Continuous Expansion of the Internet of Things (IoT) Ecosystem in Various Countries is One of the Major Factors Driving the I/O-Link Mark
Valley Cottage, NY -- (SBWIRE) -- 06/27/2019 -- I/O link market revenues surpassed US$ 3.5 billion in 2018 and expected to grow at an impressive 12.2% y-o-y in 2019, as per FMI's new study. Key factors responsible for the impressive growth of I/O link market include,
Rapidly growing industrial communication space with industrial IoT
Increasing industrial adoption of Ethernet solutions over Fieldbus
Government initiatives to promote industrial automation and rapid implementation of Industry 4.0
Consistent efforts to reduce time and cost involved in I/O link development
"As data communication becomes pivotal for the industrial outcome, adoption of I/O link systems has gained significant momentum across multiple industry verticals. The standard protocol of I/O link system allows manufacturers to easily implement affordable communication modules to complement the requirements of the ongoing industrial automation, thereby alluding at industry profitability for manufacturers in the coming years," says FMI.
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The I/O link system penetration in the medical industry is growing at a considerable rate as the industry is rapidly adopting automation technologies to break through limitations. The FMI study finds that penetration in the medical industry generated US$ 930 million revenues, accounting for one-fourth of the market revenues in 2018. The status-quo will continue in the future with an estimated growth of 13.2% y-o-y in 2019.
Semiconductor and Electronics Industry Lucrative
The FMI study finds that the semiconductor and electronics industry is witnessing significant penetration of I/O link systems and accounted for over one-third share of the global I/O link market revenues generated in 2018.
Buoyancy in the semiconductor and electronics industry is generating pressure among industry players to maintain higher productivity while optimizing cost. In a bid to establish highly synchronized interaction between sub-processes, these industries show a heavy reliance on Ethernet and are implementing I/O link systems to establish smooth communication, thereby ensuring greater operational efficiency.
Increasing adoption of I/O link systems in the automotive industry garnered the second largest revenues in the I/O link market in 2018. Revenues generated from the automotive and medical industries are highly equivalent and collectively held over half the market revenues in 2018.
I/O Link Devices Accounted for Over Half the Revenues in 2018
The FMI study reveals that I/O link devices garner greater revenues as compared to I/O link masters. As I/O link master connects to a number of I/O link devices, installation of I/O link master remains limited to field application wherein data configuration as well as diagnostics is enabled from a central location.
In 2018, I/O link devices held over 56% of global revenues, equaling turnover of nearly US$ 2 billion, whereas I/O link masters held remaining share in the I/O link market.
Handling Assembly Automation Application Garnered Leading Market Revenues
Penetration of I/O link systems in the handling assembly automation remains higher and according to the study, the application held over 28% of the global revenues in 2018. Automation in handling and assembly processes is heavily dependent on accurate interaction of systems to increase productivity and establish economical system. Importance of data communication has led handling assembly automation industry to actively adopt I/O link systems.
The study finds that intralogistics is the second largest revenue stream for the I/O link system owing to automation-based activities in goods maintenance. In terms of revenues, intralogistics closely followed handling assembly automation in 2018 and the status-quo is likely to continue in 2019.
The I/O link market is projected to grow at the highest rate in the packaging application as the industry has witnessed greater penetration of automation and associated overall operational output. FMI opines that I/O link application in the packaging industry will grow at the highest rate of 13.4% in 2019 over 2018. I/O link application in machine tools will also account for over one-fifth revenues in 2019.
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APEJ Spearhead I/O Link Market Revenues
The FMI study shows that APEJ has remained the most attractive market for I/O link systems. Industries in the region are undergoing the fourth industrial revolution wherein automation forms the basis of this transformation. Increasing adoption of Ethernet to enhance industrial productivity has created lucrative avenues for manufacturers in the I/O link market wherein APEJ held nearly one-third of the market revenues in 2018.
Europe followed by North America collectively held over two-fifth of the global revenues wherein industry automation witnessed rapid penetration as compared to developing countries owing to favorable infrastructure needed for industry 4.0.