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IO-Link Market Size

Report ID: GMI5601
Published Date: May 2023
Report Format: PDF

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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.

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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

IO-Link Market Report Attributes
Report Attribute	Details
Base Year:	2022
IO-Link 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:	The growing trend of Industry 4.0 across the globe High demand for Remote monitoring and control applications Rising popularity of ARM processors in IO Links The increasing use of IO-Link in smart factories globally
Pitfalls & Challenges:	Lack of standardization for IO-Link

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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.

Authors: Suraj Gujar

Frequently Asked Questions (FAQ) :

Market size for IO-Link was worth over USD 7 billion in 2022 and will exhibit more than 20% CAGR from 2023-2032 due to the increasing deployment of Industry 4.0.

IO-link industry share from electronic applications may surpass USD 16 billion by the end of 2032 on account of the rising penetration of industry 4.0 in automation technology.

Europe market from IO-link will observe more than 22% CAGR from 2023-2032 driven by the increasing production of motor vehicles, aerospace parts, and robots.

Rockwell automation, OMRON Corporation, Hans Turck GmbH & Co. KG, Banner Engineering, Balluf GmbH, and ifm electronic GmbH are some of the renowned IO-Link companies.