IO-Link Market - Forecast 2021 - 2026
IO-link Market Overview IO-link Market size was valued at $5.3 billion in 2020 and it is estimated to grow at a CAGR of 18.51% during the period 2021-2026, owing to high penetration of industry 4.0 across industries. IO-link is a point-to-point serial communication protocol that includes an IO-Link master and one or several IO-Link devices. This system is highly being used for increasing the level of efficiency of industrial automated processes. Thus high demand for automation drives the growth of IO-Link market. Moreover, its ability to offer support and sustainability for various Fieldbus and Ethernet communication protocol plays a major role in the growth of this market. Furthermore, the government’s initiative to promote the adoption of industrial automation such as programmable logic controllers (PLCs), MES, SCADA and IoT sensors (such as photoelectric sensors, proximity sensors and sensor nodes), is one of the primary factors augmenting the demand for IO-Link. This technology a...