Industrial I/O Modules Market Introduction
- Industrial I/O modules are devices associated with field devices such as actuators, drives, and sensors with controllers, including distributed control systems (DCS), programmable logic controllers (PLC), and industrial PCs.
- The I/O modules are used to convert field signals into information and forward it to the controller.
Industrial I/O Modules Market Dynamics
- Rapidly growing developments in power grid projects across the world has prompted the growth of the industrial I/O modules market.
- Significant expansion of power grid projects is expected to encourage the adoption of industrial I/O modules in power generation, distribution, and transmission.
- Several benefits are associated with usage of smart grids. These include reduced number of transformer failures, and management of peak load and outage. These benefits encourage the deployment of industrial I/O modules in the existing systems.
- Emergence of fuzzy logic modules in programmable controllers is another key trend driving the growth of the industrial I/O modules market. Fuzzy logic modules help to bridge the gap between analog and discrete decision making functions of PLCs (programmable logic controllers). Thus, fuzzy logic modules are increasingly being adopted by end-users as a critical part of modern programmable controllers. Therefore, PLCs incorporated with fuzzy logic modules encourage the systems to acknowledge temperature readings within a specific range.
- Likewise, numerous controllers with fuzzy logic modules have independent interface ports enabling them to communicate with the procedure through the PLCs input/output ports. This is further expected to contribute to the development of the industrial I/O modules market throughout the forecast period.
- In addition, adoption of wireless I/O modules is expected to gain traction in the coming years and thus drive the growth of the industrial I/O modules market.
- However, fluctuation in prices of raw material used for making I/O modules is expected to hinder the adoption rate of industrial I/O modules. Raw material price volatility causes reluctance among companies to adopt I/O modules, thereby hindering the industrial I/O modules market.
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Industrial I/O Modules Market: Segmentation Analysis
- Based on product, the industrial I/O modules market can be segmented into PLC I/O (programmable logic controller I/O), DCS I/O (distributed control system I/O), and industrial PC I/O.
- PLC I/O segment accounted for major share of the market in 2018 and is expected to retain its leading position in the market over the forecast period. This is attributable to the rising standard of industrial production and increasing level of embedded processing and connectivity on I/O modules.
- Based on end-user, the industrial I/O modules market can be bifurcated into process industry and discrete industry.
Europe to Lead the Global Market for Industrial I/O Modules
- In terms of region, the global industrial I/O modules market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- Europe is likely to dominate the global industrial I/O modules market from 2019 to 2027, followed by North America and Asia Pacific.
- Europe accounted for major share of the market in 2018 and is likely to maintain its dominance throughout the forecast period due to the presence of numerous automobile players including Renault, Audi, Mercedes, BMW, Lotus, and Volkswagen.
- Additionally, the market in Asia Pacific is anticipated to expand significantly in the near future. Growing adoption of industrial I/O modules across numerous industries such as heavy machinery, manufacturing, automotive, and oil and gas is one of the key factors driving the demand for industrial I/O modules, thereby encouraging the growth of the market in the coming years.
Key Manufacturers Operating in the Market
The global industrial I/O modules market was moderately fragmented in 2018, with the presence of many established market players who occupy prominent market share. These vendors focus on advanced technologies to offer a wide product portfolio to meet the changing needs of end-users, creating a competitive environment in the industrial I/O modules market. Key manufacturers operating in the global market are: