Global Field Device Management Market Report 2019-2024
DUBLIN, May 20, 2019 /PRNewswire/ -- The "Field Device Management Market by Offering (Hardware and Software), Deployment (Cloud and On-premises), Industry (Oil & Gas, Energy & Power, Chemicals, Pharmaceuticals, Automotive, Manufacturing), Protocol and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The field device management market is projected to grow from USD 1.3 billion in 2019 to USD 1.8 billion by 2024; it is expected to record a CAGR of 6.7%.
The field device management market is driven by various factors, such as the rising importance of Industry 4.0 and smart factory, growing focus of manufacturers on reduction in maintenance and operational costs, surging need for FDM systems, and increasing investments by automation companies for the development of IIoT solutions. However, a dearth of a skilled workforce may hinder the growth of the market.
Software segment to witness highest CAGR during the forecast period
Software offerings are expected to dominate the market due to the rising adoption of advanced technologies such as industrial automation, Industry 4.0, and IIoT. FDM tools offer preventive maintenance management of devices. It helps for classifying and managing device maintenance information such as inspection schedules, inspection memos, and configuration information of devices. Moreover, operation information about field devices can be easily obtained remotely anywhere, which can be used for maintenance tasks
Based on industries, discrete industry is likely to fastest-growing industry during 2019-2024
Discrete industries mainly include automotive, manufacturing, and aerospace & defence industries. The significance of information availability from field devices is continuously growing for meeting the demands of competitive and flexible production systems in discrete manufacturing. Discrete industries, particularly automotive and manufacturing, are expected to adopt field device management solutions at a faster rate.
APAC to record highest growth rate in-field device management market during forecast period
APAC is likely to be the leading region for the field device management market in the coming years. APAC has become a global focal point for large investments and business expansions, thereby providing opportunities for the field device management market. Major factors driving the growth of the FDM market in APAC include the rising demand for FDM tools due to the growing automation in the industry; growing adoption of technologies such as Industry 4.0, smart factory, IoT, and IIoT; and increasing investments in field device management to optimize productivity and increase maintenance efficiency.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Field Device Management Market
4.2 Field Device Management Market, By Protocol
4.3 Field Device Management Market, By Offering
4.4 Field Device Management Market in APAC, By Industry and Country
4.5 Country-Wise Field Device Management Market Growth Rate
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Importance of Industry 4.0 and Smart Factory
5.2.1.2 Growing Focus of Manufacturers on Reduction in Maintenance and Operational Costs
5.2.1.3 Surging Need for FDM Systems
5.2.1.4 Increasing Investments for Development of IIoT Solutions By Automation Companies
5.2.2 Restraints
5.2.2.1 Dearth of Skilled Workforce
5.2.3 Opportunities
5.2.3.1 Benefits Offered By Cloud Computing Technology
5.2.3.2 Investment Opportunities in Cloud Computing
5.2.3.3 Initiatives of FDM Providers and Alliances Toward Product Development and Modification
5.2.4 Challenges
5.2.4.1 Maintain Data Privacy and Cybersecurity
6 Field Device Management Market, By Offering
6.1 Introduction
6.2 Hardware
6.2.1 Substantial Growth is Expected in the Hardware-Based Products Owing to the Use of Hand-Held Devices to Monitor on Field Parameters
6.3 Software
6.3.1 Software-Offering is Expected to Have A Strong Growth Owing to the Higher Adoption of IIoT and Industry 4.0
7 Field Device Management Market, By Communication Protocol
7.1 Introduction
7.2 Foundation Fieldbus & Hart
7.2.1 Hart
7.2.1.1 Hart Device Connectivity Preferred By Various Industries as It Ensures Interoperability
7.2.2 Foundation Fieldbus
7.2.2.1 Foundation Fieldbus Primarily Reduces Opex Through Improved Plant Efficiencies, Better Asset Management, and Reduced Maintenance Requirements
7.3 Profibus
7.3.1 Profibus Preferred for Hazardous Environment Providing Opportunity for Chemical and Petrochemical Industries
7.4 Profinet
7.4.1 Profinet Enables High Amount of Flexibility and Real Time Communication
7.5 Ethernet/IP
7.5.1 Ethernet/IP Offers Digital Interconnectivity and A Unified Communications Network
7.6 Modbus
7.6.1 Modbus Offers Ease of Deployment and Usage in Various Industries
7.7 Others
7.7.1 ISA100.11a
7.7.2 Brain
8 Field Device Management Market, By Deployment
8.1 Introduction
8.2 Cloud
8.2.1 Cloud Based Systems is Expected to Have the Highest Growth Rate as Many Tier 1 Players are Investing in IoT-Based Services Through Partnerships and Acquisitions
8.3 On-Premises
8.3.1 The Market for On-Premises Type Offering is Expected to Hold A Major Share Due to the Cyber-Security Concerns
9 Field Device Management Market, By Industry
9.1 Introduction
9.2 Process Industries
9.2.1 Oil & Gas
9.2.1.1 Oil & Gas Industry is Expected to Hold A Significant Share in the FDM Market as FDM Provides Monitoring of On-Field Parameters That Helps to Prioritize the Operational and Maintenance Tasks
9.2.2 Chemicals
9.2.2.1 Substantial Growth in the Chemical Industry is Expected as FDM Solutions Can Help Operators to Monitor the Chemical Production Process Remotely and Can Help in Predictive Maintenance Tasks
9.2.3 Energy & Power
9.2.3.1 Energy & Power Industry is Expected to Hold the Largest Share and Grow at the Highest CAGR Owing to the Higher Adoption of Automation Solutions in This Industry
9.2.4 Food & Beverages
9.2.4.1 Sturdy Growth is Expected in the Food & Beverages Industry for FDM Based Solutions as These Solutions are Expected to Be Used for Daily Maintenance Tasks
9.2.5 Pharmaceuticals
9.2.5.1 Pharmaceuticals Industry is Expected to Have A Steady Growth in the FDM Market Owing to the Adoption of FDM Solutions in the Multi-Product Production Facilities
9.2.6 Metals & Mining
9.2.6.1 Metals & Mining Industry is Expected to Have A Sturdy Growth Owing to the Adoption of Advanced Industrial Solutions to Increase Production and Reduce Operating Costs
9.2.7 Other Process Industries
9.3 Discrete Industries
9.3.1 Automotive
9.3.1.1 FDM is Used By Automotive Players Due to the Increasing Need for Reduction in Operational Costs
9.3.2 Manufacturing
9.3.2.1 Manufacturing Industry is Expected to Have the Highest Growth Rate as FDM Helps to Control and Monitor the Overall Manufacturing Processes Reducing the Downtime and the Maintenance Cost
9.3.3 Aerospace & Defence
9.3.3.1 Sluggish Growth for Aerospace and Defence Industry is Expected as FDM is Used for Safe, Efficient, and Qualitative Operations.
10 Geographic Analysis
11 Competitive Landscape
11.1 Overview
11.2 Ranking Analysis of Key Players
11.3 Competitive Leadership Mapping
12 Company Profiles
12.1 Introduction
12.2 Key Players
12.2.1 Siemens
12.2.2 Emerson Electric Co.
12.2.3 ABB
12.2.4 Schneider Electric
12.2.5 Honeywell
12.2.6 Rockwell Automation
12.2.7 Yokogawa
12.2.8 OMRON
12.2.9 Fanuc
12.2.10 Metso Automation
12.3 Other Key Players
12.3.1 Azbil Corporation
12.3.2 Endress+Hauser
12.3.3 Festo
12.3.4 Hach Company
12.3.5 Hamilton Company
12.3.6 Mitsubishi Electric
12.3.7 Omega Engineering
12.3.8 Phoenix Contact
12.3.9 Valmet
12.3.10 Weidmuller
For more information about this report visit https://www.researchandmarkets.com/r/hfwaum
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Share this article