The Field Device Management Market is projected to grow at a fastest CAGR over the forecast period.
The factors driving growth of the Field Device Management Market includes emergence of smart factories, rising focus of manufacturers on reducing operational and maintenance cost, increasing need for automation in industries, Government polices promoting digitalization and improvements in the living standards. The Industrial Internet of Things (IIoT), which is increasingly being used by businesses, cloud computing solutions, an increase in the introduction of new goods, rising global power consumption, and fast urbanization are some other drivers supporting market expansion. In addition, the increasing investments by major companies on research and development, strategic mergers and collaborations between industry players and growing population growth rates, are further contributing towards the market growth.
However, growth of the Field Device Management Market is hindered due to insufficient availability of skilled workforce.
The leading players operating in the market are Rockwell Automation, Inc., Yokogawa Electric Corporation, Omron Corporation, Siemens AG, Emerson Electric Co., ABB, FANUC, Schneider Electric SE, Honeywell International Inc., and Metso Oyj, among others.
Based on Offering, the Software segment is predicted to grow at significant CAGR during the forecast period
Field Device Management software can remotely access smart devices, and provides field data of asset or machines, which can be used for predictive maintenance, is pushing segment’s growth.
Based on Industry, the Process Industries segment is projected to capture the largest market share over the forecast period
The increasing use of smart devices and smart field devices to perform data analysis of critical industries, is propelling growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to increase during the forecast period
As per the Field Device Management Market Analysis, presence of the leading players such as Yokogawa Electric Corporation, Omron Corporation, and FANUC, rise in the number of smart factories, growing electricity consumption across India, China and Indonesia and rapid urbanization, are some of the important factors augmenting the market growth in Asia-Pacific.
- In 2019, Emerson introduced the upgraded version of AMS Device Manager to reduce device data complexity and strengthen the field device data foundation, which is crucial for launching on digital transformation.
- In 2018, Siemens developed Simatic RTU3031C (Remote Terminal Unit/RTU) with integrated GPS functionality for comparing the setpoint with the actual position. This device is used for the monitoring of distributed measuring points in the water industry.
Segmentation by Offering
Segmentation by Communication Protocol
- Foundation Fieldbus & Hart
- Foundation Fieldbus
- Ethernet/IPm Modbus
Segmentation by Deployment
Segmentation by Industry
- Process Industries
- Oil & Gas
- Energy & Power
- Food & Beverages
- Metals & Mining
- Other Process Industries
- Discrete Industries
- Aerospace & Defence
Segmentation by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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