Industrial I/O Modules Market Size (2023 – 2030)

The Global Industrial I/O Modules Market was esteemed at USD 1.72 Billion in 2022 and is anticipated to be a value of USD 2.8 Billion by 2030, growing at a fast CAGR of 6.27% during the forecast period 2023-2030.

With the increased emphasis on developing, producing, and spreading instruments that control industrial processes, the market for Industrial I/O (Input/Output) modules is expanding quickly. They are essential components in several industries, such as oil and gas, automation, transportation, and power production. They are intended to communicate with a wide range of gadgets, acting as sensors, actuators, and control systems among other things. Industrial I/O modules are in great demand due to the significant need for industrial processes that are more efficient and cost-effective as well as the increased expenditures being made in the development of smart factories and Industry 4.0 technologies. These modules are more important than ever because automation systems can now be connected to IoT and cloud-based technologies. Due to the rising demand for automation across several industries, including manufacturing and pharmaceuticals, the global market for industrial I/O modules is likely to expand rapidly. Industrial I/O modules have become more popular as a result of the demand  for dependable and efficient data interchange among diverse industrial systems. 

Global Industrial I/O Modules Market Drivers:

Growing demand for automation and industry 4.0 is anticipated to boost the global market growth rate

The increasing demand for automation and Industry 4.0 technologies is one of the key factors driving the global market for industrial I/O modules. As businesses look to increase efficiency and cut costs, automation has grown in significance across a number of industries, including manufacturing, transportation, and power generation. The demand for industrial I/O modules has expanded further as a result of the integration of automation systems with the Internet of Things (IoT) and cloud-based technologies, as businesses seek to connect their equipment and control systems with other systems and devices. Also, the demand for industrial I/O modules is anticipated to increase as a result of Industry 4.0 technologies like smart factories and the digital twin, with the need for fast and dependable communication between industrial equipment and control systems.

Increasing investment in the development of smart factories is fuelling market expansion

The growing involvement in the development of smart factories is another important element driving the global market growth for industrial I/O modules. The next stage of industrial manufacturing will be marked by smart factories that use cutting-edge technology like automation, robotics, and the internet of things. For the purpose of increasing productivity, lowering costs, and improving competitiveness, businesses are investing in the creation of smart factories. This expenditure is anticipated to result in a rise in the demand for industrial I/O modules. This is because, in smart factories, industrial equipment and control systems must communicate quickly and reliably. Additionally, since Industry 4.0 technologies necessitate the integration of various devices and systems, it is projected that demand for industrial I/O modules would increase remarkably in the coming years.

Global Industrial I/O Modules Market Challenges:

The cost of industrial I/O modules is presently one of the primary problems affecting the market for these modules. Due to their limited financial resources and high expenses, small and medium-sized firms may find integrating these technologies problematic. In some nations, especially less developed ones, the price of industrial I/O modules makes them unaffordable, which prevents their broad use. Furthermore, firms may find it difficult to compete in a strongly competitive market due to the high cost of industrial I/O modules.

Global Industrial I/O Modules Market Opportunities:

Due to the rising need for renewable energy, there is a sizable possibility for growth in the industrial I/O module market globally. With the increased usage of wind and solar energy, industrial I/O modules that can aid in monitoring and managing these energy systems are becoming more and more essential. This opens up a significant window of opportunity for companies to develop novel, cutting-edge industrial I/O modules that can help boost the effectiveness and performance of renewable energy systems. 

COVID-19 impact on the Global Industrial I/O Modules Market:

The COVID-19 outbreak has had both favourable and unfavourable effects on the market for industrial I/O modules around the world. On the plus side, as businesses try to boost the effectiveness and dependability of their supply chains in reaction to the pandemic's disruption, demand for industrial I/O modules has surged as a result of the outbreak. The need for industrial I/O modules that offer remote connectivity has expanded along with the requirement for remote monitoring and control of industrial equipment. On the other side, the pandemic has impacted the industrial I/O module supply chain as a result of lockdowns and other limitations that have forced numerous providers to temporarily shut down operations. Due to the shortage of these products, prices have increased and businesses have had fewer options for acquiring and using these technologies. The economic slowdown brought on by the pandemic has also restricted companies’ ability to invest in new technologies, which has had a detrimental effect on the market for industrial I/O modules.

Global Industrial I/O Modules Market Recent Developments:

• In January 2023, The Rosemount 3408 Level Transmitter from Emerson is a non-contacting radar device designed to maximise use at every touchpoint, resulting in increased site and employee safety and improved plant performance. Open-air applications, mixing tanks, and chemical storage are just a few of the places where the Rosemount 3408 can be employed as a versatile level measurement solution.

• In November 2020, in order to advance TSN technologies and create a strong industrial network ideal for customised manufacturing and automation, Moxa Inc. and Xilinx Inc., a pioneer in industrial networking and communications, are working together. The collaboration intends to increase the flexibility and interoperability of the network.

• In December 2022, GuardLink 2.0 from Rockwell Automation featured a new EtherNet/IP interface. The most cutting-edge serially connected safety input system yet created, GuardLink® 2.0 aims to lower installation costs and downtime. Through the new Allen-Bradley 432ES GuardLink EtherNet/IP On-Machine Interface or by combining our Dual GuardLink Relay and EtherNet/IP Interface, GuardLink 2.0 enables sophisticated diagnostics.

INDUSTRIAL I/O MODULES MARKET REPORT COVERAGE:

Global Industrial I/O Modules Market Segmentation: By Product

• Programmable Logic Controller I/O (PLC I/O)

• Distributed Control System I/O (DCS I/O)

• Industrial PC I/O

The market for industrial I/O modules can be split into three primary categories depending on the type of product: industrial PC I/O, distributed control system I/O, and programmable logic controller (PLC) I/O. PLC I/O modules are used to connect programmable logic controllers (PLCs) to a range of input and output devices, including sensors and actuators. Distributed control systems (DCS) I/O modules are frequently used in large-scale industrial operations to connect DCSs to a range of input and output devices. Industrial PC I/O modules are frequently used to connect industrial PCs to a variety of input and output devices where quick and dependable communication is required. Due to their rising use in high-speed communication applications and massive industrial processes, respectively, the Industrial PC I/O and DCS I/O segments are likely to experience steady growth. Due to its broad use in numerous industrial applications, the PLC I/O sector is predicted to have the largest market share.

Global Industrial I/O Modules Market Segmentation: By End-User

• Process Industry
• Discrete Industry

Based on end-user, the global industrial I/O modules market can be divided into two categories: discrete industry and process industry. Process, which encompasses the petrochemical, chemical, and oil and gas sectors, currently holds the largest market share. As industrial I/O modules are used to control and monitor smaller-scale industrial operations, the discrete sector which encompasses the automotive, consumer goods, and electronics industries is anticipated to progressively grow. The growth of the discrete business is being propelled by the rising need for production methods that are efficient, high-quality, and reliable in the electronics, consumer products, and automotive industries.  

Global Industrial I/O Modules Market Segmentation: By Region

• North America

• Europe

• Asia Pacific

• Middle East

• Latin America

Five geographical regions make up the industrial I/O modules market worldwide: North America, Europe, Asia Pacific, the Middle East, and Latin America. Due to the presence of large players and the widespread use of cutting-edge technologies, North America and Europe account for a sizeable portion of the global market. Increasing industrialisation and demand in nations like China and India are putting the Asia Pacific area in a position for major growth. The adoption of cutting-edge technology and rising industrial process demand are likely to fuel the Middle East and Latin American areas' steady growth. 

Global Industrial I/O Modules Market Key Players:

1. ABB Ltd.

2. Emerson Electric Co.

3. General Electric Co.

4. Mitsubishi Corp.

5. Moxa Inc.

6. OMRON Corp.

7. Pepperl+Fuchs AG

8. Rockwell Automation Inc.

9. Siemens AG

10. TE Connectivity Ltd.

11. Atmosic Technologies