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Global IO-Link Market Size and Forecast 2024-2033|Siemens AG, Hans Truck GmbH And Co KG, Balluff GmbH, ifm electronic GmbH, SICK AG,

The IO-Link Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s IO-Link Global Market Report 2024, The io-link market size has grown exponentially in recent years. It will grow from $10.43 billion in 2023 to $13.32 billion in 2024 at a compound annual growth rate (CAGR) of 27.6%. The growth in the historic period can be attributed to industrial automation trends, demand for data integration, maintenance efficiency, flexible manufacturing requirements, cost-effective sensor integration.

The io-link market size is expected to see exponential growth in the next few years. It will grow to $32.51 billion in 2028 at a compound annual growth rate (CAGR) of 25.0%. The growth in the forecast period can be attributed to industry 40 implementation, rising demand for condition monitoring, integration with iiot platforms, increased focus on energy efficiency, growing complexity of manufacturing processes. Major trends in the forecast period include integration with plcs (programmable logic controllers), flexible and scalable solutions, energy efficiency and cost savings, cross-industry applications, cybersecurity integration.

The increase in the penetration of the Internet of Things (IoT) is expected to propel the growth of the IO-link market going forward. The Internet of Things (IoT) refers to a network of interconnected devices, both digital and mechanical, as well as people, animals, or objects that are assigned unique identifiers (UIDs) and can communicate with each other over a network without the need for human-to-human or human-to-computer interaction. IO-link provides real-time communication, remote configuration, and diagnostics of sensors and actuators using the Internet of Things (IoT). For instance, in May 2022, according to the State of IoT—Spring 2022 report by IoT Analytics, a Germany-based provider of insights and strategic business intelligence for the IoT, AI, Cloud, Edge and Industry 4.0, the global IoT connections increased by 8%, with 12.2 billion active endpoints and, the Internet of Things industry is anticipated to increase by 18% to 14.4 billion active connections in 2022. Further, there will likely be about 27 billion linked IoT devices by 2025 as supply limitations loosen and demand quickens. Therefore, the increase in the penetration of the Internet of Things (IoT) is driving the growth of the IO-link market.

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The io-link market covered in this report is segmented –

1) By Component: IO-link Master, IO-link Devices, Sensor Nodes, Modules, Actuators, RFID Read Heads, Other Components

2) By Application: Machine Tool, Handling And Assembly Automation, Packaging, Intralogistics

3) By Industry Vertical: Oil And Gas, Energy And Power, Automotive, Aerospace And Defense, Pharmaceuticals, Food And Beverages, Chemicals, Other Industry Verticals

The adoption of next-generation technologies is a key trend gaining popularity in the IO-link market. Major market players are concentrating their efforts on creating next-generation technologies such as IoT, industrial robotics, and cloud technologies to sustain their position in the market. For instance, in January 2022, ASIX Electronics Corporation, a Taiwan-based IC design company that specializes in network connectivity, Ethernet, and USB solutions. launched AX58400 EtherCAT to IO-link gateway solution. It is a gateway that uses a combination of EtherCAT industrial Ethernet fieldbus technology and IO-Link intelligent communication technology that supports up to 8 IO-link devices, such as smart sensors and actuators, and allows for parameterization and diagnostics of IO-Link devices via EtherCAT. This allows for easy configuration and monitoring of IO-link devices.

The io-link market report table of contents includes:

1. Executive Summary

2. IO-Link Market Characteristics

3. IO-Link Market Trends And Strategies

4. IO-Link Market – Macro Economic Scenario

5. Global IO-Link Market Size and Growth

26. South America IO-Link Market

27. Brazil IO-Link Market

28. Middle East IO-Link Market

29. Africa IO-Link Market

30. IO-Link Market Competitive Landscape And Company Profiles

Top Major Players: