Global I/O-Link Market will Grow 4X Larger During 2017-2027; Growing Adoption of Automation Equipment will Boost Growth

IoLink Market

Future Market Insights (FMI) has recently published a report titled “I/O-Link Market – Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2027.” I/O-Links are used to connect various sensors, actuators, modules and RFID read heads. I/O links enable the point-to-point communication and exchange of the bidirectional date from actuators, sensors and other connected devices that support I/O Links.  

I/O-Link is the first I/O technology for communicating with the actuators and sensors that are to be adopted as an international standard (IEC 61131-9). I/O-links offer various benefits, such as open-standard according to IEC 61131-9, central data management, simple & standardised wiring, a significantly reduced variety of interfaces for actuators & sensors and consistent communication between actuators, sensors and controllers. Furthermore, automation systems are becoming the key investment area for various industry verticals. For internal connectivity, automation systems require I/O-links, which is one of the prominent factors expected to propel the global I/O-Link market.

With the increasing demand for the Ethernet communication protocol, the I/O-Link market is expected to grow at a CAGR of 14.9% during the forecast period. Furthermore, in 2017, the global I/O-Link market was valued at US$ 3,137.7 Mn, and expected reach US$ 12,285.9 Mn at the end of 2027. This growth can be attributed to the increasing focus of various industries on the adoption of efficient operating processes.

The global I/O-Link market is segmented on the basis of component, vertical, application as well as region. On the basis of component, the global I/O-Link market is sub-segmented into I/O-Link devices and I/O-Link masters. The increasing adoption of RFID readers, I/O modules, sensors, valves and motor starters in discrete and process manufacturing industries is one of the key factors contributing to the growth of the I/O-Link devices sub-segment. The process and discrete manufacturers of today are focused on digital transformation for continuous improvements in manufacturing processes and are working smarter for profitably in an increasingly competitive marketplace. Due to these factors, the I/O-Link devices sub-segment is also expected to create potential growth opportunities for the various providers of I/O-Links systems. In addition, the I/O-Link master sub-segment is projected to create an incremental opportunity of US$ 2,830.6 between 2019 and 2027. In addition, the rising demand for I/O-Link masters for various field applications in factory automation is supporting the growth of the global I/O-Link master sub-segment during the forecast period.

Based on the vertical, the I/O-Link market is sub-segmented into semiconductor & electronics, automotive, medical and others. The semiconductor and electronics sub-segment of the global I/O-Link market is projected to exhibit a double-digit growth rate during the forecast period due to the increasing adoption of consumer electronic devices in various established and growing countries, coupled with technological advancements in the semiconductor industry. In the recent years, the electronics and semiconductor industry have gone through various innovations and technological advancements. The growing demand for energy-efficient consumer electronic devices has witnessed impressive growth. These are also some of the prominent factors boosting the semiconductor and electronics sub-segment of the global I/O-Link market.

On the basis of applications, the global I/O-Link market is sub-segmented into handling assembly automation, intralogistics, machine tools and packaging. The handling assembly automation sub-segment is expected to witness a double-digit growth rate during the forecast period. Due to the increasing automation in assembly lines, the handling of assembly automation is also expected to create potential business opportunities for the vendors of I/O-Links.

Based on region, the I/O-Link market in the Asia Pacific is projected to exhibit a CAGR of more than 18% during the forecast period. China and India are the major contributors to the growth of the Asia Pacific sub-segment. Growing digitisation in India and China is also one of the major growth factors. At present, China is the most connected country in the world. The China government is also undertaking initiatives to develop connected infrastructure. In addition, India is one of the fastest-growing economies in the world, and the government has created a favourable business environment for foreign investors. Due to these factors, Asia Pacific is one of the prominent investment areas for the vendors of I/O-Links. Furthermore, the rapid adoption of automation technologies in the North America region is expected to provide growth opportunities for the vendors I/O-Links during the forecast period.

According to FMI analysis, continuous innovations and a dedicated focus on next-generation technologies are some the factors contributing to the growth of the businesses of I/O-Link vendors. In addition, long-term business and technological partnerships between I/O-Link vendors are expected to result in an increase in their revenue during the fast period. Some of the major market participants profiled in the global I/O-Link market are: Leuze electronic GmbH + Co. KG, SICK AG, OMRON Corporation, Pepperl+Fuchs, Rockwell Automation, Inc., Banner Engineering, Hans TURCK GmbH Co. KG, Siemens AG, Balluff GmbH and ifm electronic FZC.

A sample of this report is available upon request @https://www.futuremarketinsights.com/reports/sample/rep-gb-8627

About Abhishek Budholiya 99 Articles
Abhishek Budholiya is a tech blogger, digital marketing pro, and has contributed to numerous tech magazines. Currently, as a technology and digital branding consultant, he offers his analysis on the tech market research landscape. His forte is analysing the commercial viability of a new breakthrough, a trait you can see in his writing. When he is not ruminating about the tech world, he can be found playing table tennis or hanging out with his friends.