Selbyville, Delaware, May 22, 2023 (GLOBE NEWSWIRE) — IO-Link Market size is expected to surpass USD 50 billion by 2032, as per a recent study by Global Market Insights, Inc.
The rising adoption of IoT for converting and integrating several industrial verticals will bolster the industry trends. Lately, the demand for IoT is rising significantly across manufacturing and automation engineering to limit error rate by deploying lesser staff. The rapid lifestyle changes and increasing rate of urbanization have steered higher spending capabilities by consumers, further leading to growing investments in IO links. The surging deployment of several components and technologies for connecting internet, including gateways, actuators, and sensors will also contribute to the IO-link market growth.
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Surging demand for IO-Link devices
With respect to component, the IO-Link device market, which is further segmented into IO Link hubs and sensors, will showcase over 20% CAGR from 2023-2032. The growth can be attributed to the increasing incorporation of IO link hub devices for aggregating actuator signals and digital sensors for providing economical solutions in I/O field data transmission. The growing deployment of IO-Links in factory and logistics automation environments for linking sensors will also influence the IO-Link market expansion.
Positive outlook in automotive sector
IO-Link market revenue from automotive sector will exceed USD 12 billion by the end of 2032 owing to their robust sensor configurations. IO links are increasingly used in the automotive industry to offer enhanced performance as well as energy monitoring. The increasing focus of several leading industry players on the development of IO link master and devices that adhere to AIDA specifications will contribute to the industry growth.
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APAC as a major market
Asia Pacific IO-link market size surpassed USD 2 billion in 2022 on account of the rising focus on the development of new technologies by manufacturing companies to cater to various uses in industrial automation processes. In recent years, there have been significant investments in the manufacturing sector in developing countries, including India, and China. The rapid penetration of industrial automation will also drive the regional market growth.
IO-link Market Competitive Landscape
Rockwell automation, OMRON Corporation, Banner Engineering, Hans Turck GmbH & Co. KG, Balluf GmbH, and ifm electronic GmbH are a few of the prominent IO-Link industry players. These firms are working on innovations and new product launches to sustain the rising competition. For instance, Balluff GmbH, in March 2022, rolled out I/O modules and IP69K IO-Link master specifically designed to provide convenient diagnostics via status LEDs and IO-Link in washdown applications.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.