The market across Europe would hold the largest share from 2021 to 2030. However, the market across Asia-Pacific is anticipated to register the highest CAGR of 30.5% during the forecast period.
Allied Market Research published a research report on the global IO-link market. The research states that the global IO-link market $6.10 billion in 2020, and is estimated to reach $74.08 billion by 2030, registering a CAGR of 29.0% from 2021 to 2030. The research offers comprehensive information about top investment pockets, market dynamics, major segments, and competitive scenarios for major market players, new market entrants, investors, and shareholders.
Avinash Savekar, Lead Analyst, Semiconductor and Electronics at Allied Market Research, said, “The global IO-link market in Asia-Pacific is estimated to grow at the highest rate owing to ongoing technological advancements in the manufacturing sector.”
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The report provides insights on market dynamics such as drivers, restraints, and opportunities to help market players formulate growth strategies and capitalize on opportunities. Surge in demand for Industry 4.0, ability to support much higher level Fieldbus and Ethernet communication protocols, and government initiatives toward the adoption of industrial automation have boosted the growth of the global IO-link market. However, consumption of compact machines hinders the market growth. On the contrary, continuous adoption of next-generation technologies is expected to open new opportunities for the market players in the future.”
Covid-19 scenario:
- The Covid-19 pandemic significantly impacted the market due to lockdown across several countries and shutdown on manufacturing plants, offices, and public places. This decreased the demand for IO-link solutions significantly.
- The lack of components and materials and prolonged lockdown disrupted the supply chain.
- However, the market is expected to get back on track due to stabilization in the automotive sector.
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The report provides an in-depth segmentation of the global IO-link market based on type, component, application, industry vertical, and region. This study is vital for market investors to understand the largest revenue gathering segments and fastest-growing segments during the historic period and forecast period.
By type, the IO-link wireless segment would showcase the highest CAGR of 58.0% from 2021 to 2030. However, the IO-link wired segment will hold the largest share during the forecast period.
By application, the packaging segment would manifest the highest CAGR of 30.8% during the forecast period. However, the handling and assembly automation segment is expected to hold the largest share during the forecast period.
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By region, the market across Europe would hold the largest share from 2021 to 2030. However, the market across Asia-Pacific is anticipated to register the highest CAGR of 30.5% during the forecast period.
The major market players of the global IO-link market are studied in the report such as Hans Turck GmbH & Co. KG (Germany), Siemens (Germany), ifm electronic GmbH (Germany), Balluff GmbH (Germany), Rockwell Automation, Inc. (U.S.), SICK AG (Germany), Pepperl+Fuchs (Germany), Omron Corporation (Japan), Banner Engineering Corp (U.S.), and Emerson Electric Co. (U.S.)
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