A recent report published by Infinium Global Research on the IO link market provides an in-depth analysis of segments and sub-segments in the global as well as regional IO link market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional IO link market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global IO link market. According to the report, the global IO link market is projected to reach a value of over USD 10 Billion in 2027 from USD 3 Billion in 2021 with a CAGR of 22% over the forecast period of 2021-2027.
An IO link is an integral part of an automation process. As it works over a short distance it is ideal for use in factories, workshops, warehouses, and others. The flexibility of the IO link increases the efficiency of automation processes. It is cost-effective and easy to install. No heavy maintenance is required for it. Diagnostics runs of sensors and actuators can be easily done through IO link. There are four different modes in which an IO link can be operated that are IO-Link Operating Mode, DI Operating Mode, DQ Operating Mode, and Deactivated Operating Mode. IO link is gaining demand from the automotive and semiconductor and electronics industry.
Industrial automation has been growing rapidly. Companies are focusing on industrial automation to remain competitive. The automation of industrial processes allows the organization to optimally use its resources. Thus, ultimately saving costs and increasing the speed and efficiency of the operations. IO link is an important medium of connectivity for industrial automation. The use of IO link results in better machine availability and running diagnostic checks over the automated systems becomes easier. Thus, the growing industrial automation is majorly driving the market. The scope of the Internet of Things is also growing among industries which are further boosting the growth of the market. IO link is important to medium to enable the Industrial Internet of Things. So as the scope of the Industrial Internet of Things grows so does the demand for IO link. Governments around the world are also adopting favorable laws and policies that are supplementing the growth of the market. The only factor restraining the market is the limited use of IO link in motion control and high-speed applications. New technological advancements in the market are expected to provide new opportunities.
North America is expected to dominate the market over the forecasted period. Asia-Pacific is projected to be the fastest-growing region. North America has an advanced industrial base. Thus, industrial automation is being adopted at a rapid pace. With growing industrial automation and extensive use of machinery IO link is garnering high demand. Additionally, the high priority of the manufacturers on having a connected manufacturing facility is also driving the market in North America. The industrial base in Asia-Pacific is growing rapidly. China is known as the factory of the world. Also, advanced economies such as South Korea and Japan have technology-driven industrial base. Therefore, the demand for IO link is expected to remain high.
The report on the global IO link market covers segments such as component, application, and end user. On the basis of component, the sub-markets include IO-link devices, and IO-link masters. On the basis of application, the sub-markets include intralogistics, packaging, handling and automation, machine tool, and others. On the basis of end user, the sub-markets include automotive, transportation and logistics, manufacturing, medical, electronics and semiconductor, and others.
The report provides profiles of the companies in the market such as Siemens AG, OMRON Corporation, Sick AG, Emerson Electric Co., Bosch Rexroth AG, Rockwell Automation Inc., Balluff Automation India Pvt. Ltd., Baumer Holding AG, Murrelektronik GmbH, and Beckhoff Automation GmbH & Co. KG.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of IO link market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.