Overview and Scope
Field device management refers to a maintenance tool for applications that require diagnostics and troubleshooting, as well as a configuration tool for smart field equipment. Field device management employs predictive intelligence to increase the performance and availability of important production assets.
Sizing and Forecast
The field device management market size has grown strongly in recent years. It will grow from $2.08 billion in 2023 to $2.21 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to demand for operational efficiency, maintenance and asset management, regulatory compliance requirements, increased complexity in industrial networks, scalability and flexibility needs.
The field device management market size is expected to see strong growth in the next few years. It will grow to $2.92 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to cybersecurity concerns, industry-specific requirements, remote workforce management, focus on energy efficiency, focus on standardization. Major trends in the forecast period include industrial IoT (Ikot) integration, cloud-based field device management platforms, edge computing in device management, wireless sensor networks, remote monitoring and diagnostics.
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Segmentation & Regional Insights
The field device management market covered in this report is segmented –
1) By Offering: Hardware, Software
2) By Protocols: Foundation Fieldbus and HART, Profibus, Profinet, Modbus TCP/IP, Ethernet or IP, Other Protocols
3) By Deployment Type Outlook: On-Premises, Cloud
4) By Industry: Process Industries, Discrete Industries
North America was the largest region in the field device management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the field device management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increasing smart factories are expected to propel the growth of the field device management market going forward. A Smart Factory is the seamless relationship of individual production steps, from planning stages to actuators in the field. Smart factories and automation are helping to deliver exceptional customer experiences by simplifying processes and automating routine steps in executing field service tasks. For instance, in 2021, a survey of 250 UK manufacturing companies conducted by ABB Robotics, a Sweden-based automation company, found a change in attitudes towards automation in the country, with 81.2% of companies saying that they are considering an investment in robots because of the pandemic. Therefore, the increasing demand for smart factories is driving the growth of the field device management market.
Key Industry Players
Major companies operating in the field device management market report are General Electric, Robert Bosch GmbH, Siemens AG, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Emerson Electric Co., Rockwell Automation Inc., Omron Corporation, FANUC Corp., Valmet Oyj, Phoenix Contact, Endress+Hauser Group Services AG, Festo Inc., Belden Inc., Azbil Corporation, Weidmuller Interface GmbH & Co. KG, Pepperl+Fuchs SE, Hach Company, B&R Industrial Automation, Hamilton Company, Vaisala Corporation, Badger Meter Inc., HIMA, WAGO Kontakttechnik GmbH & Co. KG, Yokogawa Electric Corporation, WIKA Instruments India Pvt. Ltd., Krohne Group, Vega Grieshaber KG, Hans Turck GmbH & Co. KG
The field device management market report table of contents includes:
1. Executive Summary
2. Field Device Management Market Characteristics
3. Field Device Management Market Trends And Strategies
4. Field Device Management Market - Macro Economic Scenario
5. Global Field Device Management Market Size and Growth
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32. Global Field Device Management Market Competitive Benchmarking
33. Global Field Device Management Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Field Device Management Market
35. Field Device Management Market Future Outlook and Potential Analysis
36. Appendix
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The Field Device Management Market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.This research report also includes profiles of major companies operating in the global market.
Some of the prominent players operating in the global field device management market are ABB, Azbil Corporation, Emerson Electric Co., Endress+Hauser, Festo, Hamilton Company, Honeywell, Metso Automation, Mitsubishi Electric, Phoenix Contact, Rockwell Automation, Schneider Electric, Siemens, Valmet, and Yokogawa.
This section cover profiling of major players in terms of important aspects such as company overview, financial overview, business strategy, and recent developments undertaken during the forecast horizon.Get more information on "Global Field Device Management Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/field-device-management-market/download-sampleMarket DynamicsThe surging need for FDM systems as they are used in the maintenance of smart devices is stimulating the market growth.
Also, increasing investments for the development of FDM solutions by automation companies is further fueling the market growth.
However, lack of skilled professional for operating FDM systems may hamper the market growth.The report has been created by using crucial tools such as Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis to help businesses around the globe navigate opportunities and challenges in the rapidly evolving marketplace with clarity.
