DUBLIN--(BUSINESS WIRE)--The "IO-Link Market by Type, Component, Application and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global IO-link market size is expected to reach $74.08 billion by 2030 from $6.10 billion in 2020, growing at a CAGR of 29.0% from 2021 to 2030.
IO-link is a standardized IO technology for facilitating communication between sensors and actuators. The point-to-point communication is based on the established 3-wire sensor and actuator connection. There is no requirement for special screened cables. With IO-link, users can read and change device parameters through the control system software, enabling fast configuration and commissioning that saves time and resources. In addition, IO-link allows operators to dynamically change the sensor parameters from the control system as needed, such as in the case of product changeover, which reduces downtime and allows machines to accommodate greater product diversity. This is especially important in consumer packaged goods applications where the demand for variety in packaging is continually increasing.
The prominent factors that impact the IO-link market growth are ability to support much higher level Fieldbus and Ethernet communication protocols, increase in penetration of Industry 4.0, and government initiatives toward the adoption of industrial automation. However, consumption of compact machines restricts the market growth. On the contrary, the continuous adoption of next-generation technologies is expected to create lucrative opportunities for the market.
The global IO-link market is segmented into type, component, application, industry vertical, and region. By type, the market is bifurcated into IO-link wired and IO-link wireless. Depending on component, it is divided into IO-link master and IO-link devices. The IO-link devices segment is further classified into sensor nodes, modules, actuators, RFID read heads, and others. The sensor nodes segment is subsegmented into position sensor, temperature sensor, pressure sensor, vibration sensor, and others. The applications covered in the study include machine tool, handling & assembly automation, intralogistics, and packaging. On the basis of industry vertical, the market is fragmented into oil & gas, energy & power, automotive, aerospace & defense, pharmaceuticals, food & beverages, chemicals, and others.
Region wise, the IO-link market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Europe held the largest share of the IO-link market, owing to the presence of automotive, aerospace & defense, and industrial manufacturing verticals in the region. This region comprises major growing economies, such as the UK, Germany, and France, which offer significant growth opportunities for the expansion of the IO-link market.
Market Dynamics
Drivers
- Ability to support much higher level Fieldbus and Ethernet communication protocols
- Rising demand for Industry 4.0
- Government initiatives towards the adoption of industrial automation
Restraint
- Consumption of compact machines
Opportunity
- The continuous adoption of next-generation technologies
Key Players
- Siemens
- Hans Turck GmbH & Co. KG
- Balluff GmbH
- ifm electronic GmbH
- SICK AG
- Rockwell Automation, Inc.
- Omron Corporation
- Pepperl+Fuchs
- Banner Engineering Corp
- Emerson Electric Co.
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