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.
Growth Drivers
Challenges
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 |
|
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 |
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Component |
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Application |
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Vertical |
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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.
Author Credits: Abhishek Verma
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