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The industrial I/O (input/output) modules market size is estimated to grow at a CAGR of 6.66% between 2022 and 2027 and the size of the market is forecast to increase by USD 2,720.15 million. The growth of the market depends on several factors, the growing demand for automation and industry 4.0, the increasing investment in the development of smart factories, and the increase in number of power grid projects.
This industrial I/O (input/output) modules market report extensively covers market segmentation by end-user (process industries and discrete industries), product (PLC IO, DC IO, and industrial PC IO), and geography (Europe, APAC, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our analysis of the adoption life cycle of the market indicates its movement between the innovator’s stage and the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027.
Global Industrial IO Modules Market Customer Landscape
Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
One of the major factors driving the global industrial input/output module market is the growing need for automation and Industry 4.0 technologies. As companies strive to increase efficiency and reduce costs, automation is expanding significantly in various sectors such as manufacturing, transportation, and power generation. As numerous companies are willing to connect their equipment and control systems with other systems and devices the integration of automation systems with the IoT and cloud-based technologies has increased the demand for industrial IO modules.
Additionally, the increasing adoption of Industry 4.0 technologies such as smart factories and digital twins, which require fast and reliable communication between industrial equipment and control systems, is expected to boost the demand for industrial IO modules. Hence, such factors are expected to drive the growth of the global industrial IO modules market during the forecast period.
The rising number of new product launches is an emerging trend in the global industrial input/output module market. New products are continuously being launched in the global industrial IO module market. The addition of new products encourages consumers to purchase a wide variety of industrial IO modules with respect to their needs. The increasing number of new product launches also increases competition in the market, leading to innovation and differentiation. As new product launches encourage consumers to try different products, manufacturers are, therefore, actively developing new products.
For example, in January 2022, Rockwell Automation Inc. (Rockwell Automation) announced the launch of the Allen-Bradley FLEX 5000, a new analog safety IO module. It can assist process operators in achieving safety regulations and reduce downtime risks in a range of process applications. It also provides integrated safety with systematic capabilities of up to SC 3. They can be installed in the same IO bank as standard FLEX 5000 IO modules, thus lowering system costs and complexities. Thus such developments are expected to fuel the growth of the market during the forecast period.
Operational challenges due to condensation issues are the major issues impeding the global industrial input/output module market growth. One of the major challenges faced by end-user industries is condensation which affects the performance of industrial IO modules. Industrial IO modules are specifically designed to protect electronic devices, however, in harsh industrial environments, it is very difficult to prevent moisture and condensation. The moisture in the air increase as the temperature inside the closure rises. Thus, when the moist air comes in contact with the cool surface, it causes water vapor to condense on equipment inside the industrial IO modules.
Corrosion, additional heat generation, inconsistent component performance, the risk of a short circuit, the occurrence of arcing, component failure, and the rusting of electrical components are the primary problems faced by industrial operators due to the issue of condensation inside industrial IO modules. Necessary arrangements must be taken by industrial operators like efficient heating and cooling systems, vent drains, thermostats, and other air handling systems to reduce corrosion chances. All these components increase the overall cost of operations and maintenance. Hence, such factors will reduce the adoption of these modules and, in turn, hamper the growth of the global market during the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd.: The company offers S900 remote IO industrial module system which is designed for applications related to chemical, pharmaceutical along with oil and gas industries.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including:
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies vendors into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The process industries segment will account for a major share of the market's growth during the forecast period. This segment includes, oil and gas, food processing, chemicals and petrochemicals, and water and wastewater. These are highly safety-oriented and must maintain a set of safety standards in all their process equipment.
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The process industries segment was valued at USD 4,534.43 million in 2017 and continued to grow until 2021. In this segment, the increasing global demand for electricity, rising urbanization, and increasing use of electronic appliances have resulted in a surge in demand for electricity, which will increase the power industry. In addition, the water and wastewater industry are expected to grow positively during the forecast period, owing to the growing demand for freshwater to cater to the growing population and rising industrialization across the world. In the oil and gas industry the ongoing exploration of new oil and gas fields and refinery units, and increased expansions in onshore and offshore production activities. The above factors will increase segment growth during the forecast period.
Based on product, the market has been segmented into PLC IO, DC IO, and industrial PC IO. The PLC IO segment will account for the largest share of the end-user segment. Factor such as, the PLC hardware, in general, consists of a CPU, a memory unit, and an IO module. PLC uses digital and analog IO modules to interface actuators, sensors, and other equipment. The input points in the IO module convert electric signals from a controlled process into program input variables. The output points in the IO module convert program output variables into commands to control field devices. Therefore, IO modules act as an interface between the controlled process and the PLC. Such factors will increase the segment growth during the forecast period.
Europe is estimated to contribute 30% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period.
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The region is expected to maintain its dominating share during the forecast period. The major industries contributing to the growth of the industrial I/O modules market in Europe are the power, automotive, and water and wastewater industries. Moreover, the continued developments in power grid projects will facilitate the global industrial I-O modules market growth in Europe over the forecast period.
The COVID-19 pandemic had a major impact on European economies and was detrimental to several major industries, including the industrial I/O modules market in Europe, especially in 2020. However, in the first half of 2021, most of the lockdowns were lifted, and production activities resumed owing to the large-scale COVID-19 vaccination programs conducted all over Europe. Furthermore, increasing investments in the automotive industry and developments related to electric vehicles (EVs) are expected to augment the demand for industrial I/O modules during the forecast period.
The industrial I/O modules market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Industrial IO Modules Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.66% |
Market growth 2023-2027 |
USD 2,720.15 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.34 |
Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
Performing market contribution |
Europe at 30% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Advantech Co. Ltd., Analog Devices Inc., DAE Instrument, Distec Ltd., Emerson Electric Co., General Electric Co., HYDAC International GmbH, ifm electronic GmbH, KEBA Group AG, Mitsubishi Electric Corp., Moxa Inc., NOVUS Automation Inc., OMRON Corp., Pepperl and Fuchs SE, Rockwell Automation Inc., Siemens AG, TE Connectivity Ltd., TURCK India Automation Pvt. Ltd., and WAGO GmbH and Co. KG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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