Global IO-Link technology Market: Introduction
IO-Link technology facilitates communication between actuators, smart sensors, IO hubs and IO links. IO-Link technology is the first standardized IO technology that allows this communication worldwide. IO-Link technology is a powerful point-to-point communication technology based on long-established actuator connection and 3-wire sensor. IO-link is a result of continued development of tried, tested and existing technologies for actuators and sensors. Actuators and sensors become active process participants in an end-to-end automation network. Thus, the IO-Link technology integrates sensors by connecting the IO-link enabled device with an IO-link master module. With the help of IO-Link technology, a person can directly deliver data from a sensor into a control system in an efficient way.
The goal of IO-Link technology is to improve the capabilities of field level device communication through a standardized interface. By understanding the capabilities and limitations of IO-Link technology, automated system engineers can decide whether it is a worthwhile investment for their company or not. In IO-Link technology, the data is generally transmitted from the master device through a higher level field bus communication protocol to a PLC or industrial computer. The parameter data and configuration of IO-Link technology devices can be stored, viewed and changed directly through the PLC or via simple-to-use software configuration tools.
Global IO-Link technology Market: Dynamics
Simplified standardization, reduced down time and increased efficiency are some of the major factors driving the growth of the IO-Link technology. IO-Link technology devices use an IO Device Description (IODD). This description file contains information about article number, functionality, manufacturer, etc. Thus, this information helps in easy handling of IO-Link devices, which is another factor that will propel the growth of the IO-Link technology market over the projected period. Furthermore, advanced functions of IO-Link technology, such as advanced sensor diagnostics, device verification, parameter storage, application-specific tags and acyclic read/write parameter access, are also contributing towards the growth of the IO-Link technology market.
However, analog systems are very expensive and it is mandatory to update these systems. Thus, high cost of updating these systems is one of the major factors hindering the growth of the IO-Link technology market. Moreover, system costs are also rising due to complicated device integration, which is another factor restraining the growth of the IO-Link technology market.
Global IO-Link technology Market: Competition Landscape
Some of the key vendors in the IO-Link technology market are Rockwell Automation, Inc., Hans TURCK GmbH Co. KG, Leuze electronic GmbH + Co. KG, OMRON Corporation, Festo AG & Co. KG., Pepperl+Fuchs, SICK AG, Siemens AG, Datalogic S.p.A., ifm electronic FZC, Balluff GmbH and Banner Engineering.
Global IO-Link technology Market: Regional Outlook
Geographically, the IO-Link technology market can be segmented into North America, Western Europe, Latin America, Eastern Europe, Asia Pacific excluding Japan (APEJ), Middle East and Africa (MEA) and Japan.
The growing manufacturing sector in Asia Pacific countries, such as Japan, China and South Korea, is anticipated to drive the growth of the IO-Link technology market over the projected period. China is the global manufacturing hub for automotive and semiconductor manufacturers. Thus, the rapidly growing automotive sector in China is anticipated to create new opportunities for IO-Link technology market players in this region. Owing to these factors, China has witnessed a significant increase in adoption of IO- link technology in the last few years. Europe and North America also have huge growth potential in the IO-Link technology market due to the presence of many key players across these regions.
The report covers an exhaustive analysis on:
- Market Segments
- Market Dynamics
- Historical Actual Market Size, 2013-2017
- Market Size and Forecast 2018 to 2028
- Supply and Demand Value Chain
- Current Trends/Issues/Challenges
- Competition and Companies Involved
- Value Chain
- Market Drivers and Restraints
Regional analysis for the global IO-Link technology market includes:
- North America IO-Link technology Market
- U. S.
- Latin America IO-Link technology Market
- Rest of Latin America
- Western Europe IO-Link technology Market
- U. K.
- Rest of Western Europe
- Eastern Europe IO-Link technology Market
- Asia Pacific IO-Link technology Market
- Australia and New Zealand
- Rest of SEA and Others of APAC
- Japan IO-Link technology Market
- China IO-Link technology Market
- Middle East and Africa IO-Link technology Market
- GCC Countries
- North Africa
- South Africa
- Rest of MEA
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. It provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. It also maps the qualitative impact of various market factors on market segments and geographies.
Global IO-Link technology Market: Segmentation
The global IO-Link technology market can be segmented on the basis of components, use, application and region.
IO-Link technology market, by component
- I/O-Link Masters
- I/O-Link Devices
IO-Link technology market, by use
- Machine Tools
- Handling Assembly Automation
IO-Link technology market, by applications
- Semiconductor and Electronics
- Other Applications
- Detailed overview of parent market
- Changing market dynamics of the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising growth
- A neutral perspective towards market performance
- Must-have information for market players to sustain and enhance their market footprint
Market Research Methodology - Perfected through Years of Diligence
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