According to Data Bridge Market Research new Market report, global IO link market will account to an estimated USD 2.46 billion in 2018 growing at a CAGR of 34.75% during the forecast period of 2019 to 2026.
The IO link used as interlinking sensor for ethernet communication protocol and high level fieldbus that working on deployed point-to-point serial communication protocol that used to communicate with sensors and/or actuators. The IO Link allows three types of data exchanged such are Process data, service data, and events. IO Link is also beneficial in standardized the EtherNet/IP™ and Modbus TCP protocols. The IO Link applicable in sensor manufacturers and industrial manufacturing. The IO link is a powerful standard that is increasing its market presence in the field of Industrial IO-Link gateway and Modbus TCP protocols. It can be accessible in both analog and digital sensors that deliver more information, control and configurability.
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Global IO Link Market is segmented on the basis of component, application, industry and geography.
By Component (IO-Link Masters, IO-Link Devices), Application (Machine Tool, Handling and Assembly Automation, Packaging, Intralogistics), Industry (Discrete, Hybrid, Process) and Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa).
FACTORS DRIVING GROWTH IN IO LINK MARKET
Optimal utilization of resources and increasing demand of energy efficiency:
The rise in the IO link market is increasing due to the growing number of deployed point-to-point serial communication protocol used to communicate with sensors and/or actuators. The number of innovating solutions such as PLC standard IEC 6113 offered to exchange the service data, process data and events.
Few of the major competitors currently working in the IO LINK market are Siemens AG, Balluff GmbH, ifm electronic gmbh, SICK AG, Rockwell Automation Inc., Festo AG & Co. KG., OMRON Corporation, Banner Engineering Corporation, Hans Turck GmbH & Co. KG, Pepperl+Fuchs, Datalogic S.p.A., Comtrol, Beckhoff Automation GmbH & Co. KG, Baumer, Bosch Rexroth AG, ABB, Belden Inc., AVENTICS GmbH, and Weidmüller Interface GmbH & Co. KG and among others.
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