16-Mar-2021 | Zion Market Research
As per Zion Market Research, the global IO-Link market is predicted to reach USD 14 billion by 2025 from USD 3 billion in 2019, with a CAGR of almost 35%. The development of the global market is majorly credited to the capability of IO-Link to support various higher level Ethernet and Fieldbus communication protocols, and high aim on optimizing resources, elevating energy efficiency, and lowering production prices.
Pepperl & Fuchs, Siemens, Ifm electronic, Balluff, Rockwell Automation, SICK, Omron, Festo, Hans Turck, Banner Engineering, and Datalogic are a few primary firms in the IO-Link market.
Restriction Of Ethernet To Offer New Growth Avenues In The Global IO-Link Market In The Years To Come
The IO-Link market for separate sectors is predicted to develop at the max CAGR from 2019 to 2025 due to the latest increment in the acceptance of Ethernet communication standard as a higher level protocol for communication in medical devices, automotive, and electronics & semiconductor sectors. Owing to the design complexity and high cost, the Ethernet protocol for communication is not appropriate for field level (actuator & sensor level) communication uses cases wherein a huge number of actuators and sensors are employed. This restriction of Ethernet has offered new growth avenues to IO-Link to be used as a field-level protocol for communication in late years.
Europe Expected To Carry On Holding The Biggest Share Of The Market In The Years To Come
Europe is expected to carry on holding the biggest share of the market in the years to come. Rapid enhancements in techs, strict regulatory rules, solid support from government, together with the noteworthy attendance of major industry players, are a few major reasons powering the growth of the market in Europe. Germany is predicted to carry on holding a lion’s share of the market in Europe due to the high amount of German companies in the market. Germany is also a primary center for discrete production sectors, which also adds toward the development of the IO-Link market
Limitation of IO-Link in motion control or high-speed applications and lack of standardization are hindering market growth. IO-Link is beneficial for a series of applications in industry. On the other hand, in sectors wherein motion control has a major role in their general automation strategy, the current Ethernet or Fieldbus protocol for communication is more appropriate as compared to IO-Link. The other factor that hampers the market growth is the large size of the process data and high response time, specifically in sectors where automation of motion control is an essential factor.
Browse the full “IO-Link Market -By Application (Handling & Assembly Automation, Machine Tool, Intralogistics, And Packaging), By Component (IO-Link Devices And IO-Link Masters), By Industry (Hybrid, Discrete, And Process), And By Region - Global Industry Perspective, Comprehensive Analysis, And Forecast, 2019 – 2025.” Report at https://www.zionmarketresearch.com/report/io-link-market
The global IO-Link market is segmented as follows:
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