I/O Module Market Research Report 2022 by New Opportunities and Growing Trends

I/O Module Market

Global I/O modules market is expected to witness lucrative growth over the coming six years. The increasing demand for safe I/O modules, stringent government, and industrial safety standards for usage and rising demand for reduced wiring cost are the drivers contributing to the market growth. In addition, reduced start-up machine time and small sizes devices for easy handling also anticipate the demand for the global I/O module market.

 

The various technological advancements, variable designs, and adoption of Ethernet I/O modules are also the factors leading to the market growth. Furthermore, industrial Internet of Things (a network of physical objects such as buildings, devices, and vehicles which facilitate these objects to collect and exchange data.) also drives the market growth. The increasing trend towards automation, internet of things, digitalization and virtualization of the plant, remote asset management, and energy management are increasing the demand for controlling and measuring of modules.

 

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The new safety I/O modules offers the advantages of traditional distributed I/O safety systems. These new modules help in the easier control and monitor the devices safely. Also, it detects failure of modules at the field device levels and at I/O levels and, enhance the operator protection. The Lumberg Automation Company has introduced its new safety I/O module named as LioN-Link. It allows the safety-related outputs and do not require any additional terminal box, unlike other I/O systems. This device saves time and money of the users. Hence, making the device cost-effective and user-friendly.

 

The major trend of the global I/O module market is the introduction of high-speed I/O modules coupled with high-speed Ethernet-based networks so as to work efficiently. The growth of the market is also dependent on the growth of automation controller market. An Increasing number of manufacturing companies for automation controller increases the need for I/O modules.

 

The market is classified on the basis of types into a digital module, analog module, power supply & chassis, network adaptor and intelligent I/O. On the basis of application, it is segmented into automobile industry, healthcare, energy & power, manufacturing industries and transportation industry. Among these applications, the automobile industry is estimated to hold the largest segment due to the dependency of modules on the automation controller market.

 

The key participants include Honeywell International Inc., Mitsubishi Electric Corp., Advantech LNC Co. Ltd., Red Lion Controls, GE Co., Invensys PLC, Omron Corp., Schneider Electric SA and Rockwell Automation Inc. Other participants are ABB Ltd., Siemens AG, Bihl+Wiedemann GmbH, Lumberg Automation, Newtech Engineering, Mouser Electronics and Yokogawa Electric Corp.The participants are anticipated to expand their product portfolio in order to increase their market share and competitive advantage. In addition, strong product pipeline in this field is expected to fuel the future growth of market over the forecast period.

 

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