Problem with OPC UA connection- it is showing faulted

I am getting the below error while connecting OPC UA, I have installed java and restarted the Ignition service and my computer. Still unable to resolve the issue.

Java version installed is - 1.8.0_291

UaException: status=Bad_ConnectionRejected, message=io.netty.channel.AbstractChannel$AnnotatedConnectException: Connection refused: no further information: localhost/127.0.0.1:62541
at org.eclipse.milo.opcua.stack.client.transport.uasc.ClientChannelFsm$ClientChannelActions.lambda$connect$0(ClientChannelFsm.java:130)
at io.netty.util.concurrent.DefaultPromise.notifyListener0(DefaultPromise.java:577)
at io.netty.util.concurrent.DefaultPromise.notifyListeners0(DefaultPromise.java:570)
at io.netty.util.concurrent.DefaultPromise.notifyListenersNow(DefaultPromise.java:549)
at io.netty.util.concurrent.DefaultPromise.notifyListeners(DefaultPromise.java:490)
at io.netty.util.concurrent.DefaultPromise.setValue0(DefaultPromise.java:615)
at io.netty.util.concurrent.DefaultPromise.setFailure0(DefaultPromise.java:608)
at io.netty.util.concurrent.DefaultPromise.tryFailure(DefaultPromise.java:117)
at io.netty.channel.nio.AbstractNioChannel$AbstractNioUnsafe.fulfillConnectPromise(AbstractNioChannel.java:321)
at io.netty.channel.nio.AbstractNioChannel$AbstractNioUnsafe.finishConnect(AbstractNioChannel.java:337)
at io.netty.channel.nio.NioEventLoop.processSelectedKey(NioEventLoop.java:702)
at io.netty.channel.nio.NioEventLoop.processSelectedKeysOptimized(NioEventLoop.java:650)
at io.netty.channel.nio.NioEventLoop.processSelectedKeys(NioEventLoop.java:576)
at io.netty.channel.nio.NioEventLoop.run(NioEventLoop.java:493)
at io.netty.util.concurrent.SingleThreadEventExecutor$4.run(SingleThreadEventExecutor.java:989)
at io.netty.util.internal.ThreadExecutorMap$2.run(ThreadExecutorMap.java:74)
at java.base/java.lang.Thread.run(Unknown Source)
Caused by: io.netty.channel.AbstractChannel$AnnotatedConnectException: Connection refused: no further information: localhost/127.0.0.1:62541
Caused by: java.net.ConnectException: Connection refused: no further information
at java.base/sun.nio.ch.SocketChannelImpl.checkConnect(Native Method)
at java.base/sun.nio.ch.SocketChannelImpl.finishConnect(Unknown Source)
at io.netty.channel.socket.nio.NioSocketChannel.doFinishConnect(NioSocketChannel.java:330)
at io.netty.channel.nio.AbstractNioChannel$AbstractNioUnsafe.finishConnect(AbstractNioChannel.java:334)
at io.netty.channel.nio.NioEventLoop.processSelectedKey(NioEventLoop.java:702)
at io.netty.channel.nio.NioEventLoop.processSelectedKeysOptimized(NioEventLoop.java:650)
at io.netty.channel.nio.NioEventLoop.processSelectedKeys(NioEventLoop.java:576)
at io.netty.channel.nio.NioEventLoop.run(NioEventLoop.java:493)
at io.netty.util.concurrent.SingleThreadEventExecutor$4.run(SingleThreadEventExecutor.java:989)
at io.netty.util.internal.ThreadExecutorMap$2.run(ThreadExecutorMap.java:74)
at java.base/java.lang.Thread.run(Unknown Source)

8.1.2 (b2021020311)
Azul Systems, Inc. 11.0.9.