Industrial I/O Modules Market size to grow by USD 2.33 billion | Market research insights highlight continued developments in power grid projects as key driver | Technavio

Vendor Insights 

The global industrial I/O modules market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. Vendors are focusing on new product launches and forming strategic alliances or acquiring smaller players to remain competitive in the market.

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• ABB Ltd.
• Emerson Electric Co.
• General Electric Co.
• Mitsubishi Corp.
• Moxa Inc.
• OMRON Corp.
• Pepperl+Fuchs AG
• Rockwell Automation Inc.
• Siemens AG
• TE Connectivity Ltd.
• Yale University

Find additional highlights on the growth strategies adopted by vendors and their product offerings, Read Free Sample Report.

Geographical Market Analysis 

APAC will provide maximum growth opportunities in industrial I/O modules market during the forecast period. According to our research report, the region will contribute to 32% of the global market growth and is expected to dominate the market through 2025. APAC will generate growth across all the years of the forecast period between 2020 and 2025.

China and Japan are the two major markets for industrial I/O modules in APAC. Factors such as the advent of new projects in the renewable energy space, growing demand for electricity, and increasing population are driving the growth of the industrial I/O modules market in APAC. Also, the proliferation of foreign companies and the high sales of automobiles will contribute to the growth of the regional market.

On the other hand, MEA will emerge as the fastest-growing region of the industrial I/O modules market. The growth can be attributed to increasing investments in the oil and gas sector and rising R&D activities. Moreover, rapid urbanization and industrial and infrastructural growth, and the increasing number of high-net-worth individuals (HNWIs) will foster the growth of the industrial I/O modules market in MEA during the forecast period.

Furthermore, countries such as the US, Germany, and the UK are expected to emerge as prominent markets for industrial IO modules during the forecast period.

Know more about this market's geographical distribution along with the detailed analysis of the top regions. www.technavio.com/report/industrial-i-o-modules-market-industry-analysis 

Key Segment Analysis

By product, the industrial I/O modules market share growth by the PLC I/O segment will be significant during the forecast period. The segment will continue to offer several growth opportunities for market players. Similarly, by end-users, the process industries will exhibit maximum demand in the market.

View FREE Sample: to know additional highlights and key points on various market segments and their impact in coming years.

Key Market Drivers & Challenges: 

The industrial I/O modules market is primarily driven by the continued developments in power grid projects. Smart grids offer several benefits over traditional grids. They limit technical and commercial (AT&C) losses, reduce the number of transformer failures, and lower the need for purchasing high-cost power at peak hours. Many such benefits are attracting significant investments in the development of smart grid projects globally. For instance, in February 2021, the Power Grid Corporation of India announced that its board of directors had approved investment proposals worth USD 455.39 million in the country. Thus, increasing developments in power grid projects is expected to drive the growth of the global industrial I/O modules market during the forecast period.

The presence of counterfeit I/O devices will challenge the growth of the market. The availability of low-cost labor and availability of abundant resources have enabled low-cost Asian companies to manufacture industrial I/O modules at a significantly lower price than that of their American and European counterparts. These factors will reduce the growth potential in the market.

Download free sample for highlights on market Drivers & Challenges affecting the Industrial I/O modules market. 

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