LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global industrial IO modules market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global industrial IO modules market will grow at a CAGR of close to 6% during the forecast period. Continued developments in power grid projects is a major factor driving the market’s growth.
Power grid projects adopt industrial I/O modules in power generation, transmission, and distribution. Smart grids include grid applications such as I/O modules and related equipment, smart energy meters, IT, and other communication networks. These devices allow utilities with complete control and help in managing digital assets present in the field. The key benefits of smart grids play a key role in fostering investments in smart grid projects when compared to traditional grids.
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In this report, Technavio highlights the development of smart factories as one of the key emerging trends driving the global industrial IO modules market:
Development of smart factories
The industrial manufacturing landscape is changing with the advent of smart factories. From traditional automation, it is gradually shifting toward a fully connected and flexible system. A smart factory is an environment where machinery and its allied equipment generate reams of data. This data indicates issues related to the performance of assets, through continuous analysis, for optimum utilization. Information is transferred with the help of a constant stream of data, which enables factories to improve or optimize their processes through automation and self-optimization.
“Globally, the growth and acceptance of smart factories can be attributed to factors such as ongoing technological advances, increasing complexity in the supply chain, growing competitive pressure across the globe, ongoing organizational realignments resulting from IT and OT, and increased investments by end-user industries. This, in turn, is driving the global industrial I/O modules market during the forecast period,” says a senior analyst at Technavio for research on automation.
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Global industrial IO modules market segmentation
This market research report segments the global industrial IO modules market into the following products (PLC I/O, DCS I/O, and industrial PC I/O), end-users (process industry and discrete industry) and key regions (the Americas, APAC, and EMEA).
The PLC I/O segment held the largest market share in 2017, accounting for nearly 66% of the market. The market share for this product is expected to increase by 2022. The fastest growing product is industrial PC I/O, which will account for nearly 5% of the total market share by 2022.
EMEA was the leading region for the global industrial IO modules market in 2017, accounting for a market share of nearly 38%. By 2022, APAC is expected to register the highest growth rate.
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