Press release
IO-Link Market: Future Trends, Opportunities, and Challenges
IO-Link Market Size
As per the report, the io-link market size has grown exponentially in recent years. It will grow from $10.43 billion in 2023 to $13.32 billion in 2024 at a compound annual growth rate (CAGR) of 27.6%. The io-link market size is expected to see exponential growth in the next few years. It will grow to $32.51 billion in 2028 at a compound annual growth rate (CAGR) of 25.0%.
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Surge In IOT Adoption Drives Growth Of The IO-Link Market
The increase in the penetration of the Internet of Things (IoT) is expected to propel the growth of the IO-link market going forward. The Internet of Things (IoT) refers to a network of interconnected devices, both digital and mechanical, as well as people, animals, or objects that are assigned unique identifiers (UIDs) and can communicate with each other over a network without the need for human-to-human or human-to-computer interaction. IO-link provides real-time communication, remote configuration, and diagnostics of sensors and actuators using the Internet of Things (IoT). For instance, in May 2022, according to the State of IoT-Spring 2022 report by IoT Analytics, a Germany-based provider of insights and strategic business intelligence for the IoT, AI, Cloud, Edge and Industry 4.0, the global IoT connections increased by 8%, with 12.2 billion active endpoints and, the Internet of Things industry is anticipated to increase by 18% to 14.4 billion active connections in 2022. Further, there will likely be about 27 billion linked IoT devices by 2025 as supply limitations loosen and demand quickens. Therefore, the increase in the penetration of the Internet of Things (IoT) is driving the growth of the IO-link market.
Asix Electronics Introduces Ax58400 Ethercat To Io-Link Gateway
The adoption of next-generation technologies is a key trend gaining popularity in the IO-link market. Major market players are concentrating their efforts on creating next-generation technologies such as IoT, industrial robotics, and cloud technologies to sustain their position in the market. For instance, in January 2022, ASIX Electronics Corporation, a Taiwan-based IC design company that specializes in network connectivity, Ethernet, and USB solutions. launched AX58400 EtherCAT to IO-link gateway solution. It is a gateway that uses a combination of EtherCAT industrial Ethernet fieldbus technology and IO-Link intelligent communication technology that supports up to 8 IO-link devices, such as smart sensors and actuators, and allows for parameterization and diagnostics of IO-Link devices via EtherCAT. This allows for easy configuration and monitoring of IO-link devices.
The io-link market covered in this report is segmented -
1) By Component: IO-link Master, IO-link Devices, Sensor Nodes, Modules, Actuators, RFID Read Heads, Other Components
2) By Application: Machine Tool, Handling And Assembly Automation, Packaging, Intralogistics
3) By Industry Vertical: Oil And Gas, Energy And Power, Automotive, Aerospace And Defense, Pharmaceuticals, Food And Beverages, Chemicals, Other Industry Verticals
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Major companies operating in the io-link market report are Siemens AG, Hans Truck GmbH And Co KG, Balluff GmbH, ifm electronic GmbH, SICK AG, Rockwell Automation Inc., Omron Corporation, PepperlFuchs GmbH, Banner Engineering Corp., Emerson Electric Co, Datalogic S.p.A., Beckhoff Automation GmbH And Co KG, Baumer Holding AG, Bosch Rexroth AG, Weidmüller Interface GmbH And Co KG, Comtrol Corporation, Phoenix Contact GmbH & Co KG, WAGO Kontakttechnik GmbH & Co KG, Maxim Integrated Products Inc., Turck duotec GmbH, Wenglor Sensoric GmbH, NXP Semiconductors N.V., Murrelektronik GmbH, Festo AG & Co KG, SMC Corporation, Leuze electronic GmbH Co KG, ABB Ltd, Advantech Co Ltd., BihlWiedemann GmbH, Carlo Gavazzi S.p.A., Elobau Sensor Technology GmbH, Euchner GmbH Co KG
Contents of the report:
1. Executive Summary
2. IO-Link Market Report Structure
3. IO-Link Market Trends And Strategies
4. IO-Link Market - Macro Economic Scenario
5. IO-Link Market Size And Growth
…..
27. IO-Link Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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