Home > Semiconductors & Electronics > Semiconductor > IO-Link Market
IO-Link Market Size
IO-Link Market size was worth over USD 7 billion in 2022 and will exhibit more than 20% CAGR from 2023-2032. Increasing adoption of IO- link in automotives to augment global industry dynamics.
The increasing deployment of Industry 4.0 for integrating communication processes as well as enhancing the production capabilities and efficiency of factories in the manufacturing sector will drive the IO-Link demand. The increasing influx of industrial IoT has made way for higher data exchange, industrial automation and adoption of smart field devices. These technologies also offer higher integration of IO Link solutions in industrial automation systems and easy replacement sensors. The growing need for eliminating parameter settings, status diagnostics along with improved uptime and data monitoring will also influence the market growth.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 7 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 20% |
| 2032 Value Projection: | USD 50 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 250 |
| Tables, Charts & Figures: | 290 |
| Segments covered: | Type, Component, Application, End-Use |
| Growth Drivers: |
|
| Pitfalls & Challenges: |
|
The growing preference for reliable and compact solutions in manufacturing industries for facilitating operational processes may limit the adoption of IO-Links. Compact machines require less power to offer improved performance than other industrial solutions. The wiring in compact machines is also short and less costly when compared to IO Link-based compact machines. The increasing costs associated with IO-Links and the surging requirement for compact as well as small machines on factory floors will further restrict the market growth.
IO-Link Market Analysis
Based on component, the IO-link master market size will record over 23% CAGR from 2023-2032. The growth can be attributed to their increasing usage as gateway in field applications for connecting up to eight IO link devices including valves, binary output, sensors, input modules. Furthermore, several versions of IO link master offer ports as supply auxiliary energy for connecting actuators of IO link and the B ports. The benefits of efficient functioning and high-quality performance will also drive the preference for IO link master.
IO-link market share from electronic applications may surpass USD 16 billion by 2032 on account of the rising penetration of industry 4.0 in automation technology. IO-links offer digital data transfer as well as seamless communication from control to the sensor levels. In recent years, highly intelligent devices are largely employed with IO links in industrial automation. The rapidly growing electronics sector and the consequent need for industrial automation will anchor the industry development.
Europe IO-Link market size will observe more than 22% CAGR from 2023-2032 driven by the increasing production of motor vehicles, aerospace parts, and robots. Europe is home to a large number of major companies, mainly located in Germany, the U.K., and France. The ongoing developments in autonomous vehicles and advanced connected cars will also influence the deployment of IO link solutions in the region.
IO-Link Market Share
Some of the leading IO-Link industry participants include :
- Rockwell automation
- OMRON Corporation
- Hans Turck GmbH & Co. KG
- Banner Engineering
- Balluf GmbH
- and ifm electronic GmbH.
These companies are working advancements and introducing new solutions in IO links for gaining competitive edges.
IO-Link Industry News
- Sick AG, in June 2022, rolled out Monitoring Box, its new online application for Smart Service to offer additional value to consumers from previously underutilized sensor data through the visualization of status information from its sensors.
The IO-Link market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:
Click here to Buy Section of this Report
By Type
- IO-Link Wired
- IO-Link Wireless
By Component
- IO-Link Master
- IO-Link Device
- Sensors
- IO-Link Hubs
- Others
By Application
- Machine tool
- Assembly line
- Intralogistics
- Pharmaceutical packaging
By End-Use
- Electronics
- Automotive
- Food & Beverages
- Oil & Gas
- Pharmaceutical
- Others
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- ANZ
- Latin America
- Brazil
- Mexico
- MEA
- GCC
- South Africa
Frequently Asked Questions (FAQ) :