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Strong Growth Ahead: IO-Link Market Size To Grow At Arecord 24.2% Cagr By 2029
IO-Link
How Big Is the IO-Link Market Size Expected to Be by 2034?
The IO-Link Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].
How Big Is the IO-Link Market Size Expected to Be by 2034?
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What Are the Emerging Segments Within the IO-Link Market?
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
Subsegments:
1) By IO-Link Master: Single Port IO-Link Master, Multi-Port IO-Link Master
2) By IO-Link Devices: IO-Link Sensors, IO-Link I Or O Devices, IO-Link Actuators
3) By Sensor Nodes: Proximity Sensors, Temperature Sensors, Pressure Sensors
4) By Modules: Communication Modules, Gateway Modules, Power Modules
5) By Actuators: Pneumatic Actuators, Electric Actuators, Hydraulic Actuators
6) By RFID Read Heads: Fixed RFID Read Heads, Handheld RFID Read Heads
8) By Other Components: Cables And Connectors, Software Tools, Interface Devices
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What Long-Term Drivers Are Shaping IO-Link Market Trends?
The expansion of the Internet of Things (IoT) is projected to drive the growth of the IO-Link market in the future. IoT comprises a network of linked devices, both digital and mechanical, as well as humans, animals, or things that are given unique identifiers (UIDs) and possess the capability to connect with each other online, without the necessity for human-to-human or human-to-computer interaction. IO-Link facilitates real-time communication, remote configuration, and diagnosis of sensors and actuators via the IoT. As per the State of IoT-Spring 2022 report by IoT Analytics in May 2022, there was an 8% rise in the global IoT connections, equating to 12.2 billion active endpoints. Moreover, it is predicted that the IoT industry will grow by 18% to 14.4 billion active connections in 2022. It is also estimated that there will be approximately 27 billion connected IoT devices by 2025 due to easing supply constraints and accelerated demand. Consequently, the escalated penetration of IoT is escalating the growth of the IO-Link market.
Who Are the Top Competitors in Key IO-Link Market Segments?
Major companies operating in the IO-link market include Siemens AG, 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, 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
What IO-Link Market Trends Are Gaining Traction Across Different Segments?
The trend of embracing cutting-edge technologies is becoming increasingly prominent in the IO-Link market. Leading players in the market are focusing on developing advanced technologies like IoT, industrial robotics, and cloud technologies to maintain their market status. For example, in January 2022, ASIX Electronics Corporation, a Taiwanese IC design firm known for its expertise in network connectivity, Ethernet, and USB solutions, introduced the AX58400 EtherCAT to IO-Link gateway solution. This gateway employs a mix of EtherCAT industrial Ethernet fieldbus technology and IO-Link smart communication technology, supporting up to 8 IO-Link devices like intelligent sensors and actuators. It facilitates the parameterization and diagnostics of IO-Link devices over EtherCAT, promoting easy configuration and monitoring of these devices.
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Which Regions Are Becoming Hubs for IO-Link Market Innovation?
Europe was the largest region in the IO-Link market in 2024. The regions covered in the IO-Link market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the IO-Link Market?
2. What is the CAGR expected in the IO-Link Market?
3. What Are the Key Innovations Transforming the IO-Link Industry?
4. Which Region Is Leading the IO-Link Market?
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