Overview and Scope
Field device management refers to a maintenance tool for applications that require diagnostics and troubleshooting, as well as a configuration tool for smart field equipment. Field device management employs predictive intelligence to increase the performance and availability of important production assets.
Sizing and Forecast
The field device management market size has grown strongly in recent years. It will grow from $2.08 billion in 2023 to $2.21 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to demand for operational efficiency, maintenance and asset management, regulatory compliance requirements, increased complexity in industrial networks, scalability and flexibility needs.
The field device management market size is expected to see strong growth in the next few years. It will grow to $2.92 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to cybersecurity concerns, industry-specific requirements, remote workforce management, focus on energy efficiency, focus on standardization. Major trends in the forecast period include industrial IoT (Ikot) integration, cloud-based field device management platforms, edge computing in device management, wireless sensor networks, remote monitoring and diagnostics.
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Segmentation & Regional Insights
The field device management market covered in this report is segmented –
1) By Offering: Hardware, Software
2) By Protocols: Foundation Fieldbus and HART, Profibus, Profinet, Modbus TCP/IP, Ethernet or IP, Other Protocols
3) By Deployment Type Outlook: On-Premises, Cloud
4) By Industry: Process Industries, Discrete Industries
North America was the largest region in the field device management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the field device management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increasing smart factories are expected to propel the growth of the field device management market going forward. A Smart Factory is the seamless relationship of individual production steps, from planning stages to actuators in the field. Smart factories and automation are helping to deliver exceptional customer experiences by simplifying processes and automating routine steps in executing field service tasks. For instance, in 2021, a survey of 250 UK manufacturing companies conducted by ABB Robotics, a Sweden-based automation company, found a change in attitudes towards automation in the country, with 81.2% of companies saying that they are considering an investment in robots because of the pandemic. Therefore, the increasing demand for smart factories is driving the growth of the field device management market.
Key Industry Players
Major companies operating in the field device management market report are General Electric, Robert Bosch GmbH, Siemens AG, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Emerson Electric Co., Rockwell Automation Inc., Omron Corporation, FANUC Corp., Valmet Oyj, Phoenix Contact, Endress+Hauser Group Services AG, Festo Inc., Belden Inc., Azbil Corporation, Weidmuller Interface GmbH & Co. KG, Pepperl+Fuchs SE, Hach Company, B&R Industrial Automation, Hamilton Company, Vaisala Corporation, Badger Meter Inc., HIMA, WAGO Kontakttechnik GmbH & Co. KG, Yokogawa Electric Corporation, WIKA Instruments India Pvt. Ltd., Krohne Group, Vega Grieshaber KG, Hans Turck GmbH & Co. KG
The field device management market report table of contents includes:
1. Executive Summary
2. Field Device Management Market Characteristics
3. Field Device Management Market Trends And Strategies
4. Field Device Management Market – Macro Economic Scenario
5. Global Field Device Management Market Size and Growth
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32. Global Field Device Management Market Competitive Benchmarking
33. Global Field Device Management Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Field Device Management Market
35. Field Device Management Market Future Outlook and Potential Analysis
36. Appendix
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