I/O-Link Market Forecast: 8.2% CAGR Growth by 2027
The I/O links market displayed a very promising 12.2% y-oy- growth rate in 2019. However, the coronavirus pandemic has caused significant changes in the industry landscape. Factories around the world have been forced to suspend operations. Further, the health concerns among employees in the industry has resulted in a shortage of workers. Consequently, disruptions in hardware supply chains will continue through the pandemic period and restrict market prospects in the short term.
I/O link market revenues surpassed US$ 3.5 billion in 2018 and expected to grow at an impressive 12.2% y-o-y in 2019, as per FMI’s new study. Key factors responsible for the impressive growth of I/O link market include,
IO-Link technology enables communication from the for industrial automation including actuators, sensors, modules, read heads, and RFID among others, which will gain traction through the forecast period with industry 4.0 settings,’ says the report by FMI.
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I/O Links Market – Primary Takeaways
- Assembly automation applications are witnessing strong growth particularly in the manufacturing and automotive sector.
- I/O link for hybrid industry process are gaining strong traction driven by superior scope of functionality in industry 4.0 settings.
- Asia Pacific is generating strong demand for I/O links owing to major manufacturing hubs in India, China, South Korea, and Japan.
I/O Links Market – Growth Factors
- Support capabilities for high level ethernet and fieldbus protocols drives adoptions rates.
- Low production costs and superior energy efficiency in operations support market growth.
I/O Links Market – Major Constraints
- Limitations in motion control applications limit use of I/O links to select industries.
- Lack of international standardization for I/O link specifications is a major challenge for market players.
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The Projected Impact of Coronavirus
The complete impact of the coronavirus pandemic on the I/O links market is not clear as yet. The manufacturing process continues to be largely manual, which in turn hints at a slower market recovery, as workers are less inclined to operate in environments which contribute to health risks. Also, China is going through a second wave of coronavirus cases, which will hurt market prospects in the months ahead. Alternative sourcing and government bailouts are expected to be important for the industry throughout the crisis period.
Competition Landscape
The I/O Links market comprises players including but not limited to ifm electronic FZC, Leuze electronic GmbH, Balluff GmbH, SICK AG, Siemens AG, OMRON Corp., Hans TURCK GmbH, Pepperl + Fuchs, Banner Engineering, and Rockwell Automation Inc.
Participants in the I/O Links market are primarily interested in research and development initiatives to for product innovations and launches to boost product portfolios and scope of functionality.
For instance, Balluff GmbH has revealed a new smart level sensor with I/O link for high conductive fluid applications. Hans Turck GmbH has unveiled an IP67 I/O module for integration into process automation applications. Also, SMC Corporation of America has announced the launch of a wireless I/O link master for remote motion control settings.
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Key Segments
By Component
- I/O-Link Devices
- I/O-Link Masters
By Vertical
- Semiconductor and Electronics
- Automotive
- Medical
- Others
By Application
- Handling Assembly Automation
- Intralogistics
- Machine Tools
- Packaging
More About the Study
The FMI study provides detailed insights on I/O Links market. The market is broken down in terms of component (I/O link devices and I/O link masters), vertical (semiconductor and electronics, automotive, medical, and others), and application (handling assembly automation, intralogistics, machine tools, and packaging), across six key regions (North America, Latin America, Europe, APEJ, Japan, and MEA).
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