IO-Link Market worth $33.9 billion by 2028- Exclusive Report by MarketsandMarkets™
CHICAGO, March 15, 2023 /PRNewswire/ -- The IO-Link market is projected to reach USD 33.9 billion by 2028 from an estimated USD 13.6 billion in 2023, at a CAGR of 20.0% from 2023 to 2028 according to a new report by MarketsandMarkets™. The rise in demand for IO-Link solutions can be attributed to rising demand for industry 4.0 and growing demand for remote configuration, monitoring, and maintenance.
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IO-Link wired segment to propel market growth during forecast period.
IO-Link wired is used in automated production in industrial environments for linking sensors and actuators. It supports a master–slave configuration with passive connection points, which further reduces wiring requirements. IO-Link wired communication offers transmission of three different data types: service data, process data, and event data. Owing to this, the IO-Link wired segment is expected to account a larger market share of the IO-Link market in 2028.
IO-Link devices segment is expected to dominate IO-Link market in 2028
In 2028, the IO-Link devices segment is expected to dominate the IO-Link market. IO-Link devices refer to intelligent sensors or actuators such as converters, device circuit breakers, I/Os, safety relays, and motor starters connected to a system. IO-Link makes it possible to drive industrial communication from the lowest level of automation—the sensor level. A device has identification data, e.g., type designation, serial number, or parameter data, that is readable over the IO-Link protocol. In addition, IO-Link devices can supply detailed diagnostics data that can be used for preventive maintenance and servicing.
In 2028, discrete industries segment to account largest share of IO-Link market
The discrete industries segment is expected to account the largest share of the IO-Link market in 2028. Discrete manufacturing involves parts and systems such as nuts and bolts, brackets, wires, assemblies, and individual products. A discrete product at the end of its life cycle can be broken down into its components, which can be recycled. Discrete manufacturers use a bill of materials (BOM), and production follows a route, e.g., an assembly line. Discrete manufacturers use automation systems to operate and control motors, robots, and conveyors. Increasing global competition and growing consumer demand encourage discrete manufacturers to improve their production quality and reduce operational costs.
The handling and assembly automation segment to dominate IO-Link market in 2028
Handling and assembly processes are strongly influenced by the products being manufactured in a plant and require flexibility and openness to develop and implement individual processes. The increasing complexity of products and the growing need to run multiple products on the same line have increased the pressure on manufacturers. Hence, IO-Link, being a serial communication standard and capable of connecting valves and RFID read heads, is gaining traction in the market for the smooth operation of handling and assembly processes. Some of the benefits offered by IO-Link in the handling and assembly automation include simplified connection of RFID read heads, valve terminals, and standard sensors; modular construction of equipment; eay electrical connection; and reduction of resources required. Thus, the handling and assembly automation segment to dominate the IO-Link market in 2028.
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Europe likely to hold largest share of IO-Link market during forecast period
Europe is likely to account the largest share of the IO-Link market during the forecast period. The region focuses on developing highly advanced connected cars and autonomous vehicles, thereby accelerating the demand for IO-Link solutions. The region produces a large number of motor vehicles, aerospace parts, and robots. Thus, the robots manufacturing industry and aerospace industry are an integral part of Europe's economy. These industries help the IO-Link market to grow rapidly. Also, the region houses leading players in the IO-Link market, such as Siemens AG, Balluff GmbH, ifm electronics GmbH, and SICK AG.
Siemens AG (Germany), Rockwell Automation, Inc. (US); OMRON Corporation (Japan); Hans Turck GmbH & Co. KG (Germany); Balluff GmbH (Germany); ifm electronic GmbH (Germany); Pepperl+Fuchs (Germany); SICK AG (Germany); Festo SE & Co. KG (Germany); SMC Corporation (Japan) are some of the key players in the IO-Link market.
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