Co. KG, Balluff GmbH, Datalogic S.p.A., ifm electronic GmbH, Banner Engineering Corp., Beckhoff Automation GmbH & Co. KG, Weidmüller Interface GmbH & Co. KG, and Other Prominent Players.
Increasing acceptance of IO-Link in the automotive industry, rising demand for industry 4.0, and rising demand for remote setup, monitoring, and maintenance are some of the factors propelling the growth of the IO-Link Market.
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