I/O-Link Market Segmentation and Analysis by Recent Trends, Development, Investigation 2032

The global IO-link technology market is estimated to reach US$ 48.3 billion in 2022 and US$ 73.1 billion in 2032. In the projection period of 2022 to 2032, it is expected to expand at a CAGR of 26%. The increased investment by governments throughout the world to speed the adoption of industrial automation is expected to drive IO-link technology sales in the future.

The IO-link technology is a short-distance, point-to-point digital industrial communications networking standard. It assists industrial manufacturers with remote monitoring and setup, establishing standardised communication between actuators and sensors, improving diagnostics, and increasing data availability.

The technology provides a one-of-a-kind platform for the use and development of actuators and sensors that can consume and produce cutting-edge data sets. The produced data can be used to optimise the economics of industrial automated operations and processes.

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Many major technology developers are now concentrating their efforts on the creation of new solutions to meet the increasing demand from clients all over the world.

Pepperl+Fuchs, for example, devised a novel method for smooth connection in March 2022 by integrating the IO-Link sensor interface with the standardised OPC UA communication standard in a single device. The development of comparable other creative solutions by market leaders is expected to boost growth.

Which are the key drivers propelling the IO-Link Technology Market?

The growing use of IO-link technology in a variety of industries, including machine manufacturing, automotive, medical devices, packaging, semiconductor & electronics, and aerospace & military, is expected to boost the market. These sectors adhere to stringent manufacturing standards and strive to reduce operational expenses.

These standards are expected to accelerate the deployment of IoT and industrial automation technologies to improve corporate operations. These industries are also planning to improve machine operational efficiency in order to meet rising customer demand. The ability of this technology to reduce machine downtime, accelerate commissioning times, and lower manufacturing costs is expected to boost IO-link technology market growth.

What are the IO-Link Technology Industry’s Challenges?

Denial-of-service (DoS), Cross-site Request Forgery (CSRF), blind command injection, and reflected Cross-site Scripting (XSS) vulnerabilities are all possible using IO-link technology. Database injection, watering holes, and spear phishing are some of the other threats associated with this technology.

These cyber-threats can wreak havoc on Industrial Automation and Control Systems (IACS). A phishing attack occurs when a digital criminal steals confidential data from multiple devices by tricking users into sharing the security key for a specific application. These factors may stymie demand for IO-link technology during the evaluation period.

Why is Europe rising as a market for Opportunistic IO-Link Technology?

Europe is projected to maintain its leadership position in the IO-link technology industry in the future years. A huge number of firms in the industrial manufacturing, aerospace and defence, and automotive industries in the United Kingdom and Germany are expected to contribute to this expansion.

Another important reason that is expected to bode well for the regional market is the increasing need for industrial automation and IoT-connected devices in the manufacturing sector, particularly in France and the United Kingdom. Furthermore, the European Union is anticipated to launch a slew of programmes to digitise the region’s industries and establish smart factories. This element is also expected to have a favourable impact on European growth.

What role does North America play in the growth of the IO-Link Technology Market?

The presence of a well-established packaging sector in the United States and Canada is expected to boost the growth of the North American IO-link technology market in the coming years. Automation solutions are used in the packaging industry to start numerous packaging activities such as product shipment, storage, handling, and sorting.

By establishing a bidirectional connection between automation systems and sensors, IO-link technology also aids in the optimization of the packaging process. This technology offers a number of benefits, including quick returns on investment, safe commissioning, dependable packaging processes, improved remote diagnosis, and easy availability of final packaging machines. These advantageous properties of IO-link technology are expected to drive its demand throughout North America.

Market Competition

Some of the renowned companies operating in the IO-link technology market include Hans TURCK GmbH Co. KG, SICK AG, Rockwell Automation, Inc., Banner Engineering, OMRON Corporation, Balluff GmbH, Pepperl+Fuchs, Leuze Electronic GmbH + Co. KG, ifm electronic FZC, Siemens AG, Festo AG & Co. KG, and Datalogic S.p.A. among others.

Majority of the leading companies are aiming to develop more secure, cost-effective, and technologically advanced solutions to attract a large consumer base worldwide. Meanwhile, a few other key players are engaging in mergers and acquisitions, partnerships, and joint ventures with start-up companies to co-develop novel products and expand their existing product portfolios.