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" 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.
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Browse 164 market data Tables and 82 Figures spread through 248 Pages and in-depth TOC on "IO-Link Market with COVID-19 Impact Analysis by Geography(North America, Europe, APAC) - Global Forecast to 2026"
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By type, the IO-Link devices segment held the major share of the IO-Link market in 2020.
The IO-Link devices segment held the major share of the IO-Link market in 2020. O-Link devices offer various features. These devices can be integrated into any fieldbus or automation system, have auto-device replacement functionality, and are easy to integrate. Such devices can be connected using the same cost-effective standard unshielded 3-wire cables as conventional discrete I/O, which helps reduce complex wiring. In the manufacturing industry, there is a growing need for operational excellence. This leads to the demand for various industrial services, such as predictive maintenance, condition monitoring, and traceability, which is expected to spur the demand for IO-Link devices. These factors are driving the growth of IO-Link devices.
By application, handling and assembly automation accounted for the largest share of the IO-Link market in 2020, and a similar trend is likely to continue in the near future
The handling and assembly automation application is expected to capture the largest share of the IO-Link market during the forecast period based on application. Handling and assembly processes are strongly influenced by the products being manufactured in a plant, and require flexibility and openness to develop and implement individual processes. The increasing complexity of products and the growing need to run multiple products on the same line have increased the pressure on manufacturers. Hence, IO-Link, being a serial communication standard and capable of connecting valves and RFID read heads, is gaining traction in the market for the smooth operation of handling and assembly processes.
By region, APAC IO-Link market to hold the second largest share of the IO-Link market throughout the forecast period
APAC is anticipated to hold the second largest share of the IO-Link market throughout the forecast period. It is also the fastest-growing IO-Link market owing to the ongoing technological innovations and increasing adoption of automation technologies in various industries. Further some of the factors contributing to the growth include increasing number of government initiatives to support digitalization in industries, growing number of small and medium-sized businesses in APAC, and presence of emerging economies in the region
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.
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