The IO-Link market is projected to reach USD 33.9 billion by 2028 from an estimated USD 13.6 billion in 2023, at a CAGR of 20.0% from 2023 to 2028. The rise in demand for IO-Link solutions is attributed to growing demand of remote configuration, monitoring, and maintenance.
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); SMC Corporation (Japan) are some of the key players in the IO-Link market. To retain their presence in the IO-Link market, these players have adopted various organic and inorganic growth strategies such as product launches, collaborations, partnerships, and acquisitions. Product launches have been the most dominating strategy adopted by the key players from 2019 to 2022 to help them broaden their customer base.
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Siemens AG specializes in electrical engineering and electronics-related products and services. The company offers its customers a wide variety of services, including consulting, planning, financing, construction, and operating turnkey mobility systems. The company operates through five business segments—Digital Industries, Smart Infrastructure, Siemens Healthineers, Mobility, and Portfolio Companies, which comprises businesses that are managed separately to improve their performance. The Portfolio Companies segment comprises businesses that are managed separately to improve the company’s performance.
Hans Turck GmbH & Co. KG
Hans Turck GmbH & Co. KG is one of the leading manufacturers in industrial automation. The company specializes in sensors, connections, interface technologies, Fieldbus and RFID systems, and human–machine interfaces (HMIs). It offers factory and process automation solutions with its wide product portfolio that includes sensor, Fieldbus, connection, interface technologies; HMI; and RFID systems. Hans Turck GmbH & Co. KG provides its automation solutions and products to automotive, chemical, energy, food & beverages, logistics, mobile equipment, oil & gas, packing, pharmaceutical, and semiconductor industries.
Balluff GmbH is a medium-sized company well known for its sensor and automation expertise. It is also known for offering identification and networking solutions that are used in different industries for numerous applications, including detection, measuring, monitoring, connecting, and identification. Besides producing and selling its products, the company is also engaged in consulting and services. Through its products and services, the company serves various industries, including packaging and food & beverages, as well as applications such as mobility, machine and plant engineering, and supply chain and services. In the IO-Link market, the company offers a wide range of IO-Link masters and IO-Link devices.
ifm electronic GmbH
ifm electronic GmbH is well known as a service-oriented sensor specialist. The company manufactures various sensors, industrial communication systems, and condition monitoring systems. The company also offers products for industrial imaging and communication, identification systems, and systems for mobile. ifm electronic offers a wide range of IO-Link products and solutions, including IO-Link masters, sensors, hubs, software, and accessories. These products find application in process, discrete, and hybrid industries, including food & beverages and automotive industries. The company has a presence in over 95 countries worldwide. The company has manufacturing and development facilities in Germany, the US, Singapore, Poland, and Romania. 70% of the company’s products are developed and manufactured in Germany.
SICK AG is one of the leading manufacturers of sensors used for factory and industrial automation. The company also manufactures sensors and customized systems and provides services for process measurement technology. SICK AG operates through three business segments, namely Factory Automation, Logistics Automation, and Process Automation. Through its Factory Automation segment, the company offers non-contact sensors, camera systems, color sensors, contrast and luminescence scanners, encoders, light grids, photoelectric sensors, position finders, and distance measurement systems. Through the Logistics Automation segment, the company designs sensors to optimize the entire logistics chain. The Process Automation segment provides sensors, customized systems, and services. These products find applications in automotive, electronics, food & beverages, material handling, and packaging industries. SICK AG offers IO-Link masters compatible with different interfaces, including EtherCAT, EtherNet/IP and PROFINET, as well as a wide range of IO-Link sensors, such as photoelectric, inductive, proximity, position, contrast, color, and force sensors, in the IO-Link market. The extensive range of IO-Link sensors offered by the company are used worldwide in many automation applications.
IO-Link Market by Type (IO-Link Wired, IO-Link Wireless), Component (IO-Link Masters, IO-Link Devices), Industry (Process Industries, Hybrid Industries), Application (Machine Tools, Intralogistics Solutions) and Region - Global Forecast to 2028
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