Global IO-Link Market
Posted by ashwini ramkrishna ahirrao on February 25th, 2020
Global IO-Link Market size was valued at US$ 1.96 Bn in 2017 and is expected to reach US$ 20.15 Bn by 2026 to exhibit a CAGR of 33.82 % during the forecast period.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology.
The report also helps in understanding the global IO-link market dynamics, structure by identifying and analyzing the market segments and project the global market size.
Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the global IO-Link market.
IO-link is a robust tool, used by the companies to install serial communication protocol with sensor and actuators. It helps in growing work efficiency and increase working conditions of the manufacturing companies. IO-link mostly extends the limit of PLC and deals the transmission of three different data type.
The urge of greater operating safety and improved working condition by the manufacturing industries has given a boost to the global IO-link market.
The major factors behind the growth of the global IO-Link market are initiatives of governments toward the adoption of industrial automation, high focus on growing energy efficiency, optimizing resources, and reducing production costs, increase of digital industrial technology—industry 4.0 and ability of IO-link to support much higher level Fieldbus and Ethernet communication protocols.
The factors which restrict the growth of the global IO-Link market are the absence of standardization and restriction of IO-Link in high-speed or motion control applications. The major challenges to the growth of the market are threats related to cybersecurity and deficiency of interoperability between information technology and operational technology.
Availability of cloud interface in IO-link and release of IO-link safety specification in 2017 are making many opportunities in the global IO-link market.
The discrete industries are anticipated to grow at the highest rate from during the forecast period due to the recent flow in the adoption of Ethernet communication protocol as an advanced level communication protocol in automotive, medical devices, and semiconductor and electronics industries. Owing to the high cost and design complexity, the Ethernet communication protocol is not appropriate for field level communication applications where a large number of sensors and actuators are used. This restraint of ethernet has offered a new growth opportunity to IO-Link to accept as a field-level communication protocol in recent years. Also, the Ethernet protocol is expected to dominate the market for discrete industries during the forecast period. This, in turn, is anticipated to increase the IO-Link market growth in discrete industries in the future.
Packaging applications are expected to grow at highest rate during the forecast period due to the amplified focus by many manufacturing industries to defend greater operating safety and efficiency, diminish errors and expand working conditions, has supported the adoption of the packaging automation solutions in industries. The packaging application is anticipated to show the highest growth in the IO-Link market owing to the flexibility that IO-Link delivers to fulfill the necessities for enhancing the packaging process.
In Handling and Assembly Automation, the IO-link is widely used in the process and assembly automation simplifies the connection of valves, RFID read heads and sensors nodes. The IO-Link is a serial communication standard and capable of joining valves and RFID read heads are gaining grip in the market for the smooth operation of handling and assembly systems. The capacity of IO-Link to replace the parallel wiring with serial wiring makes IO-Link less complex in handling and assembly automation systems.
The Asia Pacific countries such as China, Japan, and South Korea is expected to contribute to the growth of the IO-Link market in this region during the forecast period owing to the rising manufacturing sector in the Asia Pacific. China is a worldwide manufacturing hub for semiconductor and automotive companies. Quickly rising automotive industry in China is likely to create progress opportunities for the IO-Link market players in this country. With the increasing automotive and manufacturing industries, China witnessed a substantial surge in the adoption of IO-Link in recent years.
Also, Europe is expected to grow at highest rate during the forecast period owing to Fast developments in technologies, strict regulatory policies, strong government support, besides with the major presence of key industry players, are a few key factors driving the market growth in Europe. Germany is anticipated to continue to hold a main share of the European market due to the high presence of German players in the market. Germany is also a key center for discrete manufacturing industries.
Global IO-Link Market, by Component
• IO-Link Masters
• Machine Tool
• North America
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About the Authorashwini ramkrishna ahirrao
Joined: January 23rd, 2020
Articles Posted: 15
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