The global market for IO-link systems is expected to grow at a compound annual growth rate (CAGR) of 18.6% between 2021 and 2029, from US$6.7 billion in 2021 to US$26.3 billion in 2029. The expansion of digital industrial technology, rising demand for industrial automation, and government initiatives to promote the global manufacturing industry are some of the primary drivers of the IO-Link system market. The growing demand for the IO-Link wireless protocol, as well as the increasing use of smart manufacturing across industries, present significant market potential prospects. However, the inefficiency of IO-Link in high-speed or motion control applications limits market expansion.
The IO-link system market is divided into two components: IO-Link devices and IO-Link masters. IO-Link devices are expected to have the highest market share during the forecast period. The increasing use of sensors, modules, and actuators in industrial applications is likely to open up new opportunities for IO-Link devices. As IoT becomes more prevalent in the automation and motion control industries, the demand for smart sensors rises, fueling the expansion of IO-Link devices. Predictive maintenance, condition monitoring, and traceability are three factors driving IO-Link device adoption.
The global IO-Link system market is divided into four applications: machine tools, handling, and assembly automation, intralogistics, and packaging. Packaging applications are expected to expand the most in the IO-Link market due to the flexibility that IO-Link provides in meeting the criteria for improving the packaging process.
The discrete industries category is expected to account for the majority of the IO-Link market. The increasing demand for innovative technologies from discrete sectors is primarily responsible for the segment's growth. Furthermore, the growing demand for a new remote setup, monitoring, and maintenance solution is expected to fuel the segment's growth soon.
Siemens, Hans Turck Gmbh & Co. Kg, Balluff Gmbh, IFM Electronic Gmbh, Sick Ag, Rockwell Automation, Inc., Omron Corporation, Pepperl+Fuchs, Festo Se & Co. Kg, and SMC Corporation are among the market's key competitors.
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