The global IO-link technology market size is expected to reach US$ 48.3 Billion in 2022 and US$ 73.1 Billion in 2032. It is likely to showcase steady growth at a CAGR of 26% in the forecast period from 2022 to 2032. The increasing investment by governments of various countries to accelerate the adoption of industrial automation is set to propel the sales of IO-link technology in future.
IO-link technology is a point-to-point, short distance, digital industrial communications networking standard. It helps industrial manufacturers to conduct remote monitoring and configuration, establish standardized communication between actuators and sensors, improve diagnostics, and increase data availability.
The technology delivers a unique platform to allow for the usage and development of actuators and sensors that can further consume and produce cutting-edge sets of data. The generated data can be utilized to economically optimize industrial automated operations and processes.
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Many prominent technology developers are nowadays focusing more on the development of new solutions to cater to the surging demand from customers across the globe.
In March 2022, for instance, Pepperl+Fuchs developed a novel path for smooth communication by combining the IO-Link sensor interface and the standardized OPC UA communication standard in a single device. The development of similar other innovative solutions by key players in the market is expected to fuel the growth.
Which are Some Prominent Drivers Spearheading IO-Link Technology Market Growth ?
The rising adoption of IO-link technology in multiple industries, such as machine manufacturing, automotive, medical devices, packaging, semiconductor & electronics, and aerospace & defense is set to drive the market. These industries are following strict norms associated with their manufacturing operations and are aiming to lower their operational costs.
These norms are expected to propel the adoption of IoT and industrial automation technologies to enhance their business operations. These industries are also set to focus on meeting the surging demand from customers by improving the operational efficiency of machines. The ability of this technology to reduce the downtime of machines, speed up commissioning times, and lower manufacturing costs is anticipated to augment the IO-link technology market growth.
What are the Challenges Faced by the IO-Link Technology Industry ?
IO-link technology is vulnerable to numerous threats, such as Denial-of-Service (DoS), Cross-site Request Forgery (CSRF), blind command injection, and reflected Cross-site Scripting (XSS) issues. Some of the other risks related to this technology include database injection, watering holes, and spear phishing.
These cyber risks can hamper Industrial Automation and Control Systems (IACS). In case of a phishing assault, a digital criminal steals confidential data from various devices by deceiving users into sharing the security key for a specific application. These factors may obstruct the demand for IO-link technology in the assessment period.
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Why is Europe emerging as an Opportunistic IO-Link Technology Market ?
Europe is expected to remain at the forefront by procuring the largest IO-link technology market share in the upcoming years. The presence of a large number of companies in the industrial manufacturing, aerospace & defense, and automotive industries in the U.K. and Germany is set to contribute to this growth.
The surging demand for industrial automation and IoT-connected devices in the manufacturing sector, especially in France and the U.K. is another crucial factor that is projected to augur well for the regional market. Besides, the European Union is expected to take numerous initiatives to digitize the region's industries and set up smart factories. This factor is also set to positively affect the growth in the Europe market.
How is North America Contributing to Growth of the IO-Link Technology Market ?
The presence of a well-established packaging sector in the U.S. and Canada is projected to bolster the North America IO-link technology market growth in the future years. The sector uses automation solutions to initiate multiple packaging processes, such as product shipment, storage, handling, and sorting.
IO-link technology also helps in optimizing the packaging process by setting up bidirectional communication between automation systems and sensors. This technology provides various features, such as rapid returns on investment, safe commissioning, reliable packaging processes, improved remote diagnosis, and easy availability of the final packaging machines. These beneficial properties of IO-link technology are expected to propel its demand across North America.
Some of the renowned companies operating in the IO-link technology market include Hans TURCK GmbH Co. KG, SICK AG, Rockwell Automation, Inc., Banner Engineering, OMRON Corporation, Balluff GmbH, Pepperl+Fuchs, Leuze Electronic GmbH + Co. KG, ifm electronic FZC, Siemens AG, Festo AG & Co. KG, and Datalogic S.p.A. among others.
Majority of the leading companies are aiming to develop more secure, cost-effective, and technologically advanced solutions to attract a large consumer base worldwide. Meanwhile, a few other key players are engaging in mergers and acquisitions, partnerships, and joint ventures with start-up companies to co-develop novel products and expand their existing product portfolios.
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Key Segments Profiled in the IO-Link Technology Industry Survey
- I/O-Link Masters
- I/O-Link Devices
- Machine Tools
- Handling Assembly Automation
- Semiconductor and Electronics
- Other Applications
- North America
- Latin America
- Western Europe
- Easter Europe
- Middle East & Africa
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