﹛﹛SAN FRANCISCO, June 9, 2021 /PRNewswire/ –?A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled?”Remote Input Output Modules – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
﹛﹛FACTS AT A GLANCE
﹛﹛Companies:?78 – Players covered include ABB Ltd; Acromag; Advantech Co., Ltd.; Azbil Corporation; B&R Industrial Automation GmbH; Beckhoff Automation LLC; Eaton Corporation; Emerson Electric Co.; Festo AG & Co. KG; General Electric Company; Hitachi, Ltd.; IDEC Corporation; Mitsubishi Electric Corporation; National Instruments Corporation; OMRON Corporation; Pepperl+Fuchs; Rockwell Automation, Inc.; Siemens AG; Turck, Inc.; WAGO Kontakttechnik GmbH & Co. KG; Yokogawa Corporation of America and Others.
﹛﹛Coverage:?All major geographies and key segments
﹛﹛Segments:?Controller Type (PLC-based, DCS-based, Industrial PC-based)
﹛﹛Geographies:?World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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﹛﹛Global Remote Input Output Modules Market to Reach $3.6 Billion by 2026
﹛﹛Remote I/O modules are designed to monitor and control process signals such as mA, volts, temperature, and digital signals. Growth in the global market is set to be driven by a host of factors including increasing investments in next-generation smart grids, rise in investment in industrial automation, increase in adoption of smart agriculture, greater usage of open-source software for remote I/O modules’ programming and increased use of Ethernet-based remote I/O modules in discreet and process automation. Companies are also working on designing modules with higher bandwidths than available at present. The main aim is to design I/O modules with bandwidths that can be upgraded as and when the need arises in the future with help of a simple firmware change. The popularity of remote I/O modules can be attributed to the benefits they provide by easing the work at sites that not only span long distances but also employ large machines.
﹛﹛Amid the COVID-19 crisis, the global market for Remote Input Output Modules estimated at US$2.7 Billion in the year 2020, is projected to reach a revised size of US$3.6 Billion by 2026, growing at a CAGR of 5.1% over the analysis period. PLC-based, one of the segments analyzed in the report, is projected to grow at a 5.4% CAGR to reach US$2.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the DCS-Based segment is readjusted to a revised 4.8% CAGR for the next 7-year period. This segment currently accounts for a 35.9% share of the global Remote Input Output Modules market. The PLC-based segment is gaining from advanced communication, computing structure and I/O infrastructure along with implementation of supervision, control and monitoring applications. Remote I/O modules present suitable options for PLCs intended to control and monitor external signals or data from a distance. The installation of remote I/O modules in proximity to devices such as sensors allows users to reduce the signal-to-noise ratio and cabling costs. A distributed control system (DCS) is a control system for a process plant for controlling many autonomous controllers that are distributed throughout the system. DCS is found in many industrial fields such as chemical plants, oil and gas industries, food processing units, nuclear power plants, water management systems, and automobile industries among others.
﹛﹛The U.S. Market is Estimated at $777.7 Million in 2021, While China is Forecast to Reach $422.1 Million by 2026
﹛﹛The Remote Input Output Modules market in the U.S. is estimated at US$777.7 Million in the year 2021. The country currently accounts for a 28.02% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$422.1 Million in the year 2026 trailing a CAGR of 6.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 4.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.8% CAGR while Rest of European market (as defined in the study) will reach US$450.3 Million by the end of the analysis period.
﹛﹛Industrial PC-based Segment to Reach $218.3 Million by 2026
﹛﹛The ruggedized industrial grade PC-based I/O modules is designed to meet the demanding specifications in industrial environments as well as to provide local processing. The PC-based control allows automation of industrial machinery, testing and processing among others. Providing connection through a USB, these modules are true plug & play model that eliminate the need to open up the computer chassis for installation of boards. In the global Industrial PC-based segment, USA, Canada, Japan, China and Europe will drive the 4.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$131.6 Million in the year 2020 will reach a projected size of US$176.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$35.7 Million by the year 2026. More
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﹛﹛About Global Industry Analysts, Inc. & StrategyR?
﹛﹛Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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﹛﹛Global Industry Analysts, Inc.
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﹛﹛SOURCE Global Industry Analysts, Inc.