According to Stratistics MRC, the Global IO-Link Market is accounted for $6.92 billion in 2020 and is expected to reach $36.73 billion by 2028 growing at a CAGR of 23.2% during the forecast period. Ability to support all field-bus protocols and rising demand for industry 4.0 are the major factors propelling the market growth. However, cyber risks associated with automation systems and use of compact machines hampering the market growth.
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By geography, Europe is going to have a lucrative growth during the forecast period due to the presence of aerospace & defense, automotive, and industrial manufacturing verticals in the region. Europe comprises major growing economies, such as the Germany, UK, and France, which offer significant growth opportunities for the market. Also, the rising demand for IoT-connected devices and industrial automation in manufacturing industries is driving the growth of the European IO-Link market. Additionally, the European government is taking initiatives to establish smart factories and digitize European industries, thus driving the demand for IO-Link solutions.
Some of the key players profiled in the IO-Link Market include ABB, Aventics, Balluff GmbH, Baumer, Beckhoff Automation, Belden Inc, Bosch Rexroth AG, Datalogic, Festo SE & Co. KG, Hans Turck GmbH & Co. KG, ifm electronic GmbH, Omron Corporation, Pepperl+Fuchs, Rockwell Automation, Inc, SICK AG, Siemens, SMC Corporation, Turck, Weidmuller, and Wenglor.
Types Covered:
• IO-Link Wired
• IO-Link Wireless
Components Covered:
• Actuators
• IO-Link Master
• IO-Link Devices
• Modules
• Radio-frequency Identification (RFID) Read Heads
Applications Covered:
• Automation
• Control Cabinets
• Handling and Assembly Automation
• Intralogistics
• Machine Tool
• Packaging
End Users Covered:
• Process Industries
• Discrete Industries
• Hybrid Industries
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
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