DUBLIN--(BUSINESS WIRE)-- The "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) - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

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 ability of IO-Link to support several higher level Fieldbus and Ethernet communication protocols and high focus on increasing energy efficiency, optimizing resources, and reducing production costs are a few major factors driving the growth of IO-Link market. However, the limitation of IO-Link in high-speed or motion control applications and lack of standardization are restraining the market growth.

In an industrial setup, IO-Link technology enables various sensors, modules, RFID read heads, and actuators to connect. IO-Link makes it possible to drive industrial communication from the lowest level of automation, i.e., the sensor level. With the IO-Link communication protocol, which is an easier diagnostic solution in which wiring is simple and standardized and standstill downtimes are reduced through simple configuration, industrial automation can be designed more efficiently.

Japan and China are the major contributors to the IO-Link market in APAC. The adoption of industrial automation in China is increasing at a rapid pace due to the growing industrial sector and rising per capita income in the country. This is leading to the increasing adoption of advanced manufacturing technologies. Furthermore, rapid technological advancements and a high degree of R&D in the country are expected to create several opportunities for the players in the IO-Link market in this country.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Market, By Component

7 Market, By Industry

8 Market, By Application

9 Geographic Analysis

10 Competitive Landscape

11 Company Profiles

• Aventics
• Balluff
• Banner Engineering
• Baumer
• Beckhoff Automation
• Belden
• Bernecker + Rainer
• Bosch Rexforth
• Comtrol
• Datalogic
• Festo
• Ifm Electronic
• Omron
• Pepperl+Fuchs
• Rockwell Automation
• SICK
• Siemens
• Turck
• Weidmuller
• Wenglor Sensoric

For more information about this report visit https://www.researchandmarkets.com/research/48vwnk/iolink_market?w=4

View source version on businesswire.com: https://www.businesswire.com/news/home/20181025005461/en/

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