I/O-Link systems and technologies find applications in advanced and automated industrial setups. I/O-Link systems comprise I/O-Link devices and I/O-Link masters. I/O-Link devices include modules, actuators, sensor nodes, RFID read heads and others.
I/O-Link systems and technologies are making it possible to drive industrial communication from the lowest level of automation. I/O-Link devices offer various benefits such as open-standard according to IEC 61131-9, central data management, simple & standardised wiring, a significantly reduced variety of interfaces for actuators & sensors and consistent communication between actuators, sensors & controllers.
The Industrial Revolution 4.0 is Completely Transforming the Various Industry Verticals in Developed as well as Developing Economies
The global I/O-Link market is segmented on the basis of component, vertical, applications and by region. Based on component, the global I/O-Link market is sub-segmented into I/O-Link devices and I/O-Link masters. Due to the growing popularity of sensors, modules and actuators, the I/O-Links devices segment is expected to create potential growth opportunities for the vendors of I/O-Links.
The I/O-Link devices sub-segment is projected to witness a double-digit growth rate during the forecast period. The I/O-Link devices sub-segment is also projected to create an incremental opportunity of US$ 5,781.4 Mn between 2018 and 2027. Moreover, the growing adoption of I/O-Link masters in field applications for automation in various industry verticals is estimated to create demand for I/O-Link masters during the forecast period.
Continuous Expansion of the Internet of Things (IoT) Ecosystem in Various Countries is One of the Major Factors Driving the I/O-Link Market
Furthermore, the continuous adoption of next-generation connected technologies, such as IoT (Internet of Things), industrial robotics and cloud technologies, is one of the prominent factors that is expected to boost the global I/O-Link market during the forecast period. The growth of the global automation industry and high-speed Internet technologies is expected to have a positive impact on the growth of the global I/O-Link market.
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The Discrete Manufacturing Industry is Becoming a Key Source of Demand for I/O-Link Systems and Technologies
Based on the vertical, the global I/O-Link market is segmented into semiconductor & electronics, automotive, medical and others. Due to a shift from fieldbus to Ethernet protocols by various industries, the global I/O-Link market is projected witness a double-digit growth rate during the forecast period. The next-generation and advanced technologies, such as 5G wireless, Internet of Things (IoT), sensors & modules and carrier-grade Wi-Fi, are rapidly taking place in the manufacturing processes.
Due to these factors, the automotive sub-segment is expected to create an incremental opportunity of US$ 2,066.8 Mn during the forecast period. In addition, the automotive industry is completely moving towards next-generation vehicle technologies such as vehicle-to-vehicle communication, driverless vehicles, electric vehicles and others. Due to these factors, the automotive sub-segment will be a target area for the providers of I/O-Link technology and systems in the coming years.
Adoption of Ethernet Communication Protocol in Various Industries for Efficiency and Greater Operating Safety is Boosting the Global I/O-Link Market
On the basis of applications, the global I/O-Link market is sub-segmented into handling assembly automation, intralogistics, machine tools and packaging. The handling assembly automation sub-segment is expected to witness a double-digit growth rate during the forecast period. Due to increasing automation in the assembly lines, handling assembly automation is also expected to create potential business opportunities for the vendors of I/O-Links.
Furthermore, due to the growing adoption of advanced connected systems in various logistics processes, the intralogistics sub-segment is projected to exhibit a high CAGR during the forecast period.
Due to Increasing Foreign Direct Investment and the Increasing Commitment to 5G Technologies in India and China, the Asia Pacific Region is Expected to Grow at a High CAGR during the Forecast Period
Geographically, the Asia pacific I/O-Link market is expected to grow with a high CAGR during the forecast period owing to factors such as the ongoing technological advancements in the manufacturing sector and the increasing penetration of high-speed Internet connectivity. China and India are the major contributors to the growth of the Asia Pacific I/O-Link market.
Growth in digitisation in India and China is one of the major factors boosting the I/O-Link market in these countries. As present, China is the most connected country in the world. Moreover, the Chinese government is undertaking initiatives to develop connected infrastructure. In addition, India is one of the fastest-growing economies in the world and governments are creating a favourable business environment for foreign investors.
Owing to these factors, Asia Pacific is one of the prominent investment areas for the vendors of I/O-Links. Moreover, the North America region is becoming a key source of demand for I/O-Links because the adoption of advanced automation systems in North America is high as compared to other regions.
According to FMI analysis, business partnership with other I/O-Link manufacturers and long-term business contracts are projected to help the vendors of I/O-Links increase revenue from the market. In addition, new innovation strategies and research & development strategies will enable them to benefit from the new growth opportunities available in the I/O-Link market.
Some of the major market participants profiled in the global I/O-Link market report are: Leuze electronic GmbH + Co. KG, SICK AG, OMRON Corporation, Pepperl+Fuchs, Rockwell Automation, Inc., Banner Engineering, Hans TURCK GmbH Co. KG, Siemens AG, Balluff GmbH and ifm electronic FZC.
- I/O-Link Devices
- I/O-Link Masters
- Semiconductor and Electronics
- Handling Assembly Automation
- Machine Tools
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Rest of APEJ
- GCC Countries
- South Africa
- Rest of MEA