Global IO Modules Market in Process Industries to Witness Growth Through 2020, Owing to Rise in Investments in Smart Power Grids: Technavio

LONDON--()--Technavio analysts forecast the global IO modules market in process industries to grow at a CAGR of more than 5% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of the global IO modules market in process industries for 2016-2020. The report considered the revenue generated from sales of hardware and software licenses, renewal of software licenses, upgrades of existing solutions, and maintenance and services for calculating market value in the process industries.

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Technavio industrial automation analysts highlight the following three factors that are contributing to the growth of the global IO modules market in process industries:

  • Rise in investments in smart power grids
  • Greater proliferation of Ethernet-based communication in I/O module network
  • Increased implementation of distributed modular I/O modules

Rise in investments in smart power grids

Smart grids are being increasingly deployed at a fast pace globally. Countries such as India, the US, China, France, Spain, and Germany are implementing their ambitious, smart grid plans. Smart grids include grid applications such as I/O modules and related equipment, smart energy meters IT, and other communication networks. These devices enable utilities with complete control and in managing digital assets present in the field. In 2015, Iberdrola, the largest utility in Spain, claimed that it reduced the outage time from 45 minutes during January-July 2014 to 38 minutes in the same period in 2015 due to smart grid implementation. In Jamaica, the implementation of smart grid resulted in an average of 30% decrease in outages in 2015 compared with 2014. In 2015, Florida Power & Light stated to avoid approximately 500,000 outages in 2014 due to smart grid systems and its power delivery diagnostic center. Thus, effective implementation of smart grids is required to counter the power crisis and increase grid reliability.

The I/O modules are widely used in substation automation, distributed automation, and primary equipment monitoring in smart power grids. “The increased spending in smart grids will give a significant boost to the global I/O modules in the power industry during the forecast period,” says Bharat Kanniappan, a lead analyst at Technavio for automation research.

Greater proliferation of Ethernet-based communication in I/O module network

Ethernet has become a major network protocol for data transfer in industries due to its low cost and ease of integration. As the communication protocols have become more open and their operations are based on known physical technologies such as Ethernet, I/O network update rates have increased to the point where they can keep pace with real-time events in the control systems. The reduction in wiring required for industrial devices is another great advantage of the adoption of Ethernet. Connecting the industrial devices to the controller requires only I/O network connection, control power, and in the case of high-energy devices, three-phase power.

Increased implementation of distributed modular I/O modules

“Distributed I/O modules installed in a communication network in process industries enable I/O data to be spread across the machine and outside the cabinet. This decreases the overall hardware costs of the system,” says Bharat. End-users are showing interest in distributed modular I/O technology as it lowers the cost per point of the control designs and reduces the total time of integration.

In a centralized hardwired I/O module configuration, a large volume of cable runs is installed to manage from a centralized location installed in a large cabinet. Centralized I/O are bulky and time-consuming to install. However, a distributed modular I/O setup allows system integrators to configure quickly and test the I/O hardware because it uses the standardized quick-connect connectors and familiar devices. In addition, a distributed modular I/O solution allows users to put the exact number of I/O devices precisely, where it is needed on the machine. This reduces the number of cable runs back to the controls cabinet. The adoption of open network standards such as Ethernet protocols also enables the machines to speak the same language, making communication networks robust.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

The research study covers the present scenario and growth prospects of the global IO modules market in process industries for 2016-2020.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com