Global IO-link Market – Industry Trends and Forecast to 2029

Global IO-link Market, By Component (IO-Link Masters, IO-Link Devices), Application (Machine Tool, Handling and Assembly Automation, Packaging, Intralogistics), Industry (Discrete, Hybrid, Process) – Industry Trends and Forecast to 2029.

Market Analysis and Size

IO-link has gained immense relevance among businesses as it standardize and decline wiring, enhances data availability, and offers remote configuration and monitoring, among others. This technology is considered highly ideal in applications that generally experience frequent changeover, and are impacted by unplanned downtime.

Global IO-link Market was valued at USD 7.80 billion in 2021 and is expected to reach USD 89.95 billion by 2029, registering a CAGR of 35.75% during the forecast period of 2022-2029. Discrete accounts for the largest industry segment in the respective market owing to the demand for new technologies from automotive, and aerospace and defense, among others. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Market Definition

IO-link helps in efficiently optimizing industrial automated processes and operations. It also provides a technological base for the improvement of sensors and actuators capable of producing and devouring enriched sets of data.

Report Scope and Market Segmentation

IO-link Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• High Demand for Remote Monitoring and Control

The increase in adoption of remote monitoring and control systems owing to the time efficiency that the system provides acts as one of the major factors driving the growth of IO-link market. The control monitoring systems can enhance security and productivity. The increase in demand for remote configuration, monitoring, and maintenance drives the market.

• Power Monitoring With Connectivity

The increase in demand for power monitoring with connectivity and remote monitoring systems helping users to considerably decline the downtime for great efficiency further influence the growth of the market. Also, the adoption across various industries to improve productivity, security, while reducing downtime and maintenance costs drives the market.

• High Penetration of Internet of Things

The increase in the penetration of Internet of Things (IoT) integrating and converting industrial verticals accelerate the market growth. The adoption of various technologies and components to connect to the internet such as, actuators, gateways and sensors, among others drives the market. IoT is bringing the future of automation engineering and manufacturing as it requires lesser staff and reduces the error rate.

Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the IO-link market.

Opportunities

Furthermore, rise in adoption of IO-Link in automotive industry and increase in need for automating existing and new business operations system extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, increase in demand for demand for industrial mobility will further expand the market.

Restraints/Challenges

On the other hand, lack of standardization and restriction of IO-link in high-speed or motion control applications, and issues with the use of basic sensors are expected to obstruct market growth. Also, cyber risks associated with automation systems and lack of interoperability between information technology (IT) and operational technology (OT) are projected to challenge the IO-link market in the forecast period of 2022-2029.

This IO-link market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on IO-link market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on IO-link Market

COVID-19 had a negative impact on various industries including IO-link market. Both public and government sectors suffered greatly due to the facing financial crises during the outbreak of COVID-19. Businesses were shut down in numerous countries because of the social distancing guidelines and the imposition of lockdown. The remote monitoring and control system industry faced huge problems due to the shortage of labourers declining the low production. A decline in the demand for IO-link technology was witnessed owing to the limited production and shut down of industries, such as automotive and aerospcae, among others. However, the IO-link market is expected to witness growth in demand after the post-covid-19 situation.

Recent Developments

• Balluff GmbH unveiled new sensors that are self-monitoring in March’2021. These sensors offer environmental data in real time, such as relative humidity, vibration monitoring, temperature monitoring, relative humidity and inclination detection. The signal quality of the sensors is displayed on LEDs on the sensor, and time functions are available using IO-Link.

Global IO-link Market Scope and Market Size

The IO-link market is segmented on the basis of component, application and industry. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• IO-Link Masters
• IO-Link Devices
• Sensor Nodes
• Modules
• Actuators and Radio-Frequency Identification (RFID) Read Heads
• Others

Application

• Machine Tool
• Handling and Assembly Automation
• Packaging
• Intralogistics

Industry

• Discrete
• Automotive
• Aerospace and Defense
• Semiconductor and Electronics
• Machine Manufacturing and Packaging
• Hybrid
• Pharmaceuticals
• Metals and Mining
• Food and Beverages
• Cement and Glass
• Process
• Oil and Gas
• Chemicals
• Energy And Power

IO-link Market Regional Analysis/Insights

The IO-link market is analysed and market size insights and trends are provided by country, type and industry as referenced above.

The countries covered in the IO-link market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the IO-link market because of the regulatory policies, rapid advancements in technologies and strict strong government support along with the strong presence of key industry players within the region.

Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 because of the increasing manufacturing sector in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and IO-link Market

The IO-link market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to IO-link market.

Some of the major players operating in the IO-link market are

• Siemens (Germany)
• Balluff Automation India Pvt. Ltd. (India)
• ifm electronic gmbh (Germany)
• SICK AG (Germany)
• Murrelektronik GmbH (Germany)
• Rockwell Automation Inc. (US)
• wenglor sensoric GmbH (India)
• OMRON Corporation (Japan)
• Banner Engineering Corp. (US)
• Emerson Electric Co. (US)
• Hans Turck GmbH & Co. KG (Germany)
• Pepperl+Fuchs Comtrol, Inc. (Germany)
• B&R (Austria)
• Datalogic S.p.A. (Italy)
• Belden Inc. (US)
• Beckhoff Automation GmbH & Co. KG (Germany)
• Baumer (Switzerland)
• Bosch Rexroth AG (Germany)
• ABB (Sweden)
• Weidmüller Interface GmbH & Co. KG (Germany)