New York, United States , June 13, 2023 (GLOBE NEWSWIRE) -- The Global IO-Link Market Size is To Grow from USD 12.73 Billion in 2022 to USD 95.30 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 22.3% during the forecast period.
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IO-link is a communication standard used in industrial automation, connecting sensors and actuators with control systems. It enables bidirectional data exchange, allowing for parameterization, diagnostics, and real-time process data transmission. Operating on a three-wire connection, it simplifies integration and supports plug-and-play functionality, reducing downtime during device replacements. IO-link enhances flexibility and efficiency in industrial processes, facilitating intelligent automation and Industry 4.0 applications. It offers a cost-effective solution, enabling easy and transparent connectivity for sensors and actuators, and streamlining the integration of devices into industrial networks.
Report Coverage
This research report categorizes the market for IO-link market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the IO-link market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the IO-link market.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on "Global IO-Link Market Size, Share, and COVID-19 Impact Analysis, By Type (IO-Link Wired and IO-Link Wireless), By Component (IO-Link Masters and IO-Link Devices), By Application (Machine Tools, Handling & Assembly Automation Systems, Intralogistics Solutions, and Packaging Automation Solutions), By Industry (Process Industries, Discrete Industries, and Hybrid Industries), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:
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The IO-link masters segment is expected to grow at a CAGR of around 18.5% during the forecast period.
Based on the component, the global IO-link market is segmented into IO-link masters and IO-link devices. The IO-link masters segment is projected to experience significant growth in the forecast period. IO-link masters serve as the central communication hubs that connect IO-link devices, such as sensors and actuators, to the control system. As the adoption of IO-link technology continues to increase in industrial automation, the demand for IO-link masters rises correspondingly. These devices enable efficient data transmission, remote parameterization, and diagnostics, enhancing the flexibility and functionality of IO-link systems. With the ongoing digital transformation and the integration of intelligent automation solutions, the IO-link masters segment is expected to witness substantial growth, supporting seamless connectivity and intelligent control in industrial environments.
The hybrid industries segment is expected to grow at a CAGR of around 20.1% during the forecast period.
Based on industry, the global IO-link market is segmented into process industries, discrete industries, and hybrid industries. The hybrid industries segment is expected to witness substantial growth in the forecast period. Hybrid industries refer to sectors that combine traditional manufacturing processes with advanced technologies like automation, robotics, and IoT. These industries leverage the benefits of both conventional and modern methods to enhance productivity, efficiency, and flexibility. The increasing adoption of Industry 4.0 concepts and the demand for intelligent automation solutions drive the growth of hybrid industries. By integrating IO-link technology into their operations, these industries can achieve seamless connectivity, real-time data exchange, and improved control, leading to enhanced operational performance and competitiveness in the market.
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Asia-Pacific is predicted to grow at a higher CAGR of around 25.6% over the projected period.
Based on region, Asia-Pacific is poised to experience significant growth in the IO-link market during the forecast period. Several factors contribute to this anticipated growth. The region is witnessing rapid industrialization and the expansion of manufacturing sectors, particularly in countries like China, India, and South Korea. These countries are investing heavily in automation and smart manufacturing, driving the demand for IO-link technology. Asia-Pacific is home to a large consumer electronics industry, which relies on efficient and reliable automation solutions. IO-link enables seamless integration of sensors and actuators, enhancing productivity and quality control in electronics manufacturing. Additionally, the increasing adoption of Industry 4.0 concepts and initiatives across the region further fuels the demand for IO-link, as it enables connectivity and data exchange in smart factories.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global IO-link market include Siemens AG, Rockwell Automation, Inc., OMRON Corporation, Hans Truck GmbH & Co. KG., Balluff GmbH, IFM Electronic GmbH, Pepperl+Fuchs, Sick AG, Festo SE & Co. KG., and SMC Corporation.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global IO-link market based on the below-mentioned segments:
IO-Link Market, By Type
- IO-Link Wired
- IO-Link Wireless
IO-Link Market, By Component
- IO-Link Masters
- IO-Link Devices
IO-Link Market, By Application
- Machine Tools
- Handling & Assembly Automation Systems
- Intralogistics Solutions
- Packaging Automation Solutions
IO-Link Market, By Industry
- Process Industries
- Discrete Industries
- Hybrid Industries
IO-Link Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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