IO-Link Market by Component (IO-Link Masters and IO-Link Devices), Application (Machine Tool, Handling & Assembly Automation, Packaging, Intralogistics); Industry (Discrete, Hybrid, and Process): Global Market Size Estimates and Forecast (2019-2030)

Code: BMIRE00026940 | Pages: 100 | Industry: Electronics and Semiconductor | Date: Oct 2022 | Type: Global

The market is expected to cross US$ 5.14 billion in 2022 and is projected to hit US$ 72.13 billion by 2030, recording a CAGR of 28.12% during the forecast period.

Rise in demand for digital transformation and increase in government initiatives toward the adoption of industrial automation.

The capability to sustain higher level Fieldbus and Ethernet communication protocols, rise in demand for digital transformation, and increasing government initiatives toward adopting industrial automation are anticipated to drive the growth of the IO-Link market globally. Additionally, since the introduction of the government’s Make in India initiative, automation has been more prevalent due to increased knowledge of the advantages of IO-link. Furthermore, automation is gaining popularity in manufacturing since it helps grow operational efficiencies, profit margin, speed, and reliability. Moreover, industrial automation has recently seen an upsurge in IO-link systems. Businesses have begun to embrace advanced and automated technologies to propel operational efficiency and commercial success in a highly competitive climate.  Thus, recent advancements in the industrial Internet of things environment are expected to drive IO-Link Market growth globally. Additionally, discrete sectors such as automotive, aviation, electronics and semiconductor, machine manufacturing, packaging, and medical equipment adhere to strict manufacturing norms and focus on reducing operational costs. Thus, they use industrial automation and Internet of Things (IoT) technology for their commercial processes. Furthermore, they place a high priority on enhancing machine operational efficiency to fulfill increasing client demand. IO-Link can assist cut production costs, accelerating commissioning times, minimizing the number of network nodes, and declining machine or system downtime. This element is expected to propel IO-Link adoption in discrete sectors.

Within the report, the market is segmented into component, application, industry, and geography. By component, the market is segmented into IO-Link Masters and IO-Link Devices. Based on application, the market is segmented into Machine Tool, Handling & Assembly Automation, Packaging, Intralogistics. Based on industry, the market is segmented into Discrete, Hybrid, and Process.  Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, and rest of the world.

Growing demand for industry 4.0 is another factor expected to drive the market growth over the forecast period.

Industry 4.0 looks at fully integrating the communication process used in manufacturing to improve the efficiency of firms and transform them into smart firms. It is achieved through the industrial internet of things (IIoT), industrial automation, data exchange, and deployment of smart field devices. The advantages of Industry 4.0 and IIoT include integrating IO-Link solutions with overall industrial automation systems, easy sensor replacement, manual parameter settings, continuous data monitoring, status diagnostics, and increased uptime.

Growing adoption of IO-Link in automotive industry are expected to create lucrative growth opportunities for the market over the forecast period.

A minor closure can result in losses in a manufacturing unit in the automotive industry to a large extent. A fault can restrain the entire production process. IO-Link devices remove such downtimes, improve production processes, and ensure regular preventive maintenance. IO-Link masters are created according to AIDA features for the automotive industry and provide efficient performance. The Automation Initiative of German Domestic Automobile manufacturers (AIDA) has explained a standard for IO-Link masters in the automotive industry. This standard will use an L-coded power connection with functional earth for all field modules.

Moreover, vertical automation in the automotive industry includes the support of EtherCAT and EtherNet/IP. Also, IO-Link products are used for seamless integration with controllers. As a result, the automotive industry is anticipated to develop a lucrative opportunity for the IO-Link ecosystem players over the forecast period.

Recent Strategic Developments in IO-Link Market

The IO-Link market has undergone several significant developments, and a few of these have been mentioned below:

  • In March 2021, Balluff GmbH introduced sensors self-monitoring, providing internal environmental data in real-time, including temperature monitoring, relative humidity, inclination detection, and vibration monitoring.
  • In February 2021, Siemens expanded its SIMATIC RF300 HF-RFID family portfolio to include the SIMATIC RF360R reader, which combines the functions of a communication module and a reader in a single device.
  • In February 2021, Rockwell Automation, Inc., the GuardShield 450L light curtain with Common Industrial Protocol (CIP) Safety over EtherNet/IP plug-in protected personnel from injuries related to hazardous machine motion.

The IO-Link market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Siemens AG, Balluff GmbH, IFM electronic Gmbh, SICK AG, Rockwell Automation Inc., Festo AG & Co. KG., OMRON Corporation, Banner Engineering Corporation, Hans Turck GmbH & Co. KG, and Datalogic S.p.A.  are among the prominent players operating in the market.

Target audience for the report:

  • IO-Link Producer
  • Raw material providers
  • IO-Link providers
  • IO-Link-related service providers
  • IO-Link -related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • Electronics component suppliers
  • IO-Link and devices distributors and sales firms
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Component
    • IO-Link Masters
    • IO-Link Devices
  • Application
    • Machine Tool
    • Handling & Assembly Automation
    • Packaging
    • Intralogistics
  • Industry
    • Discrete
    • Hybrid
    • Process
  • Region
    • North America
      • US
      • Canada
      • Mexico
    • Europe
    • Asia Pacific (APAC)
    • Rest of World
  • Companies profiles
    • Siemens AG
    • Balluff GmbH
    • IFM electronic Gmbh
    • SICK AG
    • Rockwell Automation Inc.
    • Festo AG & Co. KG.
    • OMRON Corporation
    • Banner Engineering Corporation
    • Hans Turck GmbH & Co. KG
    • Datalogic S.p.A

The List of Companies
- Siemens AG
- Balluff GmbH
- IFM electronic Gmbh
- SICK AG
- Rockwell Automation Inc.
- Festo AG & Co. KG.
- OMRON Corporation
- Banner Engineering Corporation
- Hans Turck GmbH & Co. KG
- Datalogic S.p.A

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