IO-Link Market by Component (IO-Link Devices, IO-Link Masters), Industry (Hybrid, Discrete, and Process), Application (Handling & Assembly Automation, Machine Tool, Packaging, Intralogistics), and Region – 2024 to 2029

SKU: GMS357

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OVERVIEW

A study by Global Market Studies has indicated a CAGR of 21% for the IO-Link Market, for the period 2023 – 2028, expecting to touch the USD 34.1 billion mark by 2028. IO-Link is a short distance, bi-directional, digital, point-to-point, industrial communications networking standard used for connecting digital sensors and actuators to either a type of industrial fieldbus or a type of industrial Ethernet. IO–Links find multiple uses in industries like Assembly and Handling, Packaging and Labelling, Food and Beverage, Automotive, Pharmaceuticals etc.

Market Dynamics

Drivers & Opportunities:

  • Increasing demand for automation: As industries continue to automate their processes, the demand for IO-Link-enabled devices and systems is increasing as IO-Link helps to simplify the integration of sensors and actuators into automation systems.
  • Growing need for predictive maintenance: Predictive maintenance has become a key focus for industries to reduce downtime and maintenance costs. IO-Link-enabled sensors provide real-time data on equipment health, allowing implementing predictive maintenance strategies.
  • Advancements in sensor technology: The development of advanced sensors with IO-Link capabilities which provide more accurate and reliable data and can be used to optimize production processes is also driving the growth of the IO-Link market.
  • Increasing demand for Industry 4.0: Industry 4.0 is a term used to describe the integration of advanced technologies into manufacturing processes. IO-Link is a key enabler of Industry 4.0, as it allows for the collection and analysis of data from sensors and other devices in real-time.
  • Cost savings: IO-Link helps simplifying the wiring and installation of sensors and actuators. This can lead to lower installation and maintenance costs, as well as reduced downtime.

Restraints:

  • High Implementation Costs: While IO-Link can help to reduce overall costs in the long-term, the initial implementation costs can be high. This may be a deterrent for businesses unwilling to make significant upfront investments.
  • Limited standardization: While IO-Link is a widely adopted protocol, there is still some lack of standardization in terms of device profiles, causing compatibility issues between different devices and systems.
  • Limited range: IO-Link operates on a limited range of up to 20 meters, which can limit its use in larger facilities or applications that require longer distances.

Security concerns: As with any communication protocol, IO-Link can be vulnerable to security threats, such as unauthorized access or data breaches. This may be a notable concern for businesses.

Challenges:

  • Interoperability: IO-Link devices are designed to work together, but interoperability can be an issue. Ensuring that devices from different manufacturers can work together seamlessly is crucial to the adoption and success of the protocol.
  • Integration with legacy systems: Many manufacturing facilities have legacy systems in place that may not be compatible with IO-Link. Integrating IO-Link into existing systems can be a major obstacle.
  • Education and training: As IO-Link is still a relatively new protocol, there is a lack of knowledge and understanding among engineers and technicians who work in industrial automation. 
  • Limited use cases: While IO-Link is well-suited for many applications in industrial automation, there are still some use cases where it may not be the best fit. Identifying and addressing these challenges will be important for continued growth.
  • Fragmented market: The IO-Link market is still fragmented with different vendors and suppliers offering their own IO-Link devices and solutions. This can make it difficult for businesses to choose the right devices their specific needs.

Recent Developments:

  • In July 2022, Pepperl + Fuchs launched CB10 series I/O hubs that allow for direct integration into the smallest installation spaces. The CB10 modules can be connected directly to an IO-Link Master and make push button boxes IO-Link-capable.
  • In June 2022, SICK AG launched Monitoring Box, a new Smart Service web application which visualises status data from SICK sensors. It visualises internal device parameters to diagnose and monitor fault conditions.
  • In March 2022, Balluf GmbH launched BNI IO-Link master, suited for challenging environments. The new IO-Link Master helps users manage difficult conditions.

Partnerships & Collaborations:

  • In August 2022, ifm electronic GmbH acquired a minority stake in HiDensity AG, the sole holder of Beil-based HMT microelectronic AG.
  • In June 2022, SICK partnered with F1TENTH, which is focused on innovation in the autonomous systems for upcoming roboticists. The partnership aims to provide resources for students developing autonomous vehicles.

Key Players:

Siemens, Balluff Automation India Pvt. Ltd., ifm electronic gmbh, SICK AG, Murrelektronik GmbH, Rockwell Automation Inc., Wenglor Sensoric GmbH, OMRON Corporation, Banner Engineering Corp., Emerson Electric Co., Hans Turck GmbH & Co. KG, Pepperl+Fuchs Comtrol, Inc., B&R, Datalogic S.p.A., Belden Inc., Beckhoff Automation GmbH & Co. KG, Baumer, Bosch Rexroth AG, ABB, Weidmüller Interface GmbH & Co. KG 

Frequently Asked Questions

1) What is the projected market value of the IO-Link Market?

– The IO-Link Market is expected to reach a value of USD 34.1 billion by 2028

2) What is the estimated CAGR of the IO-Link Market over the 2023 to 2028 forecast period?

– The IO-Link Market is expected to grow at a CAGR of approximately 21% from 2023 to 2028.

3) Who are the key players in the IO-Link Market?

– Siemens, Balluff Automation India Pvt. Ltd., ifm electronic gmbh, SICK AG, Murrelektronik GmbH, Rockwell Automation Inc., Wenglor Sensoric GmbH, OMRON Corporation, Banner Engineering Corp., Emerson Electric Co., Hans Turck GmbH & Co. KG, Pepperl+Fuchs Comtrol, Inc., B&R, Datalogic S.p.A., Belden Inc., Beckhoff Automation GmbH & Co. KG, Baumer, Bosch Rexroth AG, ABB, Weidmüller Interface GmbH & Co. KG 

Why Choose Us?

Insights into Market Trends: Global Market Studies reports provide valuable insights into market trends, including market size, segmentation, growth drivers, and market dynamics. This information helps clients make strategic decisions, such as product development, market positioning, and marketing strategies.

Competitor Analysis: Our reports provide detailed information about competitors, including their market share, product offerings, pricing, and competitive strategies. This data can be used to inform competitive strategies and to identify opportunities for growth and expansion.

Industry Forecasts: Our reports provide industry forecasts, which will inform your business strategies, such as investment decisions, production planning, and workforce planning. These forecasts can help you to prepare for future trends and to take advantage of growth opportunities.

Access to Industry Experts: Our solutions include contributions from industry experts, including analysts, consultants, and subject matter experts. This access to expert insights can be valuable for you to understand the market.

Time and Cost Savings: Our team at Global Market Studies can save you time and reduce the cost of conducting market research by providing comprehensive and up-to-date information in a single report, avoiding the need for additional market research efforts.

METHODOLOGY

At Global Market Studies, extensive research is done to create reports which have in-depth insights across all aspects of the market such as drivers, opportunities, challenges, restraints, market trends, regional insights, market segmentation, latest developments, key players for the forecast period. Multiple methods are used to derive both qualitative and quantitative information for the report:Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 1

PRIMARY RESEARCH

Through surveys and interviews, primary research is sourced mainly from experts from the core and related industry. It includes distributors, manufacturers, Directors, C-Level Executives and Managers, alliances certification organisations across various segments of the markets value chain. Both the supply-side and demand-side is interviewed.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 2

SECONDARY RESEARCH

Our sources of secondary research include Annual Reports, Journals, Press Releases, Company Websites, Paid Databases and our own Data Repository. They also include, investor presentations, certifies publications and articles by authorised regulatory bodies, trade directories and databases.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 3

MARKET SIZE ESTIMATION

After extensive secondary and primary research, both the Bottom-up and Top-down methods are used to analyse the data. In the Bottom-up Approach, Company revenues across multiple segments are gathered to derive the percentage split per market segment. From this the Segment wise market size is derived to give the Total Market Size. In the Top-down Approach the reverse method is used where the Total Market Size is first derived from primary sources and is split into Market Segment, Regional Split and so on.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 4Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 5

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 6

DATA TRIANGULATION:

All statistics are collected through extensive secondary research and verified by interviews conducted with supply-side and demand-side in the primary research to ensure that both primary and secondary data percentages, statistics and findings corroborate.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 7

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OVERVIEW

A study by Global Market Studies has indicated a CAGR of 21% for the IO-Link Market, for the period 2023 – 2028, expecting to touch the USD 34.1 billion mark by 2028. IO-Link is a short distance, bi-directional, digital, point-to-point, industrial communications networking standard used for connecting digital sensors and actuators to either a type of industrial fieldbus or a type of industrial Ethernet. IO–Links find multiple uses in industries like Assembly and Handling, Packaging and Labelling, Food and Beverage, Automotive, Pharmaceuticals etc.

Market Dynamics

Drivers & Opportunities:

  • Increasing demand for automation: As industries continue to automate their processes, the demand for IO-Link-enabled devices and systems is increasing as IO-Link helps to simplify the integration of sensors and actuators into automation systems.
  • Growing need for predictive maintenance: Predictive maintenance has become a key focus for industries to reduce downtime and maintenance costs. IO-Link-enabled sensors provide real-time data on equipment health, allowing implementing predictive maintenance strategies.
  • Advancements in sensor technology: The development of advanced sensors with IO-Link capabilities which provide more accurate and reliable data and can be used to optimize production processes is also driving the growth of the IO-Link market.
  • Increasing demand for Industry 4.0: Industry 4.0 is a term used to describe the integration of advanced technologies into manufacturing processes. IO-Link is a key enabler of Industry 4.0, as it allows for the collection and analysis of data from sensors and other devices in real-time.
  • Cost savings: IO-Link helps simplifying the wiring and installation of sensors and actuators. This can lead to lower installation and maintenance costs, as well as reduced downtime.

Restraints:

  • High Implementation Costs: While IO-Link can help to reduce overall costs in the long-term, the initial implementation costs can be high. This may be a deterrent for businesses unwilling to make significant upfront investments.
  • Limited standardization: While IO-Link is a widely adopted protocol, there is still some lack of standardization in terms of device profiles, causing compatibility issues between different devices and systems.
  • Limited range: IO-Link operates on a limited range of up to 20 meters, which can limit its use in larger facilities or applications that require longer distances.

Security concerns: As with any communication protocol, IO-Link can be vulnerable to security threats, such as unauthorized access or data breaches. This may be a notable concern for businesses.

Challenges:

  • Interoperability: IO-Link devices are designed to work together, but interoperability can be an issue. Ensuring that devices from different manufacturers can work together seamlessly is crucial to the adoption and success of the protocol.
  • Integration with legacy systems: Many manufacturing facilities have legacy systems in place that may not be compatible with IO-Link. Integrating IO-Link into existing systems can be a major obstacle.
  • Education and training: As IO-Link is still a relatively new protocol, there is a lack of knowledge and understanding among engineers and technicians who work in industrial automation. 
  • Limited use cases: While IO-Link is well-suited for many applications in industrial automation, there are still some use cases where it may not be the best fit. Identifying and addressing these challenges will be important for continued growth.
  • Fragmented market: The IO-Link market is still fragmented with different vendors and suppliers offering their own IO-Link devices and solutions. This can make it difficult for businesses to choose the right devices their specific needs.

Recent Developments:

  • In July 2022, Pepperl + Fuchs launched CB10 series I/O hubs that allow for direct integration into the smallest installation spaces. The CB10 modules can be connected directly to an IO-Link Master and make push button boxes IO-Link-capable.
  • In June 2022, SICK AG launched Monitoring Box, a new Smart Service web application which visualises status data from SICK sensors. It visualises internal device parameters to diagnose and monitor fault conditions.
  • In March 2022, Balluf GmbH launched BNI IO-Link master, suited for challenging environments. The new IO-Link Master helps users manage difficult conditions.

Partnerships & Collaborations:

  • In August 2022, ifm electronic GmbH acquired a minority stake in HiDensity AG, the sole holder of Beil-based HMT microelectronic AG.
  • In June 2022, SICK partnered with F1TENTH, which is focused on innovation in the autonomous systems for upcoming roboticists. The partnership aims to provide resources for students developing autonomous vehicles.

Key Players:

Siemens, Balluff Automation India Pvt. Ltd., ifm electronic gmbh, SICK AG, Murrelektronik GmbH, Rockwell Automation Inc., Wenglor Sensoric GmbH, OMRON Corporation, Banner Engineering Corp., Emerson Electric Co., Hans Turck GmbH & Co. KG, Pepperl+Fuchs Comtrol, Inc., B&R, Datalogic S.p.A., Belden Inc., Beckhoff Automation GmbH & Co. KG, Baumer, Bosch Rexroth AG, ABB, Weidmüller Interface GmbH & Co. KG 

Frequently Asked Questions

1) What is the projected market value of the IO-Link Market?

– The IO-Link Market is expected to reach a value of USD 34.1 billion by 2028

2) What is the estimated CAGR of the IO-Link Market over the 2023 to 2028 forecast period?

– The IO-Link Market is expected to grow at a CAGR of approximately 21% from 2023 to 2028.

3) Who are the key players in the IO-Link Market?

– Siemens, Balluff Automation India Pvt. Ltd., ifm electronic gmbh, SICK AG, Murrelektronik GmbH, Rockwell Automation Inc., Wenglor Sensoric GmbH, OMRON Corporation, Banner Engineering Corp., Emerson Electric Co., Hans Turck GmbH & Co. KG, Pepperl+Fuchs Comtrol, Inc., B&R, Datalogic S.p.A., Belden Inc., Beckhoff Automation GmbH & Co. KG, Baumer, Bosch Rexroth AG, ABB, Weidmüller Interface GmbH & Co. KG 

Why Choose Us?

Insights into Market Trends: Global Market Studies reports provide valuable insights into market trends, including market size, segmentation, growth drivers, and market dynamics. This information helps clients make strategic decisions, such as product development, market positioning, and marketing strategies.

Competitor Analysis: Our reports provide detailed information about competitors, including their market share, product offerings, pricing, and competitive strategies. This data can be used to inform competitive strategies and to identify opportunities for growth and expansion.

Industry Forecasts: Our reports provide industry forecasts, which will inform your business strategies, such as investment decisions, production planning, and workforce planning. These forecasts can help you to prepare for future trends and to take advantage of growth opportunities.

Access to Industry Experts: Our solutions include contributions from industry experts, including analysts, consultants, and subject matter experts. This access to expert insights can be valuable for you to understand the market.

Time and Cost Savings: Our team at Global Market Studies can save you time and reduce the cost of conducting market research by providing comprehensive and up-to-date information in a single report, avoiding the need for additional market research efforts.

METHODOLOGY

At Global Market Studies, extensive research is done to create reports which have in-depth insights across all aspects of the market such as drivers, opportunities, challenges, restraints, market trends, regional insights, market segmentation, latest developments, key players for the forecast period. Multiple methods are used to derive both qualitative and quantitative information for the report:Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 1

PRIMARY RESEARCH

Through surveys and interviews, primary research is sourced mainly from experts from the core and related industry. It includes distributors, manufacturers, Directors, C-Level Executives and Managers, alliances certification organisations across various segments of the markets value chain. Both the supply-side and demand-side is interviewed.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 2

SECONDARY RESEARCH

Our sources of secondary research include Annual Reports, Journals, Press Releases, Company Websites, Paid Databases and our own Data Repository. They also include, investor presentations, certifies publications and articles by authorised regulatory bodies, trade directories and databases.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 3

MARKET SIZE ESTIMATION

After extensive secondary and primary research, both the Bottom-up and Top-down methods are used to analyse the data. In the Bottom-up Approach, Company revenues across multiple segments are gathered to derive the percentage split per market segment. From this the Segment wise market size is derived to give the Total Market Size. In the Top-down Approach the reverse method is used where the Total Market Size is first derived from primary sources and is split into Market Segment, Regional Split and so on.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 4Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 5

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 6

DATA TRIANGULATION:

All statistics are collected through extensive secondary research and verified by interviews conducted with supply-side and demand-side in the primary research to ensure that both primary and secondary data percentages, statistics and findings corroborate.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 7

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