IO-Link Market Size & Share, by Type (IO-Link Wired, OI-Link Wireless); Component (IO-Link Master, IO-Link Devices, Sensor Nodes, Modules, Actuators, RFID Read Heads); Application (Machine Tool, Handling & Assembly Automation, Intralogistics, Packaging); Vertical (Oil & Gas, Energy & Power, Automotive, Aerospace & Defense, Pharmaceuticals, Food & Beverages, Chemicals) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5988
  • Published Date: Apr 03, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

IO-Link Market size is expected to cross USD 140 Billion by the end of 2036, growing at a CAGR of 27% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of IO-link was over USD 8 Billion. The growth of the market is boosted by the governments of several nations investing more money to hasten the adoption of industrial automation. At least 30% of the duties in about 60% of all occupations might be automated. Global productivity will increase through automation by.8% to 1.4% per year.

In addition to these, Scalability and flexibility are provided by IO-Link to satisfy changing industry needs. It supports a broad range of devices and makes it easy to expand and integrate new devices into current systems. Because of its compatibility with a wide range of fieldbus systems, IO-Link is an adaptable choice for a variety of industrial infrastructures, allowing both modern and traditional communication technologies to coexist harmoniously.


IO-Link Market
Get more information on this report: Request Free Sample PDF

IO-Link Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing interest in Industry 4.0 - The goal of Industry 4.0 is to completely integrate the manufacturing process' communication system in order to increase factory productivity and create smart factory. The deployment of smart field devices, data interchange, industrial automation, and the Industrial Internet of Things (IIoT) are the means by which this is accomplished. The integration of IO-Link solutions with overall industrial automation systems, the simplicity of sensor replacement, the removal of manual parameter settings, continuous data monitoring and status diagnostics, and enhanced uptime are some advantages of Industry 4.0 and IIoT. The amount of capital invested in startups developing technology relevant to Industry 4.0 increased by 319% between 2011 and 2021. USD 2.2 billion was invested in these businesses in 2021. Over the course of the 11-year period, 2,513 deals were announced.
  • Growing IO-Link use in the automotive sector - In the automotive sector, even a small shutdown can cause massive losses for a manufacturing facility. A flaw might ruin the entire production run. Such downtimes are eliminated, product and manufacturing processes are improved, and regular preventive maintenance is ensured via IO-Link devices. IO-Link masters offer better performance and are built in compliance with AIDA criteria for the automotive sector. A standard for IO-Link masters in the automotive sector has been established by the Automation Initiative of German Domestic Automobile Manufacturers (AIDA). For all field modules, the L-coded power connection with functional earth must be utilized. The automotive industry's use of automation involves vertical integration and the use of EtherCAT and EtherNet/IP. Moreover, controllers and IO-Link products are seamlessly integrated. In consideration to this, the IO-link market is estimated to witness significant growth during the projection period.
  • Strong Need for Remote Control and Monitoring - One of the main reasons propelling the growth of the market is the growing use of remote monitoring and control systems due to its time-efficient features. The efficiency and security of the control monitoring systems can be improved. The IO-link market is driven by the rise in demand for remote configuration, monitoring, and maintenance.

Challenges

  • Utilizing small-scale devices- For industrial machinery, IO-Link systems reduce the number of wires and wiring. Compact and dependable solutions are required by the manufacturing industries for their operating procedures. This means that on a production floor, little machines are necessary. These small, compact devices are more powerful and perform better than conventional industrial options, all while using less power. Furthermore, the wiring in small devices is already brief. For IO-Link Industry participants, implementing IO-link solutions is more expensive in these situations. Furthermore, compared to conventional machines and other industrial solutions, these machines are more space-efficient and efficient. Therefore, one of the main obstacles to the IO-link market growth is the usage of small machines for industrial automation.
  • It is anticipated that problems with the usage of simple sensors will hinder IO-link market expansion.
  • Market expansion may be hampered by IO-link limitations and lack of standardization in high-speed or motion control applications.

IO-Link Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~ 27%

Base Year Market Size (2023)

 ~ USD 8 Billion

Forecast Year Market Size (2036)

 ~ USD 140 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
Get more information on this report: Request Free Sample PDF

IO-Link Segmentation

Component (IO-Link Master, IO-Link Devices, Sensor Nodes, Modules, Actuators, RFID Read Heads)

Based on component, IO-link master segment in the IO-link market is predicted to hold largest share of about 40% during the forecast period. The growth of the segment is due to the quick industrialization, growing automation, and industry 4.0 across all industries. For instance, in June 2019, UiPath released a research on the state of automation today and in the future. The poll found that 90% of the firms already use automation technologies for business process management. The need for IO-link masters is enormous because of the high pace of automation adoption across industries, and the key players in this IO-link market are responding to this need by introducing new products and making significant investments in the development of this solution. Contec Co. unveiled the IO-Link master solution CPSL-08P1EN in June 2019. It may be used with EtherNet/IP, PROFINET, CC-Link IE Field Basic, and Modbus TCP, among other industrial Ethernet-based system protocols.

Type (IO-Link Wired, OI-Link Wireless)

Based on type, OI-link wireless segment in the IO-link market is estimated to hold largest revenue share of about 55% during the forecast period. IO-link wireless allows sensors with low energy consumption to be included in real-time networks and provides roaming capabilities. Protocols for manufacturing and process automation work with IO-Link wireless. The IO-Link wireless segment is anticipated to see significant growth in the near future due to the growing demand for the IO-Link wireless protocol and the growing use of smart manufacturing across industries.

Our in-depth analysis of the global IO-link market includes the following segments:

          Type

  • IO-Link Wired
  • OI-Link Wireless

         Component

  • IO-Link Master
  • IO-Link Devices
  • Sensor Nodes
  • Modules
  • Actuators
  • RFID Read Heads

          Application

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

          Vertical

  • Oil & Gas
  • Energy & Power
  • Automotive
  • Aerospace & Defense
  • Pharmaceuticals
  • Food & Beverages
  • Chemicals

Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.

Customize this Report

IO-Link Industry - Regional Synopsis

European Market Forecast

IO-link market in Europe region is projected to hold largest revenue share of about 35% during the forecast period. This expansion is expected to be aided by the huge number of businesses in the automotive, aerospace & military, and industrial manufacturing sectors in Germany and the United Kingdom. A further important reason that is anticipated to bode well for the regional IO-link market is the increasing need in the manufacturing sector, particularly in France and the U.K., for industrial automation and IoT-connected devices. By 2022, there will be almost 2.7 billion IoT connections in Europe, therefore it's safe to say that the phenomenon is undoubtedly permeating our homes and daily lives.

North American Market Statistics

IO-link market in North America region is attributed to hold second largest revenue share of about 28% during the forecast period. The United States and Canada have developed packaging industries, which is expected to support the expansion of the IO-link technology market in North America in the next years. Automation solutions are used by the industry to start a variety of packaging operations, including product shipment, handling, storage, and sorting. Numerous benefits are offered by this technology, including quick returns on investment (ROI), safe commissioning, dependable packaging procedures, enhanced remote diagnosis, and simple access to the final packaging machinery.

Research Nester
IO-Link Market size
Get more information on this report: Request Free Sample PDF

Companies Dominating the IO-Link Landscape

    • ifm electronic GmbH
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • SICK AG
    • Balluff GmbH
    • Banner Engineering Corp.
    • Siemens AG
    • Rockwell Automation, Inc.
    • Festo SE & Co. KG
    • Datalogic S.p.A
    • Hans Turck GmbH & Co. KG
    • Pepperl + Fuchs

In the News

  • March 2020: Siemens added backplane bus to their distributed I/O system and more modules for the SIMATIC ET 200MP/SIMATIC S7-1500 IOs. Users may install many channels in the control cabinet while saving money and space thanks to a total of four new multi-channel digital modules, each with 64 channels and an installation width of 35 millimeters.
  • March 2021: Balluff GmbH introduced the sensors, which monitor temperature, relative humidity, tilt, and vibration. The sensors are self-monitoring and offer internal environmental data in real time. LEDs on the sensor indicate the quality of the signal, and IO-Link can be used to control things like operation time and hours.

Author Credits:  Abhishek Verma


  • Report ID: 5988
  • Published Date: Apr 03, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growth of the market is boosted by the governments of several nations investing more money to hasten the adoption of industrial automation are the major factors driving the growth of the IO-link market.

The market size of IO-link is anticipated to attain a CAGR of 27% over the forecast period, i.e., 2024-2036.

The major players in the market are SICK AG, Balluff GmbH, Banner Engineering Corp., Siemens AG, Rockwell Automation, Inc., Festo SE & Co. KG, Datalogic S.p.A, Hans Turck GmbH & Co. KG, Pepperl + Fuchs, and others.

The IO-Link master segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The growth of the market is boosted by the governments of several nations investing more money to hasten the adoption of industrial automation are the major factors driving the growth of the IO-link market.
IO-Link Market Report Scope
logo
  GET A FREE SAMPLE

FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.

 Request Free Sample Copy

Have questions before ordering this report?

Inquiry Before Buying
Inquiry Before Buying Request Free Sample