Field Device Management Market Outlook 2031:
The global field device management market size was valued at USD 1.58 Billion in 2022 and is projected to reach USD 2.83 Billion by 2031, expanding at a CAGR of 6.7% during the forecast period 2023 - 2031. The growth of the market is attributed to the exponential shift towards smart and automated technologies from traditional technologies for development of smart factories.
Field device management (FDM) is a multipurpose, handy, and predictable plant instrumentation solution which streamlines the maintenance of the smart instrument. FDM is the process of organizing and keeping tools for smart field systems in order to analyze and troubleshoot applications. It adapts to industry standards and practices distant communication arrangement to interconnect to the configured devices. Field device systems help customers to maintain, detect, and modify field devices remotely. It provides entire order and control of all devices in the manufacturing plant and saves time by decreasing the count of field trips.
The COVID-19 pandemic had hampered the market. The lockdown imposed by government bodies during pandemic resulted in shutdown of factories and manufacturing plant, due to which demand of FDM solutions reduced. The market is expected to recover by the end of 2021 as organizations are resuming their work in limited workforce. To increase the production by maintaining social distancing norms and in limited labors the factories are opting FDM solutions for automated work.
Field Device Management Market Trends, Drivers, Restraints, and Opportunities
- Rising trend of digitization on complete lifecycle of product for faster production with less defects is one of the key factor driving the market growth.
- Growing investment in smart devices by various industries results in need of FDM solutions for managing these devices is projected to drive the market expansion during the forecast period.
- Lack of knowledgeable and skilled workforce for utilization of FDM solutions acts as a major challenge that can restrict the market growth in the coming years.
- Increasing threat of data security and cyber-attacks regarding cloud-based FDM solutions can hamper the market growth during the projected timeline.
- Escalating penetration of smart factories and industry 4.0 is projected to create significant growth opportunities for the market.
Scope of Field Device Management Market Report
The report on the global field device management market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Field Device Management Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Industries (Process Industries [Chemicals, Metals & Mining, Food & Beverages, Pharmaceuticals, Energy & Utilities, Oil & Gas, and Others] and Discrete Industries [Aerospace & Defense, Manufacturing, and Automotive]), Offerings (Software and Hardware), and Deployments (On-premise and Cloud)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Emerson Electric Co.; Honeywell International Inc.; Yokogawa Electric Corp.; Mitsubishi Electric Corp.; Metso Corp.; Schneider Electric; Hamilton Company; ABB Ltd.; Siemens AG; Rockwell Automation Inc.; OMRON Corp.; FANUC Corp.; Valmet; PHOENIX CONTACT; and Azbil Corp.
Field Device Management Market Segment Insights
Prioritizing the maintenance task by FDM increases the process industries segment market share
On the basis of industries, the market is bifurcated into process industries and discrete industries. The process industries segment is further divided into chemicals, metals & mining, food & beverages, pharmaceuticals, energy & utilities, oil & gas, and others.
The discrete industries segment is further fragmented into aerospace & defense, manufacturing, and automotive. The process segment is estimated to account for a significant market share during the forecast period attributed to escalating use of FDM solutions for prioritizing the maintenance and operational tasks.
On the other hand, the discrete segment is anticipated to grow at a high CAGR during the projected period due to the implementation of more than one FDM solutions at manufacturing plants for automation and improved production efficiency with lower operational cost.
Hardware segment is projected to expand at considerable CAGR
In terms of offerings, the global field device management market is segregated into software and hardware. The software segment is estimated to expand at robust growth rate during the forecast period owing to development of software for FDM solutions by key market players for improved analysis of smart field devices.
Moreover, software help remote accessing of smart devices and provides field data for predictive maintenance, which presents a major factor driving the segment. However, the hardware segment is projected to expand at a considerable CAGR during the forecast period due to hardware solutions can be directly connected with smart devices for seamless communication.
Rising cybersecurity concern drive the on-premise segment
Based on deployments, the market is segmented into on-premise and cloud. The on-premise segment is expected to grow at a rapid pace during the forecast period attributed to rising cybersecurity concern. Furthermore, on-premise FDM solutions helps to address the technical limitations, indemnification issues, and legal liabilities, which is projected to accelerate the segment growth further.
On the other hand, the cloud segment is anticipated to expand at a substantial CAGR in the coming years owing to escalated investments in internet of things technology based applications.
North America is anticipated to constitute a key market share
In terms of region, the global field device management market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key share of the market during the projected period owing to increasing focus of government on FDM assisted production and investment in smart factories by the key players in the region.
However, the Asia Pacific market is anticipated to grow at a rapid pace during the forecast period due to the rapid industrialization, industrial automation, and advantageous government regulations in the region.
The global field device management market has been segmented on the basis of
- Process Industries
- Metals & Mining
- Food & Beverages
- Energy & Utilities
- Oil & Gas
- Discrete Industries
- Aerospace & Defense
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Emerson Electric Co.
- Honeywell International Inc.
- Yokogawa Electric Corp.
- Mitsubishi Electric Corp.
- Metso Corp.
- Schneider Electric
- Hamilton Company
- ABB Ltd.
- Siemens AG
- Rockwell Automation Inc.
- OMRON Corp.
- FANUC Corp.
- PHOENIX CONTACT
- Azbil Corp.
Key players competing in the global field device management market are Emerson Electric Co.; Honeywell International Inc.; Yokogawa Electric Corp.; Mitsubishi Electric Corp.; Metso Corp.; Schneider Electric; Hamilton Company; ABB Ltd.; Siemens AG; Rockwell Automation Inc.; OMRON Corp.; FANUC Corp.; Valmet; PHOENIX CONTACT and Azbil Corp.
Companies are focusing on investment in R&D for development of technological advanced FDM solutions for the market. Furthermore, companies are widely engaging in strategic partnership, merger & acquisition, agreements, new product launch, and collaborations to boost their market share and acquiring new buyers.
For instance, in April 2019, Rockwell Automation Inc. announced the launch of FactoryTalk Analytics LogixAI module. This product uses artificial intelligence for sensing the irregularities in production and alerts the employee’s about it. This helps the employees in making improved manufacturing decisions.
In June 2019, ABB Ltd. signed an agreement with Hewlett Packard Enterprise a U.S. bases information technology company. This agreement was aimed on developing wireless connectivity for the large industrial customers with the ABB sensors attached to industrial equipment and which is in turn connected to the cloud through HPE gateways. This incorporation compromises the industrial companies the chance for condition monitoring on their motors, pumps, and bearings.