I/O Link Market is set to experience a significant growth of 15.8% CAGR for 2022 – 2027, with an estimated I/O Link industry value of US$ 5,896.8 Mn as of 2022
“As data communication becomes pivotal for the industrial outcome, adoption of I/O link systems has gained significant momentum across multiple industry verticals. The standard protocol of I/O link system allows manufacturers to easily implement affordable communication modules to complement the requirements of the ongoing industrial automation, thereby alluding at industry profitability for manufacturers in the coming years,” says FMI.
The I/O link system penetration in the medical industry is growing at a considerable rate as the industry is rapidly adopting automation technologies to break through limitations. The FMI study finds that penetration in the medical industry generated US$ 930 million revenues, accounting for one-fourth of the market revenues in 2018. The status-quo will continue in the future with an estimated growth of 13.2% y-o-y in 2019.
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Semiconductor and Electronics Industry Lucrative
The FMI study finds that the semiconductor and electronics industry is witnessing significant penetration of I/O link systems and accounted for over one-third share of the global I/O link market revenues generated in 2018.
Buoyancy in the semiconductor and electronics industry is generating pressure among industry players to maintain higher productivity while optimizing cost. In a bid to establish highly synchronized interaction between sub-processes, these industries show a heavy reliance on Ethernet and are implementing I/O link systems to establish smooth communication, thereby ensuring greater operational efficiency.
I/O Link Devices Accounted for Over Half the Revenues in 2018
The FMI study reveals that I/O link devices garner greater revenues as compared to I/O link masters. As I/O link master connects to a number of I/O link devices, installation of I/O link master remains limited to field application wherein data configuration as well as diagnostics is enabled from a central location.
In 2018, I/O link devices held over 56% of global revenues, equaling turnover of nearly US$ 2 billion, whereas I/O link masters held remaining share in the I/O link market.
Handling Assembly Automation Application Garnered Leading Market Revenues
Penetration of I/O link systems in the handling assembly automation remains higher and according to the study, the application held over 28% of the global revenues in 2018. Automation in handling and assembly processes is heavily dependent on accurate interaction of systems to increase productivity and establish economical system. Importance of data communication has led handling assembly automation industry to actively adopt I/O link systems.
The I/O link market is projected to grow at the highest rate in the packaging application as the industry has witnessed greater penetration of automation and associated overall operational output. FMI opines that I/O link application in the packaging industry will grow at the highest rate of 13.4% in 2019 over 2018. I/O link application in machine tools will also account for over one-fifth revenues in 2019.
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APEJ Spearhead I/O Link Market Revenues
The FMI study shows that APEJ has remained the most attractive market for I/O link systems. Industries in the region are undergoing the fourth industrial revolution wherein automation forms the basis of this transformation. Increasing adoption of Ethernet to enhance industrial productivity has created lucrative avenues for manufacturers in the I/O link market wherein APEJ held nearly one-third of the market revenues in 2018.
Europe followed by North America collectively held over two-fifth of the global revenues wherein industry automation witnessed rapid penetration as compared to developing countries owing to favorable infrastructure needed for industry 4.0.
I/O Link Outlook By Category
By Component, I/O Link Market is segmented as:
- I/O Link Device
- I/O Link Master Device
By Application, I/O Link Industry is segmented as:
- Handling Assembly Automation
- Intralogistics
- Machine Tools
- Packaging
By Vertical, I/O Link Industry is segmented as:
- Semiconductor and Electronics
- Automotive
- Medical
- Others
By Region, I/O Link Sales is segmented as:
- North America
- Latin America
- Europe
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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