Press release
I/O-Link Market is Reach US$ 12,285.9 Mn, at a CAGR of 15.8% by 2022 - 2027 | FMI
I/O-Link Market
Rapidly growing industrial communication space with industrial IoT
Increasing industrial adoption of Ethernet solutions over Fieldbus
Government initiatives to promote industrial automation and rapid implementation of Industry 4.0
Consistent efforts to reduce the time and cost involved in I/O link development
I/O Links Market - Primary Takeaways
Assembly automation applications are witnessing strong growth particularly in the manufacturing and automotive sector.
I/O link for hybrid industry process are gaining strong traction driven by superior scope of functionality in industry 4.0 settings.
Asia Pacific is generating strong demand for I/O links owing to major manufacturing hubs in India, China, South Korea, and Japan.
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I/O Links Market - Growth Factors
Support capabilities for high level ethernet and fieldbus protocols drives adoptions rates.
Low production costs and superior energy efficiency in operations support market growth.
I/O Links Market - Major Constraints
Limitations in motion control applications limit use of I/O links to select industries.
Lack of international standardization for I/O link specifications is a major challenge for market players.
The Projected Impact of Coronavirus
The complete impact of the coronavirus pandemic on the I/O links market is not clear as yet. The manufacturing process continues to be largely manual, which in turn hints at a slower market recovery, as workers are less inclined to operate in environments which contribute to health risks. Also, China is going through a second wave of coronavirus cases, which will hurt market prospects in the months ahead. Alternative sourcing and government bailouts are expected to be important for the industry throughout the crisis period.
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Competition Landscape
The I/O Links market comprises players including but not limited to ifm electronic FZC, Leuze electronic GmbH, Balluff GmbH, SICK AG, Siemens AG, OMRON Corp., Hans TURCK GmbH, Pepperl + Fuchs, Banner Engineering, and Rockwell Automation Inc.
Participants in the I/O Links market are primarily interested in research and development initiatives to for product innovations and launches to boost product portfolios and scope of functionality.
For instance, Balluff GmbH has revealed a new smart level sensor with I/O link for high conductive fluid applications. Hans Turck GmbH has unveiled an IP67 I/O module for integration into process automation applications. Also, SMC Corporation of America has announced the launch of a wireless I/O link master for remote motion control settings.
Key Segments
By Component
I/O-Link Devices
I/O-Link Masters
By Vertical
Semiconductor and Electronics
Automotive
Medical
Others
By Application
Handling Assembly Automation
Intralogistics
Machine Tools
Packaging
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 5-years.
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