Amid the COVID-19 crisis, the global market for Remote Input Output Modules estimated at US$2.7 Billion in the year 2020
The global remote input output modules market will reach $3.6 billion by 2026. A report by Global Industry Analysts noted that the 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, are driving the growth of the market.
The report read,” 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. PLC-based, one of the segments analyzed in the report, is projected to grow at a 5.4 per cent 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 per cent 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.
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 per cent 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 per cent through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9 per cent and 4.7 per cent respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.8 per cent CAGR while Rest of European market (as defined in the study) will reach US$450.3 Million by the end 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.