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With 20.0% CAGR, IO-Link Market Growth to Surpass USD 33.9 billion
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The IO-Link wired segment held a significant share of the IO-Link market in 2022, and a similar trend is expected in the future. The dominance can be attributed to the rising demand for the 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. Industry players use IO-Link wired platforms to install serial communication protocols with sensors and actuators. It enables bidirectional data exchange from field devices and makes data accessible for analysis to a programmable logic controller (PLC) and human-machine interfaces (HMI). Thus, it helps improve work efficiency and working conditions in manufacturing companies.
In 2022, the IO-Link devices segment held a larger share of the IO-Link market, and this trend is expected to continue from 2023 to 2028. The increasing adoption of sensors, modules, RFID heads, and actuators in industrial applications is expected to increase the demand for IO-Link devices. Industry 4.0 and IoT are becoming the key technology trends for the automation and motion control industry. This has accelerated the need for smart sensors, which, in turn, is expected to spur the growth of the IO-Link devices segment in the near future.
In 2022, the discrete industries segment accounted for the largest share of the IO-Link market, and a similar trend is likely 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. These industries also majorly focus on improving the operational efficiency of machines to meet the growing 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.
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In 2022, Europe accounted for the largest share of the IO-Link market. The dominance can be attributed to the large presence of the automotive, aerospace & defense, and industrial manufacturing sectors in the region. Europe comprises major growing economies, such as the UK, Germany, and France, which offer significant growth opportunities for the market. The rising demand for IoT-connected devices and industrial automation in manufacturing industries is driving the growth of the European IO-Link market. The governments of European countries are also 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 than other field devices. These factors are expected to boost the growth of the IO-Link market in Europe.
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