Field device management Market

Global Field Device Management Market Size (2024 to 2029)

The global field device management market size is expected to reach USD 2.90 billion by 2029 from USD 2.14 billion in 2024, registering a CAGR of 6.3 % from 2024 to 2029.

Field device management enables industries to transform from a traditional to a predictive nature. It is a system that maintains and operates different systems using different protocols. The Fieldbus Foundation, PROFIBUS, and HART are several protocols used at the field level to diagnose, control, or debug applications. In order to monitor the data, it connects FDM clients to many distributed FDM servers while serving a huge number of devices. It also enables clients to maintain and diagnose the manufacturing plant remotely, cut down on input investment, and save time by reducing field excursions in various industries.

Global Field Device Management Market Drivers:

The adoption of advanced technologies such as the Internet of Things (IoT) and industrial automation in process and non-processing industries is majorly driving market growth during the forecast period. Further, FDM solutions help manufacturers to plan asset management strategies and reduce operating costs. It also helps engineers to remotely maintain and diagnose the field devices for analyzing and troubleshooting the applications. In addition, it also provides preventive maintenance data for plant machinery. Additionally, the increase in automation of processing and discreet industries is accelerating market growth. Moreover, mass production in process and discrete industries is boosting the growth of the field device management market.

A lucrative opportunity for the factory automation market is anticipated during the forecast period. The increase in penetration of smart factories and the advent of Industry 4.0 provide a huge opportunity for the field device management market. The market players are actively making investments in deploying field device solutions to save time by reducing field excursions. Further manufacturing industries also require continuous monitoring and troubleshooting during Mass production. So the need for field devices is rapidly increasing. The aforementioned factors are providing numerous growth opportunities for the field device management market.

Global Field Device Management Market Restraints:

Automation at the field level involves heavy investments. Players should invest large sums in installing protocols and monitoring the whole plant. This factor negatively impacts the market. Further, a skilled workforce is required to maintain and operate the system with different protocols. The lack of skilled manpower derails the field device management market. Moreover, as devices access a large amount of data, there can be a security breach. These gaps in data privacy can hinder market growth.

Impact of COVID-19 on the field device management market:

The global COVID-19 pandemic has caused disruptions in a number of businesses. Global transportation has been stopped, and the virus' containment and treatment have taken precedence. The imbalance between supply and demand has an impact on globalization and networked economies. Following the pandemic restrictions, a number of businesses weren't operating at full capacity and incurring losses. This outbreak has an economic impact and implications on markets, including the Field device management market. A mild impact is observed owing to the pandemic restrictions. As per government guidelines, the manufacturing facilities had cut out their workforce. So in order to sustain their market share, they started adopting field devices. These devices help in monitoring, controlling, or troubleshooting problems during mass production. Further, the increase in internet penetration favored the field device management market. These determinants contributed to the significant growth of the market.

REPORT COVERAGE:

This research report on the global field device management market has been segmented and sub-segmented based on type, source, application, and region.

Global Field Device Management Market - By Offering:

• Hardware
• Software

The software segment is expected to hold the largest market share during the forecast period. The increase in adoption of cutting-edge technologies like the Internet of Things(IoT), artificial intelligence, and the advent of Industry 4.0 are driving software segment growth. Major players have developed field device management software to configure and maintain tools for analyzing and troubleshooting applications. The FDM software solutions can monitor real-time data remotely and provide field data for maintenance. These determinants are contributing to Field device market expansion. Companies also provide hardware such as isolators, gateways, converters, extenders, multiplexers, and repeaters for field device solutions. However, hardware segments hold a small share of the field device management market.

Global Field Device Management Market - By Deployment:

• Cloud
• On-Premises

Based on deployment, the on-premises segment holds the largest share of the field device management market during the forecast period. Many companies are deploying field devices on-premises of production facilities to have better control of the system with better integration capability and security. Further on-premises deployment provides better control and security without any security breaches. It doesn't have any adhering technical limitations and liabilities while monitoring the plant. These factors drive the field device management market. In addition, the cloud segment is registering a rising CAGR owing to the increased investments in the Internet of Things and cloud services. Though IOT applications and remote operation benefits are driving the cloud segment growth in the field device management market, the on-premise segment remains dominant in the period.

Global Field Device Management Market - By Industry:

• Discrete Industries
• Process Industries

The process industries record the largest market revenue during the forecast period owing to the emergence of the Internet of Things (IoT) and cloud computing in process industries. Process industries use field devices for critical monitoring and as control systems. In chemicals, oil and gas, food and beverages, metals, and mining industries, field devices are used for prioritizing operational and maintenance tasks, while in discrete industries such as automotive, manufacturing, and aerospace, they are used for reducing operational costs. As Field devices improve asset management and control the systems for efficient production, it is majorly used in process industries.

Global Field Device Management Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America 
• Middle East and Africa

The Asia-Pacific segment is expected to hold the largest market share during the forecast period. Several factors, such as rapid industrialization to meet the needs of the growing population, favorable government regulations for rising economies, and consistent growth in industrial automation, are driving the field device management market growth in this region. The rise in demand for food and beverages, oil and gas owing to the huge population is likely to fuel the market growth. Further growing infrastructural investments in both process and decreet industries are driving the field device management market in the Asia Pacific region. Moreover, healthy CAGR growth is witnessed in North America owing to the largest industrial automation market in the region. Several Determinants, such as heavy investments in industrial automation and favorable government policies, have also been drivers for the field device management market. However, Asia Pacific remains leading in the field device management market owing to the rapid adoption of FDM solutions.

KEY MARKET PLAYERS:

Major Key Players in the Global Field device management Market are Yokogawa Electric Corporation, Siemens AG, Emerson Electric Co., Honeywell International, Inc., ABB Group, Schneider Electric SE, Rockwell Automation, Inc., Omron Corporation, Mitsubishi Electric Corporation, Azbil Corporation, and others.

RECENT HAPPENINGS IN THE MARKET:

• In 2023, Honeywell addressed the automation interoperability gap in the warehouse industry. It is expanding its capabilities to help companies achieve the exchange of data using interoperability in distribution centers of warehouses.
• In 2022, ABB Group announced field device integration that builds fieldbus technology. Instrument and automation manufacturers can now develop compatible products and host systems for managing field devices using ABB’s FDI.