The Field Device Management Market – Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
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Field device management alludes to a process of remote monitoring, configuration, and maintenance of field devices through industrial network protocols such as HART, Fieldbus Foundation, PROFIBUS. Centralized monitoring of field assets along with assistance in improving process efficiency is facilitated by the field device management system . It diminishes the need for field trips required for instrument monitoring by providing access to instrument functions remotely from control room. With massive industrialization happening, the complexity of industrial network has increased significantly. Industrial automation has propelled the large scale utilization of advanced control and monitoring devices and systems for effective control over the assets distributed on field. This has fuelled the utilization of field device management software and hardware across the globe. System developers are fixated on development of easy to configure field device management systems with advanced functionalities. The ease of field management systems to synchronize with field devices connected through different network protocols has contributed towards the adoption of field device management systems globally. With growing human-ness of industrial automation, the field device management system market is expected to grow significantly during forecast period.
Effective communication with field devices and efficient control & monitoring to drive the growth of field device management software
The global field device management market is segmented on the basis of component, deployment, end use industry, and geography. Based on component, the global field device management market is segmented into hardware and software. The field device management software contributed a dominating share to the global field device management market and is anticipated to grow significantly during forecast period. The field device management software synchronized with field transmitters and sensors facilitates effective monitoring and controls on the field devices thereby eliminates the requirement for unwanted investment on dedicated hardware components. Consequently, the field management software is being adopted across different industries globally.
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Strong demand and rising adoption of field device management to fuel demand from process industries
Based on end use industry, the global field device management market is segmented into discrete industry and process industry. The discrete industry is sub-segmented into automotive, aerospace &defense, and others. The process industry is sub-segmented into oil & gas, chemicals, pharmaceuticals, food & beverages, energy & utility, and others. The process industry dominated the global field device management market in 2020 resulting from strong demand and requirement for critical asset monitoring and controlling solutions. With rising adoption of smart sensors and devices across the process industries, the process industry segment is anticipated to grow significantly during the forecast period.
Based on geography, the global field device management market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America contributed the largest share to the global field device management market in 2020 as a result of adoption of high degree industrial automation across different industries. Increasing investment in Industrial Internet of Things products and Smart Factory solutions is anticipated to contribute towards the growth of North America field device management market during forecast period. Asia Pacific is expected to grow significantly during the forecast period owing to increase in factory automation across developing countries. Booming industries such as chemicals, pharmaceuticals, and food & beverage is anticipated to fuel the growth of field device management market in coming years.
Major players active in the global field device management market include ABB, Azbil Corporation, Emerson Electric Co., FANUC Corporation, Hamilton Company, Honeywell International Inc., Metso Corporation, Mitsubishi Electric Corporation, OMRON Corporation, PHOENIX CONTACT, Rockwell Automation Inc., Siemens, Valmet; Schneider Electric, and Yokogawa.
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