NEWARK, Del, Aug. 01, 2024 (GLOBE NEWSWIRE) -- The anticipated size of the global I/O link market is likely to reach USD 38,056.7 million by 2034. The progression in the value can be observed from the mark of USD 9,458.5 million, which is anticipated to be measured in 2024. Attributing to a staggering CAGR of 15.0%, the market is expected to create several lucrative growth prospects for leading players globally.
The growing importance of Industry 4.0 has leveraged the use of I/O links. Numerous key organizations emphasize predictive maintenance to boost efficiency. This can become possible with the use of I/O links. As the demand for such devices increases, the popularity of such links also increases, driving the size of the said market.
The changing business landscape is emphasizing the optimization of assembly as well as the production line. With this growing demand, the importance of I/O links has improved drastically, thereby accelerating the growth of the industry.
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The rising focus on improving industrial communication is likely to create several lucrative growth opportunities for I/O links. As smart technologies have gained prominence in different sectors, the scope of cutting-edge products, services, and devices like I/O links has increased. This factor fuels the growth of the said competitive landscape.
Owing to the growing investments in bolstering industrial sectors worldwide, the scope of modern technology has increased drastically. Pertaining to the rising popularity of automated processes, the demand for I/O links is likely to proliferate.
This increase in market value indicates the growing importance and acceptance of I/O Link technology across a variety of sectors. I/O Link, which is well known for improving communication and connection in industrial automation, is emerging as a key component of the next generation of technological developments.
As businesses strive for efficiency and system integration, the I/O Link market is emerging as a key factor in driving innovation and influencing the future of smart industrial ecosystems.
Key Takeaways from the Market Study
- The market advanced at a CAGR of 6% through the historical period, which is expected to progress at a much higher CAGR of 15% during the forecast period.
- The occupancy of the Tier 1 category in the market is between 45% and 50%, which clutters the industry.
- India is likely to propel at a CAGR of 18% from 2024 to 2034.
- The hardware segment is expected to govern the market and secure 3% of the share in 2034.
- In terms of application, the intralogistics segment is projected to generate a share of around 8% in 2034.
“With the growing use of I/O devices, the size of instruments and tediousness of operations are likely to upsurge sales of such devices, driving the competitive landscape,” Says Sudip Saha Managing Director and Co-Founder at Future Market Insights.
Key Industry Trends and Highlights in the I/O Link Market
• The impact of Industry 4.0 on the I/O Link market is likely to bring positive growth prospects for market growth.
• Government policies promoting industrial automation and Industry 4.0 initiatives & is likely to drive demand for the market.
• The growing demand for increased productivity and efficiency in manufacturing processes is a key trend propelling the market growth.
• The rising cost of labor and the need for automation solutions is a key driver for the I/O Link market growth.
• The economic growth of emerging economies creating new markets for I/O Link technology is anticipated to drive I/O Link market growth.
I/O Link Market Key Drivers
• The global I/O Link market is expected to grow due to factors such as the ability to support much higher level Fieldbus and Ethernet communication protocols, an increase in demand for Industry 4.0, and an increase in government initiatives to promote industrial automation adoption.
• As knowledge of the benefits of I/O Link grows, the trend of automation has been more prevalent since the launch of the Make in India initiative by government.
• Automation is gaining popularity in the manufacturing business due to its ability to increase operational excellence, return on investment, productivity, and quality.
Challenges in the I/O Link Industry
• There is no common standard for I/O Link, hence different suppliers sell incompatible equipment. This makes it difficult for customers to select the appropriate items and for suppliers to manufacture compatible products.
• I/O Link has limited bandwidth, hence it cannot be utilized for high speed applications like video or data transfer.
• I/O Link devices are often more expensive than regular I/O items, which makes them less appealing to budget conscious consumers.
• I/O link is not supported by all operating systems and devices, which means that users may not be able to use I/O Link products with all of their devices. All these factors are likely to stifle I/O Link market growth.
Competition Outlook
The competitive landscape of I/O link devices is a highly cluttered space, where many existing players and emerging organizations meet. Owing to a significant competitive force within the industry, new entrants might face hindrances when entering the landscape.
To cater to the aforementioned threat, such firms can expand by utilizing strategies like differentiation, product innovation, exports, and many more. Such strategies leverage a better reach for these businesses in a global landscape.
Large-scale organizations and existing key players, on the other hand, expand with the help of several strategies, including partnerships, mergers, strategic collaborations, and partnerships. The collective ecosystem is expected to govern the growth of the worldwide I/O link market. The following recent developments depict the propulsion of the sector:-
- In May 2023, IFM Electronic GmbH acquired Sentinum GmbH. This move has leveraged a better strategic position for the organization in the industry.
- In July 2024, Baumer unveiled a new safety-compliant Baumer inclination sensor. This product launch has allowed the firm to create a consolidated position within the ecosystem.
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Key Players of I/O-Link Technology Industry
- Pepperl+Fuchs
- ifm electronic GmbH
- Baumer
- Balluff GmbH
- Siemens
- Rosemount (Emerson)
- Phoenix Contact
- SICK AG
- Leuze electronic GmbH + Co. KG
- Omron Corporation
- Hans Turck GmbH & Co. KG
- Banner Engineering Corp
Key Segments of I/O-Link Technology Industry
By Components:
In terms of components, the industry is segmented into hardware, I/O-Link software tools and services.
By Application:
In terms of application, the industry is segregated into handling & assembly automation, packaging, machine tools, intralogistics and others.
By Industry:
The industry is classified by pharmaceuticals, electronics & electricals, automation & transportation, food & beverages, energy & utilities and others.
By Region:
Key countries of North America, Latin America, East Asia, South Asia & Pacific, Western Europe, Eastern Europe and Middle East and Africa (MEA) have been covered in the report.
Authored By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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