According to the report published by Allied Market Research, the global IO-link market generated $6.10 billion in 2020, and is projected to reach $74.08 billion by 2030, witnessing a CAGR of 29.0% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Ability to support huge level of Fieldbus and Ethernet communication protocols, advent of Industry 4.0, supportive government initiatives toward the adoption of industrial automation drive the growth of the global IO-link market. However, consumption of compact machines hinders the market growth. On the other hand, continuous adoption of next-generation technologies presents new opportunities in the coming years.
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Covid-19 Scenario:
The demand for IO-link decreased considerably during the Covid-19 pandemic due to closedown of manufacturing plants, public places, and offices during the lockdown.
The demand from industry verticals such as automotive, aerospace & defense, energy & power, and others reduced significantly due to stoppage of daily operations during the lockdown. However, the demand is estimated to regain during the post-lockdown as the daily operations begin.
The demand for electronics devices such as switches, sensors, and others declined. This, in turn, impacted the demand for IO-link.
The report offers detailed segmentation of the global IO-link market based on type, component, application, industry vertical, and region.
Based on component, the IO-link devices segment accounted for the highest share in 2020, holding nearly four-fifths of the total share, and is projected to maintain its lead position throughout the forecast period. Moreover, this segment is estimated to manifest the highest CAGR of 29.5% from 2021 to 2030. The research also analyzes the IO-link master segment.
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Based on industry vertical, the aerospace & defense segment contributed the largest share in 2020, accounting for more than one-fifth of the global IO-link market, and is expected to maintain its leadership status during the forecast period. However, the oil & gas segment is estimated to register the largest CAGR of 31.8% from 2021 to 2030.
Based on region, Europe held the highest share in 2020, contributing to around two-fifths of the total market share, and is expected to maintain its dominance in terms of revenue by 2030. However, Asia-Pacific is projected to portray the fastest CAGR of 30.5% during the forecast period.
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Leading players of the global IO-link market analyzed in the research include 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.)