IO-Link is precisely a bidirectional, digital, point-to-point, wired industrial communication network standard (IEC 61131-9) used to connect digital sensors and actuators to a type of industrial fieldbus or industrial Ethernet type. Its objective is to provide a technological platform that allows the development and use of sensors and actuators that can produce and consume enriched data sets, which can be used to economically optimize industrial automation processes and operations.
IO-Link Market Size Growth Rate:
According to the research report, IO-Link Market size was valued at USD XX.XX Billion in 2018 and this figure estimated to cross USD XX.XX Billion by the end of 2024, and it is growing at a CAGR of XX.X% during the forecast period 2019-2024.
IO-Link Market Growth Drivers:
The ability of IO-Link to support multiple high-level Ethernet and fieldbus communication protocols, with a focus on increasing energy efficiency, value for money and reduction of production costs are some of the key drivers to the growth of the IO-Link market. However, the limitation of IO-Link in motion control or high-speed applications and the lack of standardization are hampering market growth.
In an industrial configuration, the IO-Link technology makes it possible to connect several sensors, modules, RFID reading heads and actuators. It allows to control industrial communication from the lowest level of automation, that is, the level of the sensor. It is likely that all the factors mentioned above will influence the size of the market in the near future.
IO-Link Market Regional Analysis:
At the regional level, global IO-Link market can be divided into five main regions: North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa. It is expected that the growing manufacturing sector in the countries of Asia Pacific, such as China, Japan and South Korea, will contribute significantly to the growth of the IO-Link market in this region during the estimated period. China is a global manufacturing center for semiconductor and automobile sectors. The rapid growth of China's auto industry is expected to create new growth opportunities for IO-Link market participants.
North America and Europe also have enormous growth potential and will continue to increase market revenues through the presence of key players in the region.
Some of the promising companies leading the IO-Link Market:
- Rockwell Automation
- Ifm Electronic
This research report includes following segmentation for the IO-Link Market size and forecast until 2021:
IO-Link Market – By Component:
- IO-Link Masters
- IO-Link Devices
IO-Link Market – By Application:
- Machine Tool
- Handling & Assembly Automation
IO-Link Market – By Industry:
IO-Link Market – By Geographical Segmentation:
- North America
- United Kingdom
- South Korea
- Latin America
- Middle-East & Africa