Global Safety IO Modules Market - Segmented by Type (Analog Modules, Digital Modules), Ratings (IP 20, IP 67), End-user Application (Automotive, Manufacturing, Healthcare, Energy and Power), and Region- Growth, Trends, and Forecast (2018 - 2023)
The global safety IO modules market is expected to register a CAGR of 5.72% during the forecast period, 2018-2023. The scope of the report is limited to type of safety IO modules, such as analog modules, digital modules among others, ratings of safety IO modules, such as IP 20, IP 67 among others, and end-user applications such as automotive, manufacturing, healthcare, energy & power among others. The regions considered in the scope of the report include - North America, Europe, Asia-Pacific and Rest of the World.
The IO module is a mediator between the controller and an external device. It monitors information exchange between peripheral devices. The importance of safety IO devices arose from the dire need for efficient and reliable infrastructure in the 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 IO control system, and hence, reduces the need for third-party relays and mapping equipment.
The increasing demand for the safety io modules is a direct consequence of the increase in 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.
Increasing Demand of Safety IO Modules in Automotive Industry
The automotive industry is one of the fastest growing consumers of safety IO modules. With growing demand for automobiles across the world, companies are pushing towards automated systems to increase 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 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.
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 in local markets. Thus, the demand for machinery is expected to grow in the coming years. 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.
Reduced Hardware and Wiring Costs
The global safety IO modules neither require plugs for connecting to the power supply nor cumbersome self-assembled field bus connectors. These modules can be installed in the control cabinet, right where the signals are actually needed. This will reduce the usage of wires, while installing the modules. Moreover, almost any combination of module is possible; the number of inputs/outputs can be matched to suit the task in hand. At times when modules need to be replaced, the front connector can be re-utilized in its fully-wired state for the new module of the same type. The cost, thus saved, can be utilized in other areas.
Key Developments in the Market
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