IO-Link Market

Market Leadership – IO-Link Market

The IO-Link market size is projected to reach USD 24.2 billion by 2026 from an estimated USD 7.7 billion in 2021, at a CAGR of 25.6% from 2021 to 2026. Rising demand for Industry 4.0 and ability to support all fieldbus protocols are among the factors driving the growth of the IO-Link market.

Siemens (Germany), Hans Turck GmbH & Co. KG (Germany), Balluff GmbH (Germany), ifm electronic GmbH (Germany), SICK AG (Germany), Rockwell Automation, Inc. (US), Omron Corporation (Japan), Pepperl+Fuchs (Germany), Festo SE & Co. KG (Germany), and SMC Corporation (Japan), are some of the key players in the IO-Link market. These players have adopted various growth strategies, such as product launches, collaborations, joint ventures, acquisitions, expansions, and partnerships to retain their presence in the IO-Link market. Product and services launches has been the most dominating strategy adopted by the key players from april 2018 to march 2021 to help them strengthen their product portfolio and broaden their customer base.

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Siemens held the leading position in the IO-Link market. The company witnessed a revenue increase of approximately 18% from 2019 to 2020 and held ~6–8% share of the IO-Link market in 2020. To strengthen its market position, the company is engaged in constant product launches. It focuses on expanding the IO-Link product portfolio to cater to the demands of various industries.

Hans Turck GmbH & Co. KG held the second position in the IO-Link market. The company is a well-established brand in the IO-Link market. A market leader, the company has expanded its reach globally, and is expected to capture a large share of the market in the near future. Hans Turck GmbH & Co. KG utilizes the latest technology and offers a range of products to customers. In 2020, The IO-Link-capable radar sensor is developed for level measurement in the 0.35–10-meter range for factory automation applications. The freely radiating LRS radar sensors offer detailed analysis functions which were previously possible in the high-end radar sensors used in the process industry.

Balluff GmbH has secured third position in the IO-Link market. The company’s IO-Link market is spread throughout Germany. The company has positioned itself as a complete solution provider for IO-Link systems. The company offers a comprehensive portfolio of IO-Link products, including a variety of sensors, cables, and junction boxes, to programmable Fieldbus and Ethernet solutions. The company has a global presence and serves various industries, including automotive, chemicals, food & beverages, electronics, and healthcare.

ifm electronic GmbH has secured fourth position in the IO-Link market. The company is one of the leading manufacturers and providers of IO-Link integrated sensors, masters, and accessories for packaging, material handling and assembly, factory automation, and industrial automation applications. The company targets different regions, which helps it to acquire a greater share of the market. Apart from this, a large customer base, wide geographic presence, and strong distribution network across diverse regions are the key strengths of the company. IO-Link integrated sensors offered by ifm electronics GmbH can be used across a wide spectrum of verticals, including automotive, food & beverages, pharmaceutical, and electronics industries.

SICK AG has secured fifth position in the IO-Link market. The company has a strong and broad portfolio of IO-Link masters and devices. The company focuses on R&D activities and consistently develops new products ideal for Industry 4.0 applications. The IO-Link solutions offered by the company are particularly designed to cater to application-specific requirements of different industries, such as process, hybrid, and discrete.

Related Reports:

IO-Link Market with COVID-19 Impact Analysis by Type (IO-Link Wired, IO-Link Wireless), Component (IO-Link Master, IO-Link Devices), Industry (Process, Discrete, Hybrid), Application, and Geography(North America, Europe, APAC) - Global Forecast to 2026

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Report Code
SE 6700
RI Published ON
4/26/2021
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