Global Field Device Management Market Overview:
Field Device Management refers to the system which enables the process of plant operators and engineers to perform maintenance of on-the-go smart device anywhere in the plant. There is a rising importance of the smart factory and Industry 4.0, growing focus of manufacturers on reduction in the maintenance and operational costs, growing need for FDM systems, and surging in investments for the development of the FDM solutions by an automation company are the major factors which are driving the growth of the market. Some of the key players profiled in the study are Siemens (Germany), Emerson (United States), Honeywell (United States), ABB (Switzerland), Schneider Electric (France), Rockwell Automation ((United States), Yokogawa (Japan), OMRON (Japan), Mitsubishi Electric (Japan) and Fanuc (Japan). According to Market Analyst at AMA, the Global Field Device Management market may see a growth rate of 6.9% and would reach the market size of USD1.8 Billion by 2024.
On the basis of geography, the market of Field Device Management has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment Mode, the sub-segment i.e. Cloud will boost the Field Device Management market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Protocols, the sub-segment i.e. FOUNDATION Fieldbus and HART will boost the Field Device Management market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Offerings, the sub-segment i.e. Hardware will boost the Field Device Management market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Growing Focus of Manufacturers on Reduction in Maintenance and Operational Costs
- Increasing Investments for Development of IIoT Solutions By Automation Companies
- Rising Importance of Industry 4.0 and Smart Factory
- Surging Need for FDM Systems
- Dearth of Skilled Workforce
- Benefits Offered By Cloud Computing Technology
- Investment Opportunities in Cloud Computing
- Initiatives of FDM Providers and Alliances Toward Product Development and Modification
- Maintain Data Privacy and Cybersecurity
Major Market Developments:
Siemens launched Simatic RTU3031C – a remote terminal unit with integrated GPS functionality. This is used for the monitoring of distributed measuring points in the water industry. and ABB launched ABB Ability, its industry-leading portfolio of digital solutions. ABB Ability includes more than 210 solutions and services for customers in customers in utilities, industry, transport, and infrastructure markets to develop new processes and advance existing ones.
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Manufacturers, Suppliers, and Distributors, Raw Material Suppliers, Government Regulatory and Research Organizations and End-Use Industries
Major Objectives Focused through this Study
To define, describe, and forecast the Global Field Device Management market on the basis of product  , application [Oil & Gas, Chemicals, Power & Energy, Food & Beverages, Pharmaceuticals, Metals & Mining, Automotive, Manufacturing and Aerospace & Defence], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Field Device Management market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Field Device Management industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Available Customization: Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Players which are also part of the research are Metso (Finland), Valmet (Finland), Hamilton Company (United States), Phoenix Contact (Germany) and Endress+Hauser (Switzerland).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Field Device Management market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Dow Jones (Factiva), along with primary respondents. The complete methodology includes the study of the annual and financial reports of the key market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) related to the market.