(MENAFN- EIN Presswire) IO-Link Market 2030 by Type
Ability to support huge level of Fieldbus and Ethernet communication protocol and advent of Industry 4.0 drive the growth of the global IO-link market.” - AMRPORTLAND, OR, UNITED STATES, July 5, 2023/einpresswire.com / -- According to the report published by Allied Market Research, titled, "IO-Link Market by Type (IO-Link Wired and IO-Link Wireless), Component (IO-Link Master and IO-Link Devices), Application (Machine Tool, Handling & Assembly Automation, Intralogistics, and Packaging), and Industry Vertical (Oil & Gas, Energy & Power, Automotive, Aerospace & Defense, Pharmaceuticals, Food & Beverages, Chemicals, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030", the global IO-link market generated $6.10 billion in 2020, and is projected to reach $74.08 billion by 2030, witnessing a CAGR of 29.0% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Leading players of the global IO-link market analyzed in the research include Hans Turck GmbH & Co. KG (Germany), Siemens (Germany), ifm electronic GmbH (Germany), Balluff GmbH (Germany), Rockwell Automation, Inc. (U.S.), SICK AG (Germany), Pepperl+Fuchs (Germany), Omron Corporation (Japan), Banner Engineering Corp (U.S.), and Emerson Electric Co. (U.S.). These players have adopted various strategies such as partnership, agreement, collaboration, and product launch to expand their foothold in IO-link industry.
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Key Findings Of The Study:
. In 2020, the IO-link wired segment accounted for the maximum revenue, and is projected to grow at a notable CAGR of 23.30% during the forecast period.
. The IO-link devices segment accounted for more than 70% of the global IO-link market share in 2020.
. The IO-link wireless segment witness highest growth rate during the forecast period.
. UK was the major shareholder in the Europe IO-link market revenue, accounting for approximately 26% share in 2020.
Ability to support huge level of Fieldbus and Ethernet communication protocols, advent of Industry 4.0, supportive government initiatives toward the adoption of industrial automation drive the growth of the global IO-link market. However, consumption of compact machines hinders the market growth. On the other hand, continuous adoption of next-generation technologies presents new opportunities in the coming years.
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The report offers detailed segmentation of the global IO-link market based on type, component, application, industry vertical, and region.
Based on component, the IO-link devices segment accounted for the highest share in 2020, holding nearly four-fifths of the total share, and is projected to maintain its lead position throughout the forecast period. Moreover, this segment is estimated to manifest the highest CAGR of 29.5% from 2021 to 2030. The research also analyzes the IO-link master segment.
Based on industry vertical, the aerospace & defense segment of io-link market contributed the largest share in 2020, accounting for more than one-fifth of the global IO-link market, and is expected to maintain its leadership status during the forecast period. However, the oil & gas segment is estimated to register the largest CAGR of 31.8% from 2021 to 2030.
Based on region, Europe held the highest share in 2020, contributing to around two-fifths of the total market share, and is expected to maintain its dominance in terms of revenue by 2030. However, Asia-Pacific is projected to portray the fastest CAGR of 30.5% during the forecast period.
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