Overview and Scope
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.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
Europe was the largest region in the IO-link market in 2023. 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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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the io-link market report are Siemens AG, Hans Truck GmbH And Co KG, 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, Maxim Integrated Products Inc., 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
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
….
31. Global IO-Link Market Competitive Benchmarking
32. Global IO-Link Market Competitive Dashboard
33. Key Mergers And Acquisitions In The IO-Link Market
34. IO-Link Market Future Outlook and Potential Analysis
35. Appendix
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