New York, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "IO-Link Global Market Report 2023" - https://www.reportlinker.com/p06480000/?utm_source=GNW
, Emerson Electric Co., Datalogic S.p.A., Beckhoff Automation GmbH And Co. KG, Baumer Holding AG, Bosch Rexroth AG, and Weidmüller Interface GmbH And Co. KG.
The global IO-link market is expected to grow from $8.17 billion in 2022 to $10.43 billion in 2023 at a compound annual growth rate (CAGR) of 27.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The IO-link market is expected to reach $26.23 billion in 2027 at a CAGR of 25.9%.
The IO-link market consists of revenues earned by entities by providing services such as system installation and commissioning, maintenance support, consulting and training services, and software tools related to IO-Link technology.The market value includes the value of related goods sold by the service provider or included within the service offering.
The IO-Link market also includes sales of IO-link hubs, IO-link repeaters, IO-link converters, and IO-link accessories such as connectors, cables, and adapters, position sensors, temperature sensors, pressure sensors, vibration sensors, and other sensor nodes.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
IO-link refers to an open standard communication link for sensors and actuators in industrial automation. It offers a point-to-point connection and provides a standard interface between the control system and the sensors and actuators, which simplifies integration, configuration, and maintenance processes.
Europe was the largest region in the IO-link market in 2022. The regions covered in IO-link report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of IO-link are the IO-link master, IO-link devices, sensor nodes, modules, actuators, RFID read heads, and others.IO-link master refers to the communication interface between the IO-link sensors, actuators, and control systems.
These are used for various applications such as machine tools, handling, and assembly automation, packaging, and intralogistics by oil and gas, energy and power, automotive, aerospace and defense, pharmaceuticals, food and beverages, chemicals, and others.
The increase in the penetration of the Internet of Things (IoT) is expected to propel the growth of the IO-link market going forward.The Internet of Things (IoT) refers to a network of interconnected devices, both digital and mechanical, as well as people, animals, or objects that are assigned unique identifiers (UIDs) and can communicate with each other over a network without the need for human-to-human or human-to-computer interaction.
IO-link provides real-time communication, remote configuration, and diagnostics of sensors and actuators using the Internet of Things (IoT). For instance, in May 2022, according to the State of IoT—Spring 2022 report by IoT Analytics, a Germany-based provider of insights and strategic business intelligence for the IoT, AI, Cloud, Edge and Industry 4.0, the global IoT connections increased by 8%, with 12.2 billion active endpoints and, the Internet of Things industry is anticipated to increase by 18% to 14.4 billion active connections in 2022. Further, there will likely be about 27 billion linked IoT devices by 2025 as supply limitations loosen and demand quickens. Therefore, the increase in the penetration of the Internet of Things (IoT) is driving the growth of the IO-link market.
The adoption of next-generation technologies is a key trend gaining popularity in the IO-link market.Major market players are concentrating their efforts on creating next-generation technologies such as IoT, industrial robotics, and cloud technologies to sustain their position in the market.
For instance, in January 2022, ASIX Electronics Corporation, a Taiwan-based IC design company that specializes in network connectivity, Ethernet, and USB solutions. launched AX58400 EtherCAT to IO-link gateway solution. It is a gateway that uses a combination of EtherCAT industrial Ethernet fieldbus technology and IO-Link intelligent communication technology that supports up to 8 IO-link devices, such as smart sensors and actuators, and allows for parameterization and diagnostics of IO-Link devices via EtherCAT. This allows for easy configuration and monitoring of IO-link devices.
Increase in penetration of Industry 4.0 is expected to propel the growth of the IO-link market going forward. Industry 4.0 refers to smart and connected production systems, designed to predict, sense, and interact with the physical world, to make decisions that support production in real time. IO-link enables Industry 4.0 solutions to be expanded down to even the smallest inductive sensors by connecting sensors and actuators to the industrial Ethernet. For instance, according to Conexus Indiana, a US -based non-profit organization, 58% of companies in 2022 have successfully implemented or piloted an Industry 4.0 technology, up from 43% in 2021 and 21% in 2020. Therefore, an increase in penetration of Industry 4.0 is driving the growth of the IO-link market.
The countries covered in the IO-link market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The IO-link market research report is one of a series of new reports that provides IO-link market statistics, including the IO-link industry global market size, regional shares, competitors with an IO-link market share, detailed IO-link market segments, market trends, and opportunities, and any further data you may need to thrive in the IO-link industry. This IO-link market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06480000/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
