The global IO-link technology market size is expected to reach US$ 48.3 Billion in 2022 and US$ 73.1 Billion in 2032. It is likely to showcase steady growth at a CAGR of 26% in the forecast period from 2022 to 2032. The increasing investment by governments of various countries to accelerate the adoption of industrial automation is set to propel the sales of IO-link technology in future.
Report Attribute
Details
IO-Link Technology Market Estimated Base Year Value (2021)
US$ 48.3 Billion
IO-Link Technology Market Expected Market Value (2022)
US$ 52.6 Billion
IO-Link Technology Market Anticipated Forecast Value (2032)
IO-link technology is a point-to-point, short distance, digital industrial communications networking standard. It helps industrial manufacturers to conduct remote monitoring and configuration, establish standardized communication between actuators and sensors, improve diagnostics, and increase data availability.
The technology delivers a unique platform to allow for the usage and development of actuators and sensors that can further consume and produce cutting-edge sets of data. The generated data can be utilized to economically optimize industrial automated operations and processes.
Many prominent technology developers are nowadays focusing more on the development of new solutions to cater to the surging demand from customers across the globe.
In March 2022, for instance, Pepperl+Fuchs developed a novel path for smooth communication by combining the IO-Link sensor interface and the standardized OPC UA communication standard in a single device. The development of similar other innovative solutions by key players in the market is expected to fuel the growth.
Which are Some Prominent Drivers Spearheading IO-Link Technology Market Growth?
The rising adoption of IO-link technology in multiple industries, such as machine manufacturing, automotive, medical devices, packaging, semiconductor & electronics, and aerospace & defense is set to drive the market. These industries are following strict norms associated with their manufacturing operations and are aiming to lower their operational costs.
These norms are expected to propel the adoption of IoT and industrial automation technologies to enhance their business operations. These industries are also set to focus on meeting the surging demand from customers by improving the operational efficiency of machines. The ability of this technology to reduce the downtime of machines, speed up commissioning times, and lower manufacturing costs is anticipated to augment the IO-link technology market growth.
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What are the Challenges Faced by the IO-Link Technology Industry?
IO-link technology is vulnerable to numerous threats, such as Denial-of-Service (DoS), Cross-site Request Forgery (CSRF), blind command injection, and reflected Cross-site Scripting (XSS) issues. Some of the other risks related to this technology include database injection, watering holes, and spear phishing.
These cyber risks can hamper Industrial Automation and Control Systems (IACS). In case of a phishing assault, a digital criminal steals confidential data from various devices by deceiving users into sharing the security key for a specific application. These factors may obstruct the demand for IO-link technology in the assessment period.
Why is Europe emerging as an Opportunistic IO-Link Technology Market?
Europe is expected to remain at the forefront by procuring the largest IO-link technology market share in the upcoming years. The presence of a large number of companies in the industrial manufacturing, aerospace & defense, and automotive industries in the U.K. and Germany is set to contribute to this growth.
The surging demand for industrial automation and IoT-connected devices in the manufacturing sector, especially in France and the U.K. is another crucial factor that is projected to augur well for the regional market. Besides, the European Union is expected to take numerous initiatives to digitize the region’s industries and set up smart factories. This factor is also set to positively affect the growth in the Europe market.
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How is North America Contributing to Growth of the IO-Link Technology Market?
The presence of a well-established packaging sector in the U.S. and Canada is projected to bolster the North America IO-link technology market growth in the future years. The sector uses automation solutions to initiate multiple packaging processes, such as product shipment, storage, handling, and sorting.
IO-link technology also helps in optimizing the packaging process by setting up bidirectional communication between automation systems and sensors. This technology provides various features, such as rapid returns on investment, safe commissioning, reliable packaging processes, improved remote diagnosis, and easy availability of the final packaging machines. These beneficial properties of IO-link technology are expected to propel its demand across North America.
Market Competition
Some of the renowned companies operating in the IO-link technology market include Hans TURCK GmbH Co. KG, SICK AG, Rockwell Automation, Inc., Banner Engineering, OMRON Corporation, Balluff GmbH, Pepperl+Fuchs, Leuze Electronic GmbH + Co. KG, ifm electronic FZC, Siemens AG, Festo AG & Co. KG, and Datalogic S.p.A. among others.
Majority of the leading companies are aiming to develop more secure, cost-effective, and technologically advanced solutions to attract a large consumer base worldwide. Meanwhile, a few other key players are engaging in mergers and acquisitions, partnerships, and joint ventures with start-up companies to co-develop novel products and expand their existing product portfolios.
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Scope of Report
Report Attribute
Details
Growth Rate
CAGR of 26% from 2022 to 2032
Base Year for Estimation
2021
Historical Data
2015-2020
Forecast Period
2022-2032
Quantitative Units
Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032
Report Coverage
Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered
Component
Use
Application
Region
Regions Covered
North America
Latin America
Western Europe
Easter Europe
APEJ
Japan
Middle East & Africa
Key Countries Profiled
U.S
Canada
Brazil
Argentina
Germany
U.K
France
Spain
Italy
Nordics
BENELUX
Australia & New Zealand
China
India
ASEAN
GCC
South Africa
Key Companies Profiled
Hans TURCK GmbH Co. KG
SICK AG
Rockwell Automation, Inc.
Banner Engineering
OMRON Corporation
Balluff GmbH
Pepperl+Fuchs
Leuze Electronic GmbH + Co. KG
ifm electronic FZC
Siemens AG
Festo AG & Co. KG
Datalogic S.p.A.
Customization
Available Upon Request
Key Segments Profiled in the IO-Link Technology Industry Survey
By Component:
I/O-Link Masters
I/O-Link Devices
By Use:
Machine Tools
Handling Assembly Automation
Intralogistics
Packaging
By Application:
Semiconductor and Electronics
Medical
Automotive
Other Applications
By Region:
North America
Latin America
Western Europe
Easter Europe
APEJ
Japan
Middle East & Africa
Frequently Asked Questions
What is the projected size of the global XYZ market by 2032??
The global IO-link technology market is projected to exceed US$ 73.1 Billion by 2032.
Which region is expected to lead the IO-link technology market?
Europe is expected to lead the IO-link technology market.
Which are some of the dominant IO-link technology manufacturers?
Hans TURCK GmbH Co. KG, SICK AG, Rockwell Automation, Inc., Banner Engineering, OMRON Corporation, Balluff GmbH, and Pepperl+Fuchs are some of the dominant IO-link technology manufacturers.
