One of the key enablers of the smart factories is a communication protocol known as IO-link. IO-Link offers benefits over traditional IO in the form of reduced cost & complexity, improved process efficiency, and increased machine availability. IO-link is an increasingly deployed point-to-point serial communication protocol used to communicate with sensors and actuators. An IO-link configuration consists of a master and network devices. The master can be connected virtually to any fieldbus, and information flow between the master and devices is bidirectional.
According to a new report published by Allied Market Research, titled, “IO-Link Market by Type (IO-Link Wired and IO-Link Wireless), Component (IO-Link Master and IO-Link Devices), Application (Machine Tool, Handling & Assembly Automation, Intralogistics, and Packaging), and Industry Vertical (Oil & Gas, Energy & Power, Automotive, Aerospace & Defense, Pharmaceuticals, Food & Beverages, Chemicals, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030”, the global IO-link market size was valued at $6.10 billion in 2020, and is projected to reach $74.08 billion by 2030, registering a CAGR of 29.0%. Europe is expected to be the leading contributor to the global market during the forecast period, followed by Asia-Pacific and North America.
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Pepperl+Fuchs Comtrol launched the industry’s highest density IO-link Master Industrial IO-Link gateway in its IO-link Master. The IO-link to EtherNet/IP Master combines the benefits of the IO-link standard with the EtherNet/IP and Modbus TCP protocols. This can easily integrate the IO-link Master into a system network with existing and new industrial Ethernet installations.
The prominent factors that impact the IO-link market growth are ability to support much higher level Fieldbus and Ethernet communication protocols, surge in penetration of Industry 4.0, and government initiatives toward the adoption of industrial automation. However, consumption of compact machines restricts the market growth. On the contrary, continuous adoption of next-generation technologies is expected to create lucrative opportunities for the expansion of the market.
Region wise, the IO-link market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Europe held the largest share of the IO-link market, owing to the presence of automotive, aerospace & defense, and industrial manufacturing verticals in the region. This region comprises major growing economies, such as the UK, Germany, and France, which open new avenues for the growth of the global market. The overall IO-link market analysis is determined to understand the profitable trends to gain a stronger foothold.
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Key Findings of the Study
In 2020, the IO-link wired segment accounted for the maximum revenue, and is projected to grow at a notable CAGR of 23.30% during the forecast period.
The IO-link devices segment accounted for more than 70% of the global IO-link market share in 2020.
The IO-link wireless segment witness highest growth rate during the forecast period.
UK was the major shareholder in the Europe IO-link market revenue, accounting for approximately 26% share in 2020.
The key players profiled in the report include Siemens (Germany), Hans Turck GmbH & Co. KG (Germany), Balluff GmbH (Germany), ifm electronic GmbH (Germany), SICK AG (Germany), Rockwell Automation, Inc. (U.S.), Omron Corporation (Japan), Pepperl+Fuchs (Germany), Banner Engineering Corp (U.S.), and Emerson Electric Co. (U.S.). These players have adopted various strategies such as partnership, agreement, collaboration, and product launch to expand their foothold in IO-link industry.