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Steadfast IO-Link Market Advancement Amidst Pandemic Turbulence: In-depth Global Study by ReportsnReports, Market Dynamics, and Leading Corporations
๐ฅ ๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐ ๐ซ๐๐ ๐๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ + ๐๐๐ญ๐๐ข๐ฅ๐๐ ๐๐๐ โก๏ธ https://www.reportsnreports.com/contacts/requestsample.aspx?name=1743888&utm_source=Gupta&utm_medium=ruchi&utm_id=Ruchi
๐๐ก๐ ๐๐-๐๐ข๐ง๐ค ๐ฆ๐๐ซ๐ค๐๐ญ ๐ข๐ฌ ๐๐จ๐ฆ๐ข๐ง๐๐ญ๐๐ ๐๐ฒ ๐ ๐๐๐ฐ ๐ ๐ฅ๐จ๐๐๐ฅ๐ฅ๐ฒ ๐๐ฌ๐ญ๐๐๐ฅ๐ข๐ฌ๐ก๐๐ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐ฌ๐ฎ๐๐ก ๐๐ฌ Siemens AG (Germany), Rockwell Automation, Inc. (US); OMRON Corporation (Japan); Hans Turck GmbH & Co. KG (Germany); Balluff GmbH (Germany); ifm electronic GmbH (Germany); Pepperl+Fuchs (Germany); SICK AG (Germany); Festo SE & Co. KG (Germany); and SMC Corporation (Japan). The study includes an in-depth competitive analysis of these key players in the IO-Link market, with their company profiles, recent developments, and key market strategies.
Ability to support all fieldbus protocols is driving the growth of the IO-Link market, whereas use of compact machines and use of basic sensors are restraining the growth of IO-Link market
IO-Link wireless segment is expected to grow at higher CAGR during forecast period
The IO-Link wireless segment is projected to register a higher CAGR during the forecast period. The performance, functionality, and capability of IO-Link wireless are comparable to wired IO-Link; however, the elimination of cables ensures more flexibility, greater robustness, and better scalability. The rising demand for the IO-Link wireless protocol and increasing adoption of smart manufacturing across industries are expected to create lucrative opportunities for the manufacturers of the IO-Link wireless solutions, which in turns, driving the growth of the segment in future.
๐๐-๐๐ข๐ง๐ค ๐๐๐ฏ๐ข๐๐๐ฌ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ญ๐จ ๐ซ๐๐ ๐ข๐ฌ๐ญ๐๐ซ ๐ ๐ซ๐จ๐ฐ๐ญ๐ก ๐๐ญ ๐ก๐ข๐ ๐ก๐๐ซ ๐๐๐๐
IO-Link devices can be integrated into any fieldbus or automation system and have auto-device replacement functionality. They can be connected using the same cost-effective standard unshielded 3-wire cables as conventional discrete I/O, which helps reduce complex wiring. In the manufacturing industry, there is a growing need for operational excellence. This leads to the demand for various industrial services, such as predictive maintenance, condition monitoring, and traceability, which are expected to spur the demand for IO-Link devices. All these factors are expected to drive the growth of the IO-Link devices segment during the forecast period.
๐๐ข๐ฌ๐๐ซ๐๐ญ๐ ๐ข๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ข๐๐ฌ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ข๐ฌ ๐ฅ๐ข๐ค๐๐ฅ๐ฒ ๐ญ๐จ ๐ ๐ซ๐จ๐ฐ ๐๐ญ ๐ก๐ข๐ ๐ก๐๐ฌ๐ญ ๐๐๐๐
The discrete industries segment is likely to grow at the highest CAGR during the forecast period. Discrete industries follow stringent protocols for their manufacturing operations and continuously focus on reducing operational costs. This leads them to adopt industrial automation and IoT technologies for their business operations. These industries also majorly focus on improving the operational efficiency of machines to meet the growing customer demands. IO-Link can help reduce manufacturing costs, speed up commissioning times, reduce the number of network nodes, and lower the downtime of machines or systems. Discrete manufacturing involves parts and systems such as nuts and bolts, brackets, wires, assemblies, and individual products. A discrete product at the end of its life cycle can be broken down into its components, which can be recycled.
Packaging automation solutions segment to register significant growth during forecast period
The packaging automation solutions segment of the IO-Link market is expected to record the highest CAGR during the forecast period. The growth can be attributed to the increasing demand for effective and speedy packaging processes with minimal human interventions. Moreover, packaging automation solutions are used in various packaging processes, including product sorting, product handling, product storage, and product shipment. IO-Link solutions help optimize the packaging process by establishing bidirectional communication between sensors and automation systems. IO-Link solutions also offer features such as rapid and safe commissioning, reliable and high-quality packaging processes, improved availability of the final packaging machines, rapid returns on investment, and the ability to carry out remote diagnosis. Hence, the continuous evolution of packaging automation and the high adoption of IO-Link-based sensors are expected to boost the demand for packaging automation solutions in the near future.
Asia pacific to register growth at highest CAGR
Asia Pacific is the fastest-growing IO-Link market owing to the ongoing technological innovations and increasing adoption of automation technologies in various industries. In Asia Pacific, IO-Link technology is used in industries such as automotive and electronics. Japan and China are the major contributors to the IO-Link market in the region. Asia Pacific has emerged as an automobile manufacturing hub in the world. Hence, companies such as Volkswagen, Toyota Motor Corporation, Renault-Nissan- Mitsubishi Alliance, Daimler, Tata Motors, and Mahindra & Mahindra have made investments in automating their automobile production sites. Owing to this, Asia Pacific is likely to register growth at the highest CAGR during the forecast period.
โก๏ธ ๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐ ๐จ๐ซ ๐๐จ๐ซ๐ ๐๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง @ https://www.reportsnreports.com/contacts/inquirybeforebuy.aspx?name=1743888&utm_source=Gupta&utm_medium=ruchi&utm_id=Ruchi
๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐จ๐ฏ๐๐ซ๐๐ ๐:
The report segments the IO-Link market and forecasts its size, by type, industry, component, application, and region. The report also discusses the drivers, restraints, opportunities, and challenges pertaining to the market. It gives a detailed view of the market across four main regions-North America, Europe, Asia Pacific, and RoW. Supply chain analysis has been included in the report, along with the key players and their competitive analysis in the smart agriculture ecosystem
๐๐๐ฒ ๐๐๐ง๐๐๐ข๐ญ๐ฌ ๐จ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ ๐ญ๐ก๐ข๐ฌ ๐ซ๐๐ฉ๐จ๐ซ๐ญ:
Analysis Of: Rising demand for industry 4.0, ability to support all fieldbus protocols, and growing demand for remote configuration, monitoring, and maintenance are the driving factors of the io-link market. Whereas, the restraining factors are use of compact machines and use of basic sensors. Limitations of ethernet and increasing adoption of io-link in automotive industry are the opportunities, while cyber risks associated with automation systems is the challenged faced by the io-link market.
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