The report "IO-Link Market with COVID-19 Impact Analysis by Type (IO-Link Wired, IO-Link Wireless), Component (IO-Link Master, IO-Link Devices), Industry (Process, Discrete, Hybrid), Application, and Geography(North America, Europe, APAC) - Global Forecast to 2026" The IO-Link market size is projected to reach USD 24.2 billion by 2026 from an estimated USD 7.7 billion in 2021, at a CAGR of 25.6% from 2021 to 2026.The rising demand for Industry 4.0 and ability to support all fieldbus protocols are among the factors driving the growth of the IO-Link market.
• Informational PDF Brochure :-https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=53529378
Browse 182 market data Tables and 64 Figures spread through 242 Pages and in-depth TOC on "IO-Link Market with COVID-19 Impact Analysis by Type (IO-Link Wired, IO-Link Wireless), Component (IO-Link Master, IO-Link Devices), Industry (Process, Discrete, Hybrid), Application, and Geography(North America, Europe, APAC) - Global Forecast to 2026"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/io-link-market-53529378.html
By type, the IO-Link wired segment held the major share of the IO-Link market in 2020.
The growth of this segment is due to the increasing 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. Industry players use IO-Link wired platform to install serial communication protocol with sensors and actuators. It enables bidirectional data exchange from field devices and makes data accessible for analysis to a programmable logic controller (PLC) and human–machine interfaces (HMI). This helps improve work efficiency and working conditions in manufacturing companies.
By industry, discrete industries accounted for the largest share of the IO-Link market in 2020, and a similar trend is likely to continue in the near future
Discrete industries such as automotive, aerospace & defense, semiconductor & electronics, machine manufacturing, packaging, and medical devices follow stringent protocols for their manufacturing operations and continuously focus on reducing operational costs. This leads them to adopt industrial automation and IoT technologies for their business operations. Also, these industries majorly focus on improving the operational efficiency of machines to meet the increasing customer demands. IO-Link can help reduce manufacturing costs, speed up commissioning times, reduce the number of network nodes, and lower the downtime of machines or systems. This factor is expected to increase the adoption of IO-Link in discrete industries.
By region, Europe IO-Link market to hold the largest share of the IO-Link market throughout the forecast period
Europe is anticipated to holds the largest share of the IO-Link market throughout the forecast period. This dominance is attributed to the presence of automotive, aerospace & defense, and industrial manufacturing verticals in the region. Europe comprises major growing economies, such as the UK, Germany, and France, which offer significant growth opportunities for the market. The rising demand for IoT-connected devices and industrial automation in manufacturing industries is driving the growth of the European IO-Link market. Moreover, governments of European countries are taking initiatives to establish smart factories and digitize European industries, thus driving the demand for IO-Link solutions. IO-Link solutions enable industrial manufacturers to establish standardized communication between sensors and actuators, increase data availability, conduct remote configuration and monitoring, and enhance diagnostics. IO-Link provides a platform to help sensors and actuators become smarter than other field devices. These factors are expected to boost the growth of the IO-Link market in Europe.
Siemens (Germany), Hans Turck GmbH & Co. KG (Germany), Balluff GmbH (Germany),ifm electronic GmbH (Germany), SICK AG (Germany), Rockwell Automation, Inc. (US), Omron Corporation (Japan), Pepperl+Fuchs (Germany), Festo SE & Co. KG (Germany), and SMC Corporation (Japan), are some of the key players in the IO-Link market.
The scope of the report covers detailed information regarding major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the IO-Link market. A detailed analysis of the key industry players has been carried out to provide insights into their business overviews, product offerings, and key strategies, such as product launches, collaborations, joint ventures, acquisitions, expansions, and partnerships, associated with the IO-Link market.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
No comments:
Post a Comment