The Business Research Company’s report on the IO-Link Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the io-link market’s growth in recent years?
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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How does the future projection of the io-link market size compare to its historical growth?
The IO-link market size has grown exponentially in recent years. It will grow from$13.13 billion in 2024 to $16.65 billion in 2025 at a compound annual growth rate (CAGR) of 26.8%. 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 “$39.63 billion in 2029 at a compound annual growth rate (CAGR) of 24.2%. 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.
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Which key players are shaping the future of the io-link market?
Major companies operating in the IO-link market include Siemens AG, Balluff GmbH, ifm electronic GmbH, SICK AG, Rockwell Automation Inc., Omron Corporation, PepperlFuchs GmbH, Banner Engineering Corp., Emerson Electric Co, Datalogic S.p.A., Beckhoff Automation GmbH And Co KG, Baumer Holding AG, Bosch Rexroth AG, Weidmüller Interface GmbH And Co KG, Comtrol Corporation, Phoenix Contact GmbH & Co KG, WAGO Kontakttechnik GmbH & Co KG, Turck duotec GmbH, Wenglor Sensoric GmbH, NXP Semiconductors N.V., Murrelektronik GmbH, Festo AG & Co KG, SMC Corporation, Leuze electronic GmbH Co KG, ABB Ltd, Advantech Co Ltd., BihlWiedemann GmbH, Carlo Gavazzi S.p.A., Elobau Sensor Technology GmbH, Euchner GmbH Co KG
What trends will propel the growth and evolution of the io-link market?
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.
Which regions are expected to become dominant players in the io-link market?
Europe was the largest region in the IO-Link market in 2024. The regions covered in the IO-Link market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What are the emerging key segments in the io-link market, and how are they evolving?
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
Subsegments:
1) By IO-Link Master: Single Port IO-Link Master, Multi-Port IO-Link Master
2) By IO-Link Devices: IO-Link Sensors, IO-Link I Or O Devices, IO-Link Actuators
3) By Sensor Nodes: Proximity Sensors, Temperature Sensors, Pressure Sensors
4) By Modules: Communication Modules, Gateway Modules, Power Modules
5) By Actuators: Pneumatic Actuators, Electric Actuators, Hydraulic Actuators
6) By RFID Read Heads: Fixed RFID Read Heads, Handheld RFID Read Heads
8) By Other Components: Cables And Connectors, Software Tools, Interface Devices
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What defines the structure and scope of the io-link market?
IO-Link refers to an open standard communication link for sensors and actuators in industrial automation. It offers a point-to-point connection and provides a standard interface between the control system and the sensors and actuators, which simplifies integration, configuration, and maintenance processes.
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