IO-Link Market

Market Leadership – Siemens and Ifm electronic are leading players in IO-Link Market

The IO-Link market is expected to reach USD 12.20 billion by 2023 from USD 2.87 billion in 2018, at a CAGR of 33.56%. The rise of digital industrial technology Industry 4.0 and initiatives of governments across the world toward the adoption of industrial automation are a few major factors driving the growth of the IO-Link market. The release of IO-Link safety specification in 2017 and availability of cloud interface in IO-Link are expected to offer lucrative opportunities for players in the IO-Link market during the forecast period.

The IO-Link market is highly competitive owing to the presence of many global and regional market players. Product launches and developments, acquisitions, and partnerships have been the major strategies adopted by the leading players to grow in the market. Among all these strategies, players have widely adopted the strategies of product launches and developments to remain competitive in the market. Key players who have implemented these strategies are Siemens (Germany), Balluff (Germany), Ifm electronic (Germany), SICK (Germany), Rockwell Automation (US), Omron (Japan), Banner Engineering (US), Hans Turck (Germany), Pepperl & Fuchs (Germany), and Datalogic (Italy).

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Top 2 players in the IO-Link market:

Siemens is among the leading automation system providers in the world. The company is one of the most important members of the IO-Link Consortium, as well as a leading supplier of IO-Link in Europe. Siemens has been focusing on developing innovative technologies and products in the IO-Link market. The continued focus on developing market-leading technologies has enabled the company to capture a leading position in the market. Siemens strategically operates in the industrial communication sector by providing a large number of communications and automation solutions. The company has a robust product portfolio of SIMATIC solutions for the automation industry. Furthermore, the company is a leading provider of field devices that provide a competitive edge to the company. The company focuses on expanding its service network and investing more in R&D to strengthen its product portfolio. In 2017, the company invested 6.22% of its overall revenue in R&D. It also strives to strengthen its product portfolio through product development.

Ifm electronic is one of the founder members of the IO-Link Consortium and has been actively involved in the implementation of the specification of IO-Link version 1.1. ifm develops, produces, and markets the broadest range of IO-Link products for automation in industries and applications such as automotive, food & beverages, machine tools, and wind power. The company has its subsidiaries located in more than 48 countries and trade partners in more than 35 countries across the world. ifm has a strong R&D team with 6,700 employees in over 70 countries all over the world.  ifm has been continuously strengthening its product portfolio by adding new products for different sectors. It mainly focuses on manufacturing innovative products by carrying out extensive research and development (R&D) to maintain its market position and gain a competitive advantage. The company also focuses on organic growth strategies, such as geographic expansion, to expand its footprint all over the world. The presence of the company in Germany has increased its competition as most of the players are based in this country. The geographic expansion of the company helps it to expand the base of its customers by providing them application-specific products. This supports the expansion of the company in other regions. In August 2015, the company opened a second local unit to address the growing demand for industrial automation products in North America.

Related Reports:

IO-Link Market by Component (IO-Link Masters and IO-Link Devices), Application (Machine Tool, Handling & Assembly Automation, Packaging, Intralogistics), Industry (Discrete, Hybrid, and Process), and Geography - Global Forecast to 2023

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Report Code
SE 6700
RI Published ON
10/19/2018
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