Global Field Device Management Market – Industry Trends and Forecast to 2029

Global Field Device Management Market, By Offering (Hardware, Software), Communication Protocol (Foundation Fieldbus and Hart, Profibus, Profinet, Ethernet/I.P., Modbus, Others), Deployment Type (On-Premises, Cloud), Industry (Discrete Industries, Process Industries) – Industry Trends and Forecast to 2029

Field Device Management Market Analysis and Size

Metals and mining, oil and gas, pharmaceuticals, chemicals, food and beverage, and energy and electricity are some of the important process industries. Big data's emergence and the advent of Industry 4.0 have given process industries a previously unheard-of chance to boost productivity. Nearly all process industries require strict monitoring and control practices. FDM technologies can help field engineers perform their maintenance tasks more effectively. The global field device management market is anticipated to increase as a result of these factors over the forecast period.

Global field device management market was valued at USD 1462.50 million in 2021 and is expected to reach USD 2420.43 million by 2029, registering a CAGR of 6.50% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production and sales, and pestle analysis.

Field Device Management Market Scope and Segmentation

Market Definition

The act of configuring and maintaining tools for smart field systems in order to analyses and troubleshoot applications is known as field equipment management. The smart field devices are powered by the Fieldbus Foundation, HART, and PROFIBUS protocols. By linking FDM clients to different dispersed FDM servers, it provides services to a large number of devices. It provides complete control and organization of all plant machinery and saves time by lowering the number of felid excursions.

Field Device Management Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Beneficial Features of Field Device Management

Most of the suppliers provide software-based options for improved field device analysis. A tool for troubleshooting and diagnostics, field device management also serves as a setup mechanism for smart field devices. Control engineers use field device management tools for commissioning and configuration tasks, whilst instrument technicians use them for upkeep and troubleshooting. Systems for managing field devices enable smart devices to be accessed remotely and provide machine/asset field data that may be used for preventive maintenance. A secure and user-friendly unified interface that includes all relevant equipment's data and status in real-time and eliminates the need for numerous technological resources is another feature of field management devices that enables consumers to remotely install, commission, maintain, and diagnose field devices. This feature is further drive the market’s growth over the forecast period.

Furthermore, the factors such as surging need for FDM systems, will accelerate the overall market expansion during the forecast period. Additionally, the growing focus of manufacturers on reduction in maintenance and operational costs is anticipated to drive the growth rate of the field device management market. The expanding manufacturing and process industries will further positively impact the market's growth rate during the forecast period.

Opportunities

• Investments And Advent Of Industry 4.0

The automation firms augmented investments in the development of field device management solutions is estimated to generate lucrative opportunities for the market, which will further expand the field device management market's growth rate over the forecast period. Additionally, the big data's emergence and the advent of industry 4.0 have given process industries a previously unheard-of chance to boost productivity further offer numerous growth opportunities within the market.

Restraints/Challenges

• High Cost and Investments

The requirement of the skilled workforce is very important in handling the field device management. However, the dearth of skilled workforce further derail the overall market’s growth.

• Data Privacy And Cybersecurity

The market growth rate will be further slowed by data privacy and cybersecurity maintenance. This factor is therefore estimated to be significant challenge for the field device management market over the forecast period.

This field device management market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the field device management market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Field Device Management Market

The field device management market had a moderate impact during the outbreak of COVID-19. The demand for field device managements has largely increased as a result of the worldwide restrictions. The public and private organizations were largely shutdown which further boosted the digitalization across the sectors. The internet penetration largely improved during this period, further favoring the field device management market. These determinants will largely help market to gain continuous growth even during the pandemic.

Global Field Device Management Market Scope

The field device management market is segmented on the basis of offering, communication protocol, deployment type and industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Offering

• Hardware
• Software

 Communication Protocol

• Foundation Fieldbus and Hart
• Profibus
• Profinet
• Ethernet/I.P.
• Modbus
• Others

Deployment Type

• On-Premises
• Cloud

Industry

• Discrete Industries
• Automotive
• Manufacturing
• Aerospace and Defense
• Process Industries
• Energy and Power
• Oil and gas
• Metals and Mining
• Chemicals
• Pharmaceuticals
• Food and Beverages
• Others

Field Device Management Market Regional Analysis/Insights

The field device management market is analyzed and market size insights and trends are provided by country, offering, communication protocol, deployment type and industry as referenced above.

The countries covered in the field device management market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (M.E.A.) as a part of Middle East and Africa (M.E.A.), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the field device management market because of the continuous investments in automation within the region over the forecast period of 2022 to 2029. Moreover, several huge players are further estimated to accelerate the expansion over the forecast period.

Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to steady growth in the oil and gas exploration operation in the area within the region. The consistent growth in industrial automation due to rapid industrialization and favorable government regulations also largely contributes to the regional market expansion.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Field Device Management Market Share Analysis

The field device management market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to field device management market.

Some of the major players operating in the field device management market are

• General Electric (U.S.)
• Siemens (Germany)
• ABB (Switzerland)
• Emerson Electric Co.  (U.S.)
• AVEVA Group plc (U.K.)
• Schneider Electric (France)
• STMicroelectronics (Switzerland)
• AB POWER SYSTEMS (India)
• Techno Power Systems (India)
• Semiconductor Components Industries, L.L.C. (U.S.)
• I.B.M. (U.S.)
• Eaton (Ireland)
• SAP SE (Germany)
• Oracle (U.S.)
• Robert Bosch GmbH (Germany)
• Texas Instruments Incorporated. (U.S.)
• Navitas Semiconductor Ltd. (U.S.)
• Fujitsu (Japan)
• ACPD Services Ltd (U.K.)