Dublin, May 20, 2021 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
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 the ability to support all fieldbus protocols are among the factors driving the growth of the IO-Link market.
The IO-Link devices segment held the major share of the IO-Link market in 2020, and this trend is expected to continue during the forecast period.
The increasing adoption of sensors, modules, RFID heads, and actuators in industrial applications is expected to create potential growth opportunities for IO-Link devices. Industry 4.0 and IoT are becoming the key technology trends for the automation and motion control industry. This has accelerated the demand for smart sensors, which is expected to drive the growth of the IO-Link devices market in the near future.
The discrete industries segment is expected to witness the highest CAGR during the forecast period.
The surging demand for new technologies from the automotive, aerospace & defense, semiconductor & electronics, machine manufacturing, packaging, and medical devices industries is primarily responsible for the growth of this segment. Increasing demand for a new remote configuration, monitoring, and maintenance solution also fuels the growth of this segment.
The packaging automation solutions application is projected to record the highest CAGR during the forecast period.
The growth of this segment can be attributed to the increasing demand for packaging automation solutions by manufacturers to streamline supply chain operations. Automated conveyors and sortation systems with numerous IO-Link-capable RFID read heads and proximity sensors are used to merge, categorize, and separate products in the packaging industry.
Based on region, Europe is expected to account for the largest share of the IO-Link market by 2026.
The region is likely to dominate the market due to the high demand from the automotive, aerospace & defense, and industrial manufacturing sectors. The presence of IO-Link companies such as Siemens, Hans Turck GmbH & Co. KG, Balluff GmbH, ifm electronic GmbH, and SICK AG also aids the market's growth in this 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.
Rising Demand for Industry 4.0
Ability to Support All Fieldbus Protocols
Growing Demand for Remote Configuration, Monitoring, and Maintenance
Use of Compact Machines
Use of Basic Sensors
Limitations of Ethernet
Increasing Adoption of Io-Link in Automotive Industry
Cyber Risks Associated with Automation Systems
Supply Chain Analysis
Trends/Disruptions Impacting Customers' Business
Revenue Shift and New Revenue Pockets for Io-Link Market
Porter's Five Forces Analysis
Harpak-Ulma Improves Customer Agility with Smart Packaging Machines from Rockwell Automation
Proceco Integrated Cleaning Systems with Cube67 and Io-Link Solutions
Marston's Brewery Uses Ifm Io-Link Devices to Update Tank Level Control
Average Selling Price for Io-Link Solutions
Patents Analysis, 2018-2020
Tariffs and Regulations Related to Printed Circuits
Hans Turck GmbH & Co. Kg
Ifm Electronic GmbH
Rockwell Automation, Inc.
Festo Se & Co. Kg
Bosch Rexroth Ag
Beckhoff Automation GmbH & Co. Kg
Banner Engineering Corp.
Weidmuller Interface GmbH & Co. Kg
Phoenix Contact GmbH & Co. Kg
Wenglor Sensoric GmbH
Carlo Gavazzi Holding Ag
Jumo GmbH & Co. Kg
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