The global I/O modules market in process industries was valued at more than $4 billion in 2015 and is expected to reach almost $6 billion by 2020, says Technavio.
Technavio’s automation portfolio has announced its latest market research report on I/O modules in process industries for the forecast period, 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global I/O modules market in process industries during the forecast period. Some of the top vendors listed in this industry analysis include ABB, Rockwell Automation, Siemens, and Emerson Electric.
In terms of geographical analysis, EMEA will account for the largest share of the global market and is expected to reach revenues of more than $2 billion by 2020. France and the UK will emerge as the key revenue-generators.
“The recent drop in the prices of raw materials for I/O modules is bolstering this market’s growth prospects. Key raw materials used in the manufacture of I/O modules and related accessories consist of copper windings, electrical steel, and insulation materials, which account for over 50% of the overall manufacturing costs. The current decline in the costs of raw materials, especially copper windings and electrical steel, is likely to lead to a reduction in the prices of I/O modules. This could result in a similar cost reduction for end-users and propel their adoption in the global market space,” says Bharath Kanniappan, a lead analyst at Technavio for research on automation.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Rise in investments in smart power grids
The deployment of smart grids is on the rise globally. The trend is especially popular in countries such as India, the US, China, France, Spain, and Germany. Smart grids include grid applications such as I/O modules and related equipment, smart energy meters, IT, and other communication networks. These devices enable utilities with complete control and in managing digital assets present in the field. I/O modules are widely used in substation automation, distributed automation, and primary equipment monitoring in smart power grids. The increased investments in smart grids are expected to propel the demand for I/O modules during the forecast period.
Greater proliferation of Ethernet-based communication in I/O module network
Ethernet is increasingly used as a physical layer in the Fieldbus I/O owing to the ability of the automation industry to industrialize consumer-driven commodity products for Fieldbus implementation. This, in turn, brings down development costs. The reduction in wiring required for industrial devices is another great advantage of Ethernet. Connecting the industrial devices to the controller requires only I/O network connection, control power, and in the case of high-energy devices, three-phase power.
Increased implementation of distributed modular I/O modules
Distributed I/O modules installed in a communication network in process industries enables I/O data to be spread across the machine and outside the cabinet. This effectively decreases the overall hardware costs of the system. By using modular I/O modules, the I/O slices are designed for mounting on the machines in small pockets of distributed I/O and can be separated from the communication network.
A distributed modular I/O setup allows system integrators to configure systems quickly and test the I/O hardware because it uses the standardized quick-connect connectors and familiar devices. An IP67 rated distributed I/O module solution can be mounted right on the machine quickly with less labor. Furthermore, a distributed modular I/O solution allows users to put the exact number of I/O devices precisely, where it is needed on the machine. This reduces the number of cable runs back to the controls cabinet.
Some of the other prominent vendors identified in this report are Acromag, Advantech, B&R, Beckhoff Automation, Festo, GE, Hitachi, IDEC, Mitsubishi Electric, Moeller, National Instruments, Omron, Parsec Automation, Pepperl+Fuchs, RS Component, TURCK India Automation, Wago, Yamatake Control Products, and Yokogawa.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global I/O Modules Market in Process Industries 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global I/O Modules Market in Discrete Industries 2016-2020
- Global Manufacturing Execution Systems Market in Process industries 2016-2020
- Global Motors and Drives Market in Process Industries 2016-2020
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