Global Safety IO Modules Market 2019-2024 - Increasing Demand of Safety IO Modules in Automotive Industry to Drive the Market Growth
DUBLIN, June 21, 2019 /PRNewswire/ -- The "Safety IO Modules Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
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The safety IO modules market is expected to register a CAGR of 5.85% by 2024
The importance of safety IO devices rose from the terrible need for efficient and reliable infrastructure in hazardous environments. The IO devices are being used in the industry for optimizing the automation process. These modules also decrease the installation time and expense, as they are an integral part of the input/output control system, and hence, reduces the need for third-party relays and mapping equipment.
-- The safety IO modules provide all the basic advantages that the
traditional distributed IO safety systems provide. With the help of
these new modules, one can control and monitor their safety devices.
-- Moreover, one can also detect a failure at IO and field device levels,
along with enhancing the operator protection. The growing technological
advancements have improved the safety parameters associated with these
IO modules, making their use in the hazardous zones even more feasible.
This technological growth is bound to bring more improvements in the
quality of safety in IO modules in the future.
-- The increasing demand for safety IO modules is a direct consequence of
the increase in the number of hazardous areas. Rising frequency of
accidents in these hazardous areas has led to the establishment of
industrial regulatory standards, which drove the demand for safety
infrastructure in the market, thereby, steering the market growth.
-- On the contrary, lack of awareness about the robust and reliable IO
modules has been a challenge hindering the market growth in the recent
past.
Scope of the Report
The IO module is a mediator between the controller and an external device. It monitors information exchange between peripheral devices. IO module is also a device connecting a programmable logic controller to other devices, particularly field devices. Instead of an IO module, the Programmable Logic Controller (PLC) may have integrated input and output ports. These ports are typically connected to sensors and actuators.
Key Market Trends
Increasing Demand of Safety IO Modules in Automotive Industry to Drive the Market Growth
-- The automotive industry is experiencing a paradigm shift with increasing
integration of technology. The autonomous car technology is rapidly
advancing with companies investing heavily in this technology. The
demand for electric cars is also growing, with companies introducing
affordable electric vehicles.
-- This is expected to result in higher demand for automobiles, pushing
companies to up their manufacturing capabilities, and establish plants.
-- As safety IO models offer increased reliability and safety without
compromising on the operational efficiency, the industry is moving
towards safety IO systems. Thus, the automotive industry is expected to
be the fastest growing market for safety IO modules, during the forecast
period.
-- As safety IO models offer increased reliability and safety without
compromising on the operational efficiency, the industry is moving
towards safety IO systems. Thus, the automotive industry is expected to
be the fastest growing market for safety IO modules, during the forecast
period.
-- With the growing demand for automobiles across the world, companies are
pushing towards automated systems to increase the productivity of the
existing plants.
-- Many automotive manufacturers are either establishing new manufacturing
infrastructure across the world or moving the processes in automotive
manufacturing, from manual labor to robotic machinery. Thus, with the
increase in the number of industrial robots and automation, there is a
need for interfacing these systems with centralized controllers. The
automotive industry is thus deploying IO modules, for monitoring, data
collecting, and controlling these systems.
North America to Have the Largest Market Share
-- The key factors contributing to the growth of the North America safety
IO modules market are demand for intrinsically safe IO modules,
compulsory industrial or government safety standards, miniaturization of
devices, demand for reduced wiring cost and reduced start-up machine
time.
-- The United States is one of the top five countries that import the
highest number of high-voltage protection equipment as well as
low-voltage equipment, accounting for an import value of nearly USD 718
million (for high-voltage protection equipment) and a USD 9.26 billion
(for low-voltage protection equipment).
-- Besides, the United States has the largest and most technologically
developed economy in the world, with a positive per capita GDP. Business
firms in the United States enjoy a greater degree of flexibility
compared to businesses in Japan and Western Europe in terms of
innovation and expansion. Therefore, equipped with a high-tech
industrial economy, the need for automation and safety in the industrial
environment drive the market growth in the region.
Competitive Landscape
The safety IO modules market is consolidated due to a few major players are having a huge share of the market. Some of the key players include ABB Ltd., Siemens AG, Rockwell Automation Inc., Schneider Electric, Honeywell International Inc., Advantech Co.Ltd.l, Parmley Graham Ltd., Weidmuller Interface GmbH & Co. KG, among others.
-- January 2019 - Rockwell Automation, Inc. acquired Emulate3D, an
innovative engineering software developer whose products digitally
simulate and emulate industrial automation systems. By using accurate
simulation models to improve systems planning and decision-making,
followed by emulation trials that test the control system before
installation, Emulate3D's software enables customers to virtually test
machine and system designs before incurring manufacturing and automation
costs and committing to a final design.
Key Topics Covered:
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Demand for Faster Start-up Machine Time
4.2.2 Reduced Hardware and Wiring Costs
4.2.3 Miniaturization and Variable Designs
4.3 Market Restraints
4.3.1 Complexity of Standards and Lack of Awareness
4.4 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Analog Modules
5.1.2 Digital Modules
5.1.3 Other Types
5.2 By Ratings
5.2.1 IP 20
5.2.2 IP 67
5.2.3 Other Ratings
5.3 By End-user Application
5.3.1 Automotive
5.3.2 Manufacturing
5.3.3 Healthcare
5.3.4 Energy and Power
5.3.5 Other End-user Applications
5.4 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 ABB Ltd.
6.1.2 Siemens AG
6.1.3 Rockwell Automation Inc.
6.1.4 Schneider Electric
6.1.5 Parmley Graham Ltd.
6.1.6 Honeywell International Inc.
6.1.7 Advantech Co. Ltd.
6.1.8 Weidmuller Interface GmbH & Co. KG
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/3jbsko
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