MarketsandMarkets’ research report, "IO-Link Market by Component, Application, Industry, and Geography - Global Forecast to 2023", says the IO-Link market is expected to reach $12.20 billion by 2023 from $2.87 billion in 2018, at a CAGR of 33.56%. Market growth can be attributed to the initiatives of governments across the world toward the adoption of industrial automation, a high focus on increasing energy efficiency, optimizing resources, and reducing production costs, and the rise of digital industrial technology Industry 4.0. Moreover, the release of IO-Link safety specification in 2017 and availability of cloud interface in IO-Link are likely to create huge growth opportunities for players in the market.
- IO-Link market for packaging applications to grow at highest rate during forecast period
- IO-Link market for discrete industries to register largest shipment in 2018
- APAC to hold largest size of IO-Link market by 2023
- Major players in the IO-Link market covered in this report are Siemens (Germany), Balluff (Germany), Ifm electronic (Germany), SICK (Germany), Rockwell Automation (US), Festo (Germany) Omron (Japan), Banner Engineering (US), Hans Turck (Germany), Pepperl & Fuchs (Germany), and Datalogic (Italy).
For more data, preview the report.