IO-Link Market Forecasts to 2028 – Global Analysis By Type (IO-Link Wired, IO-Link Wireless), Component (Actuators, IO-Link Master, IO-Link Devices, Modules, Radio-frequency Identification (RFID) Read Heads), Application, End User and By Geography
According to Stratistics MRC, the Global IO-Link Market is accounted for $6.92 billion in 2020 and is expected to reach $36.73 billion by 2028 growing at a CAGR of 23.2% during the forecast period. Ability to support all field-bus protocols and rising demand for industry 4.0 are the major factors propelling the market growth. However, cyber risks associated with automation systems and use of compact machines hampering the market growth.
IO-Link is a short distance, point-to-point, wired (or wireless), bi-directional, digital, industrial communications networking standard (IEC 61131-9) used for connecting digital sensors and actuators to either a type of industrial field-bus or a type of industrial Ethernet. Its objective is to provide a technological platform that enables the development and use of sensors and actuators that can produce and consume enriched sets of data that in turn can be used for economically optimizing industrial automated processes and operations.
Based on type, the IO-link wired segment is going to have a lucrative growth during the forecast period owing to the growing demand for cost-saving installation of two-way communication between field devices such as sensors, actuators, controllers, and other automation systems on a factory floor. IO-Link wired simplifies wiring, which makes its installation cost lower than a conventional solution. This is due to the use of field modules and connections with cables that do not require shielding. IO-Link wired platform is used by industry players to install serial communication protocol with sensors and actuators. It enables bidirectional exchange of data from field devices and makes data accessible for analysis to programmable logic controllers (PLCs) and human–machine interfaces (HMI). This helps improve work efficiency and working conditions in manufacturing companies.
By geography, Europe is going to have a lucrative growth during the forecast period due to the presence of aerospace & defense, automotive, and industrial manufacturing verticals in the region. Europe comprises major growing economies, such as the Germany, UK, and France, which offer significant growth opportunities for the market. Also, the rising demand for IoT-connected devices and industrial automation in manufacturing industries is driving the growth of the European IO-Link market. Additionally, the European government is taking initiatives to establish smart factories and digitize European industries, thus driving the demand for IO-Link solutions.
Some of the key players profiled in the IO-Link Market include ABB, Aventics, Balluff GmbH, Baumer, Beckhoff Automation, Belden Inc, Bosch Rexroth AG, Datalogic, Festo SE & Co. KG, Hans Turck GmbH & Co. KG, ifm electronic GmbH, Omron Corporation, Pepperl+Fuchs, Rockwell Automation, Inc, SICK AG, Siemens, SMC Corporation, Turck, Weidmuller, and Wenglor.
Estimated Market Size in 2020:
USD 6.92 billion
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Predicted 2028 Value:
USD 36.73 billion
Tables, Graphs& Figures
Type, Component, Application, End User and Region
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
• IO-Link Wired
• IO-Link Wireless
• IO-Link Master
• IO-Link Devices
• Radio-frequency Identification (RFID) Read Heads
• Control Cabinets
• Handling and Assembly Automation
• Machine Tool
End Users Covered:
• Process Industries
• Discrete Industries
• Hybrid Industries
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Key Questions Answered In The Report
The Global IO-Link Market is majorly driven by ability to support all fieldbus protocols and growing adoption of IO-Link in automotive industry.
The IO-link wired segment is growing at a highest CAGR owing to the rising demand for cost-saving installation of two-way communication between field devices such as sensors, actuators, controllers, and other automation systems on a factory floor.
Europe dominated with a significant market share due to the factors such as the rising demand for IoT-connected devices and industrial automation in manufacturing industries across the region.
Asia Pacific market is growing at a highest CAGR owing to the increasing manufacturing sector in the region.
Key players in IO-Link Market include ABB, Aventics, Balluff GmbH, Baumer, Beckhoff Automation, Belden Inc, Bosch Rexroth AG, Datalogic, Festo SE & Co. KG, Hans Turck GmbH & Co. KG, ifm electronic GmbH, Omron Corporation, Pepperl+Fuchs, Rockwell Automation, Inc, SICK AG, Siemens, SMC Corporation, Turck, Weidmuller, and Wenglor.
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