Sarasota, FL -- (SBWire) -- 01/09/2019 --Global IO-Link Market: Overview
IO-Link is a powerful tool and standard, an increasingly deployed point-to-point serial communication protocol used to link with sensors & actuators. It helps in extension of the internationally recognized PLC standard IEC 61131 and allows three kinds of data to be exchanged, namely, process data, service data, and events. Precisely, IO-Link is a short distance, bi-directional, digital, point-to-point, wired, industrial communications networking standard (IEC 61131-9) used for connecting digital sensors and actuators to either a type of industrial fieldbus or to a type of industrial Ethernet. Its objective is to provide a technological platform that enables the development and use of sensors and actuators that can produce and consume enriched sets of data that in turn can be used for economically optimizing industrial automated processes and operations.
Global IO-Link Market: Growth Factors
The ability of IO-Link to support several higher level Fieldbus and Ethernet communication protocols and high focus on increasing energy efficiency, optimizing resources, and reducing production costs are a few major growth drivers of IO-Link market. However, the limitation of IO-Link in high-speed or motion control applications and lack of standardization are restraining the market growth.
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In an industrial setup, IO-Link technology enables various sensors, modules, RFID read heads, and actuators to connect. IO-Link makes it possible to drive industrial communication from the lowest level of automation, i.e., the sensor level. With the IO-Link communication protocol, which is an easier diagnostic solution in which wiring is simple and standardized and standstill downtimes are reduced through simple configuration, industrial automation can be designed more efficiently. All these aforementioned factors are likely to drive IO-Link market size in the near future.
Global IO-Link Market: Segmentation
The global IO-Link market can be divided based on component, application, and industry. On the basis of component, the market is segregated into IO-Link Masters and IO-Link Devices. Based on the application, the IO-Link market is sectored into machine tool, intralogistics, handling & assembly automation, and packaging. On the basis of industry, the IO-Link market is segmented into discrete, process, and hybrid.
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Global IO-Link Market: Regional Analysis
Based on regions, the global IO-Link market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Thriving manufacturing sector in Asia Pacific countries such as China, Japan, and South Korea is expected to contribute substantially towards the growth of the IO-Link market in this region during the estimated span. China is a global manufacturing hub for semiconductor and automotive manufacturers. Rapidly growing automotive industry in China is likely to create new growth opportunities for the IO-Link market players in this country. With the growing automotive and manufacturing industries, China witnessed a significant increase in the adoption of IO-Link in the last couple of years. All these abovementioned factors are likely to drive the growth of IO-Link market in the years ahead. North America and Europe also have huge growth potential and will further drive the market revenue owing to presence of key players across the region.
Global IO-Link Market: Competitive Players
The key players of the global IO- Link market include Siemens, Balluff, Ifm electronic, SICK, Rockwell Automation, Festo , Omron, Banner Engineering, Hans Turck , Pepperl & Fuchs, and Datalogic.
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Global IO-Link Market: Regional Segment Analysis
North America
The U.S.
Europe
The UK
France
Germany
The Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
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IO-Link Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2018–2026
The ability of IO-Link to support several higher level Fieldbus and Ethernet communication protocols and high focus on increasing energy efficiency, optimizing resources, and reducing production costs are a few major growth drivers of IO-Link market. However, the limitation of IO-Link in high-speed or motion control applications and lack of standardization are restraining the market growth.