IO-Link market is expected to grow at CAGR of 33.56% from 2018 to 2023
LONDON, Oct. 25, 2018 /PRNewswire/ --
IO-Link market is expected to grow at CAGR of 33.56% from 2018 to 2023.
The IO-Link market is expected to reach USD 12.20 billion by 2023 from USD 2.87 billion in 2018, at a CAGR of 33.56%. 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 factors driving the growth 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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IO-Link devices expected to hold significant share of IO-Link market during the forecast period.
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.
IO-Link market in APAC is expected to grow at highest CAGR during forecast period.
Japan and China are the major contributors to the IO-Link market in APAC.The adoption of industrial automation in China is increasing at a rapid pace due to the growing industrial sector and rising per capita income in the country.
This is leading to the increasing adoption of advanced manufacturing technologies. Furthermore, rapid technological advancements and a high degree of R&D in the country are expected to create several opportunities for the players in the IO-Link market in this country.
Breakdown of profile of primary participants:
• By Company Type: Tier 1 = 27%, Tier 2 = 41%, and Tier 3 = 32%
• By Designation: C-Level Executives = 26%, Directors = 40%, and Others = 34%
• By Region: North America = 47%, Europe = 28%, APAC = 19%, and RoW = 6%
Siemens (Germany), Balluff (Germany), ifm electronic (Germany), SICK (Germany), Rockwell Automation (US), Festo (Germany) Omron (Japan), Banner Engineering (US), Hans Turck (Germany), Pepperl & Fuchs (Germany), and Datalogic (Italy) are a few key players in the IO-Link market.
Research Coverage:
• The market by application covers machine tool, handling and assembly automation, packaging, and intralogistics
• The market by component covers IO-Link masters and IO-Link devices.
• The market by industry type covers discrete, process and hybrid industry.
• The geographic analysis is done for 4 major regions—North America, Europe, APAC, and RoW. (RoW comprises South America, and the Middle East and Africa).
Reasons to Buy the Report:
From an insight perspective, this research report is focused on various levels of analysis, such as market ranking analysis of top players. This report also studies company profiles, which present basic views on the competitive landscape; emerging and high-growth segments of the studied market; high-growth regions; and market dynamics such as drivers, restraints, challenges, and opportunities.
The report provides insights on:
• Market penetration: Comprehensive information on various types of applications and technology nodes offered by the top players in the overall IO-Link market
• Product development/innovation: Detailed insights regarding research and development (R&D) activities, emerging technologies, and product launches in the IO-Link market
• Market development: Comprehensive information about lucrative emerging markets, along with the analysis of the IO-Link markets across regions
• Market diversification: Exhaustive information about new products, untapped geographic regions, recent developments, and investments in the overall IO-Link market
• Competitive assessment: In-depth assessment of ranking analysis, strategies, products, and manufacturing capabilities of the leading players in the IO-Link market
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