Field Device Management Market size, share & Trends

 

electronic & semiconductor

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.

Key Developments

  • 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.

 

Market Segmentation

Segmentation by Offering            

  • Hardware
  • Software

Segmentation by Communication Protocol

  • Foundation Fieldbus & Hart
    • Hart
    • Foundation Fieldbus
  • Profibus
  • Profinet
  • Ethernet/IPm Modbus
  • Others

Segmentation by Deployment     

  • Cloud
  • On-Premises

Segmentation by Industry            

  • Process Industries
    • Oil & Gas
    • Chemicals
    • Energy & Power
    • Food & Beverages
    • Pharmaceuticals
    • Metals & Mining
    • Other Process Industries
  • Discrete Industries
    • Automotive
    • Manufacturing
    • Aerospace & Defence

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

 

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com

Location: MW23+FP Bluit, NM, USA

Comments

Post a Comment

Popular posts from this blog

Seizing the Europe Smart Home Market Opportunity

Image
 The Europe smart home market presents a vast and promising opportunity for businesses and consumers alike. With advancements in technology, changing lifestyles, and increasing awareness about energy efficiency, the smart home industry in Europe is ripe with potential for growth and innovation. The opportunity in the Europe smart home market stems from several key factors. Firstly, the region boasts a large and affluent consumer base that is increasingly embracing connected technology to enhance their lifestyles. From smart thermostats and lighting systems to security cameras and voice-controlled assistants, the demand for smart home devices is on the rise across the continent. Moreover, supportive regulatory initiatives and incentives aimed at promoting energy efficiency and sustainability are creating a conducive environment for the adoption of smart home technology in Europe. Tax incentives, rebates, and subsidies for energy-efficient home upgrades are encouraging homeowners to inv
Read more

Unlocking Opportunities: GCC Medical Packaging Market Growth in 2024

Image
The GCC medical packaging market is poised for substantial growth in 2024, driven by factors such as technological advancements, increasing healthcare spending, and a focus on patient safety. The region's growing population, coupled with rising demand for quality healthcare services, is fueling the expansion of the medical packaging sector. Let's explore the key drivers and opportunities contributing to the growth of the GCC medical packaging market this year. One of the primary drivers of market growth is the continuous innovation in medical packaging technologies. Companies are investing in advanced packaging materials, designs, and functionalities to meet the evolving needs of healthcare providers and patients. Smart packaging solutions equipped with sensors, RFID tags, and tracking capabilities are enhancing product safety, supply chain visibility, and real-time monitoring. This technological progress is driving the adoption of intelligent packaging solutions and fueling m
Read more

Riding the Wave: India Wireless Earphone Market Surges Amidst Growing Demand

Image
 The India Wireless Earphone Market is witnessing remarkable growth, buoyed by an increasing demand for wireless audio solutions and a shift towards a wireless lifestyle. With consumers seeking convenience, mobility, and superior audio quality, wireless earphones have emerged as a must-have accessory in today's digital age, driving significant market expansion. One of the key drivers of growth in the India Wireless Earphone Market is the rising penetration of smartphones and smart devices. With smartphone ownership becoming ubiquitous across urban and rural areas, there is a growing need for wireless earphones that complement these devices seamlessly. As consumers look for hassle-free connectivity and on-the-go audio solutions, the demand for wireless earphones continues to surge, fueling market growth. Moreover, technological advancements in wireless audio technology are driving market expansion. Innovations such as true wireless earbuds, active noise cancellation, and advanced B
Read more