Press release
2025-2034 IO-Link Market Outlook: Key Drivers, Emerging Challenges, and Strategic Insights
IO-Link
What Will the IO-Link Industry Market Size Be by 2025?
The scale of the io-link market has seen a dramatic surge of late. Predictions indicate that it will increase from a value of $13.13 billion in 2024 to a worth of $16.42 billion in 2025, boasting a compound annual growth rate (CAGR) of 25.1%. Historical growth in this market can be credited to factors such as the popularity of industrial automation, the rising need for data integration and maintenance efficiency, the evolving demands for flexible manufacturing, and the cost-effectiveness of sensor integration.
What's the Long-Term Growth Forecast for the IO-Link Market Size Through 2029?
In the forthcoming years, the io-link market is projected to witness tremendous growth, escalating to a value of $38.46 billion in 2029 with a compound annual growth rate (CAGR) of 23.7%. This expansion during the forecast duration can be accredited to the adoption of industry 4.0, escalating demand for condition monitoring, incorporation with IIoT platforms, an amplified focus on energy efficiency, and increasing complexity in manufacturing procedures. The prediction period is likely to see significant trends such as incorporation with Programmable Logic Controllers (PLCs), adaptable and scalable solutions, cost savings and energy efficiency, applications across varied industries, and incorporation of cybersecurity.
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What Are the Key Growth Drivers Fueling the IO-Link Market Expansion?
The proliferation of the Internet of Things (IoT) is set to fuel the growth of the IO-Link market in the future. IoT is the concept of a network comprising interconnected devices, both digital and mechanical, in addition to people, animals, or objects equipped with unique identifiers (UIDs) facilitating communication over a network without needing human-human or human-computer interaction. IO-Link takes advantage of IoT to offer real-time communication, as well as remote configuration and diagnostics of sensors and actuators. For instance, in May 2022, IoT Analytics' State of IoT-Spring 2022 report suggested an 8% increase in global IoT connections with 12.2 billion active endpoints. The IoT industry is likely to see an increase of 18% reaching 14.4 billion active connections in 2022. Furthermore, approximately 27 billion IoT devices are expected to be interconnected by 2025 as supply constraints ease and demand accelerates. Thus, the growth of the IO-Link market is being spurred by increasing penetration of IoT.
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What Are the Key Trends Driving IO-Link Market Growth?
One trend that is increasingly becoming prominent in the IO-Link market is the development of advanced technologies. The major players in this market are focusing their attention on the creation of cutting-edge technologies such as IoT, industrial robotics and cloud technologies in order to solidify their stance in this market. ASIX Electronics Corporation, a Taiwanese company that excels in IC design and specialises in EtherCAT, Ethernet, and USB solutions, for instance, in January 2022 unveiled their AX58400 EtherCAT to IO-Link gateway solution. This solution, which blends EtherCAT industrial Ethernet fieldbus technology with IO-Link intelligent communication, supports interface with up to eight IO-Link devices, enabling parameterization and diagnostics of IO-link devices through EtherCAT and aiding in IO-Link devices' easy configuration and surveillance.
How Is the IO-Link Market Segmented?
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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Which Companies Are Leading the Charge in IO-Link Market Innovation?
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
Which Regions Are Leading the Global IO-Link Market in Revenue?
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.
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