Northbrook, IL -- (SBWIRE) -- 11/01/2021 -- The IO-Link market size is projected to reach USD 24.2 billion by 2026 from an estimated USD 7.7 billion in 2021, at a CAGR of 25.6% from 2021 to 2026. Rising demand for Industry 4.0 and ability to support all fieldbus protocols are among the factors driving the growth of the IO-Link market.
The IO-Link wired segment held the major share of the IO-Link market, in 2020
The IO-Link wired segment held the major share of the IO-Link market, in 2020. The growth of this segment is due to the increasing demand for cost-saving installation of two-way communication between field devices such as sensors, actuators, controllers, and other automation systems on a factory floor. IO-Link wired simplifies wiring, which makes its installation cost lower than a conventional solution. This is due to the use of field modules and connections with cables that do not require shielding. IO-Link wired platform is used by industry players to install serial communication protocol with sensors and actuators. It enables bidirectional exchange of data from field devices and makes data accessible for analysis to programmable logic controllers (PLCs) and human–machine interfaces (HMI). This helps improve work efficiency and working conditions in manufacturing companies.
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Discrete industries accounted for the largest share of the IO-Link market in 2020, and a similar trend islikely to continue in the near future.
Discrete industries such as automotive, aerospace & defense, semiconductor & electronics, machine manufacturing, packaging, and medical devices follow stringent protocols for their manufacturing operations and continuously focus on reducing operational costs. This leads them to adopt industrial automation and IoT technologies for their business operations. Also, these industries majorly focus on improving the operational efficiency of machines to meet the increasing customer demands. IO-Link can help reduce manufacturing costs, speed up commissioning times, reduce the number of network nodes, and lower the downtime of machines or systems. This factor is expected to increase the adoption of IO-Link in discrete industries.
The packaging automation solutions segment is expected to record the highest CAGR during the forecastperiod of the IO-Link market
This growth is attributed to the increasing demand for effective and speedy packaging processes with minimal human interventions. Packaging automation solutions are used in various packaging processes, including product sorting, product handling, product storage, and product shipment. IO-Link solutions help optimize the packaging process by establishing bidirectional communication between sensors and automation systems. Also, IO-Link solutions offer features such as rapid and safe commissioning, reliable and high-quality packaging processes, improved availability of the final packaging machines, rapid returns on investment, and the ability to carry out remote diagnosis. Hence, the continuous evolution of packaging automation and the high adoption of IO-Link-based sensors are expected to boost the demand for packaging automation solutions in the near future.
Europe held the largest share of the IO-Link market in 2020 of the IO-Link market
Europe held the largest share of the IO-Link market in 2020 owing to the presence of automotive, aerospace & defense, and industrial manufacturing verticals in the region. Europe comprises major growing economies, such as the UK, Germany, and France, which offer significant growth opportunities for the market. Also, the rising demand for IoT-connected devices and industrial automation in manufacturing industries is driving the growth of the European IO-Link market. Moreover, the European government is taking initiatives to establish smart factories and digitize European industries, thus driving the demand for IO-Link solutions. IO-Link solutions enable industrial manufacturers to establish standardized communication between sensors and actuators, increase data availability, conduct remote configuration and monitoring, and enhance diagnostics. IO-Link provides a platform to help sensors and actuators become smarter as compared with other field devices. These factors are expected to spur the growth of the IO-Link market in Europe.
Key Market Players
Siemens (Germany), Hans Turck GmbH & Co. KG (Germany), Balluff GmbH (Germany),ifm electronic GmbH (Germany), SICK AG (Germany), Rockwell Automation, Inc. (US), Omron Corporation (Japan), Pepperl+Fuchs (Germany), Festo SE & Co. KG (Germany), and SMC Corporation (Japan), are some of the key players in the IO-Link market.