Industrial I/O Modules Market to Grow by USD 2.53 Billion (2024-2028) as Automation and Industry 4.0 Drive Demand, with AI Powering Market Transformation - Technavio

NEW YORK, Sept. 23, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The global industrial i/o (input/output) modules market size is estimated to grow by USD 2.53 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 5.95% during the forecast period. Growing demand for automation and industry 4.0 is driving market growth, with a trend towards growing trend of automation and data exchange in industries  However, high installation costs, besides scalability issues associated with the use of industrial io modules poses a challenge - Key market players include 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.

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Market Driver

The global industrial IO modules market is experiencing significant growth due to the increasing automation and data exchange requirements across industries. IO modules serve essential functions such as CPU-to-network communication, data transmission, power load control, and machine operations. By linking various types of equipment, system integrators enhance their control over industrial networks. Communication modules facilitate network expansion, enabling the inclusion of all production equipment for improved system management and operational visibility. These modules are also valuable in upgrading outdated equipment or systems that struggle with proper communication. In the automotive sector, communication modules transmit data from sensors like temperature, fuel level, tire pressure, and environmental inputs from radars, cameras, lidars, and ultrasonic sensors to domain controllers. High-performance Ethernet IO modules offer remote monitoring and control, condition monitoring, predictive maintenance, and other applications, contributing to market growth. These modules' versatility and benefits make them indispensable in various industries, ensuring the industrial IO modules market's continued expansion during the forecast period. 

The Industrial I/O (Input/Output) Modules Market is experiencing significant growth in various industries, including automation and power production. With the rise of Industry 4.0 and the Fourth Industrial Revolution, there is a increasing demand for smart factories and automation systems in sectors like automotive, pharmaceuticals, and renewable energy. Cloud-based technologies and IoT are driving the development of smart factories, leading to the adoption of digital twins and distributed control systems. I/O modules play a crucial role in data interchange between automation systems, robots, and communication modules. TE Connectivity is a key player in this market, providing solutions for analog and digital I/O, Ethernet, Modbus, DeviceNet, and Fieldbus. Industrial standards like WLAN and Industry 4.0 are also influencing the market, enabling error detection and data sharing in industries like chemicals, metals & mining, and energy & utilities. In the power generation industry, I/O modules are essential for renewable energy projects, such as wind and solar power, and power grid projects. Overall, the market for I/O modules is expected to continue growing as automation, robotics, artificial intelligence, and industrial networking become increasingly integrated into industrial manufacturing processes. 

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Market Challenges

• The industrial IO (Input/Output) modules market faces challenges due to their high cost and scalability limitations. IO modules are pre-assembled components with a limited number of product configurations, making it difficult for end-users to adapt to changing scalability requirements. The average cost of an industrial IO module is substantial at USD111,737. Determining the breakeven point for these modules is complex, considering research and development expenses and future upgrades. Smaller companies may not have the resources to implement such advanced technologies, thereby restricting market growth during the forecast period. The number of fields of vision modifications is also limited to 6-8, adding to the cost and efficiency considerations for industrial operations.
  
  
• The Industrial I/O (Input/Output) Modules market is experiencing significant growth due to the increasing demand for automation and data interchange in various industries such as Solar energy, Power grid projects, and Distributed control systems. The market faces challenges in integrating I/O modules with emerging technologies like Programmable logic controllers, Robots, Artificial intelligence, and Industry 4.0. Key industries like the Electrical industry, Chemicals, Energy & Utilities, Metals & Mining, and Power Generation are investing in I/O modules for data sharing and communication. The market includes different types of I/O modules like Analog, Digital, Ethernet, Modbus, DeviceNet, Fieldbus, WLAN, and Communication modules. Strategic issues include detecting errors, processing inputs, and complying with Industrial Standards in the Fourth industrial revolution. Suppliers like TE Connectivity, Control Systems, Field Devices, and Automation offer various hardware modules, including Analog Input and Digital Input, and software solutions like Virtualization for Industrial Automation and Process Industries. Total Cost of Ownership (TCO) is a crucial factor in the purchasing decision for I/O modules.

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Segment Overview 

This industrial i/o (input/output) modules market report extensively covers market segmentation by  

1. End-user 
• 1.1 Process industries
• 1.2 Discrete industries
2. Product 
• 2.1 PLC IO
• 2.2 DC IO
• 2.3 Industrial PC IO
3. Geography 
• 3.1 Europe
• 3.2 APAC
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Process industries- The power industry is experiencing steady growth due to rising electricity demand caused by urbanization and increased use of electronic appliances. Renewable energy sources, such as solar and biomass, are gaining popularity as alternatives to traditional energy sources, driven by the need to reduce carbon emissions and depleting coal reserves. Power industry players are investing in renewable energy production, leading to the restructuring of power plants and the formation of new ones. This restructuring process is expected to boost the adoption of industrial I/O modules in the power industry during the forecast period. The industrial I/O market caters to the power industry's need for efficient data acquisition and control systems, enabling the integration of renewable energy sources into the power grid.

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Research Analysis

The Industrial I/O (Input/Output) Modules market is a critical segment of the automation industry, serving power production, pharmaceuticals, and other industries in their quest for increased efficiency and productivity. I/O modules facilitate data interchange between automation systems and various sensors, actuators, and other devices. With the advent of cloud-based technologies, IoT, and smart factories, there is a growing demand for I/O modules that can support virtualization and digital twin technologies. Characterizable and configurable IO modules are becoming increasingly popular due to their flexibility and ability to adapt to various applications. Industrial networking and distributed control systems are other key areas driving the growth of the market. Programmable logic controllers and hardware modules, including analog input and digital input, continue to be essential components of industrial control systems. Strategic issues for I/O module suppliers include keeping up with the latest technological trends, ensuring compatibility with various automation systems, and providing robust and reliable solutions for power grid projects and robotic applications.

Market Research Overview

The Industrial I/O (Input/Output) Modules market is a critical component of the automation industry, power production industry, and various process industries, including pharmaceuticals, chemicals, metals & mining, and power generation. The market is witnessing significant growth due to the integration of cloud-based technologies, automation systems, and the Fourth Industrial Revolution (Industry 4.0) in the form of smart factories, digital twins, and distributed control systems. IoT and renewable energy sources, such as wind and solar energy, are driving the need for advanced I/O modules in power grid projects and industrial manufacturing. Communication modules, including Ethernet, Modbus, DeviceNet, Fieldbus, and WLAN, facilitate data interchange between robots, electrical industry equipment, and control systems. Characterizable IO and configurable IO modules offer flexibility in handling various industrial standards and applications. Strategic issues, such as detecting errors, processing inputs, and data sharing, are addressed through artificial intelligence and software solutions like virtualization and industrial control systems. Hardware modules, including analog and digital input, continue to play a crucial role in industrial automation, while automation suppliers focus on providing high-performance, reliable, and cost-effective solutions for process industries. The market is expected to grow further as the trend towards Industry 4.0 and TCO (Total Cost of Ownership) optimization continues.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Process Industries
• Discrete Industries
• Product
• PLC IO
• DC IO
• Industrial PC IO
• Geography
• Europe
• APAC
• North America
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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