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Global Field Device Management Market Forecast to 2024: Focus on Oil & Gas, Energy & Power, Chemicals, Pharmaceuticals, Automotive, & Manufacturing

/EIN News/ -- Dublin, May 15, 2019 (GLOBE NEWSWIRE) -- 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.

Field device manager simplifies maintenance tasks, saves time, enables remote management of smart instruments, and provides flexibility and scalability to perform complete device configuration and management tasks in the plant environment through smart plant instrumentation. Thus, FDM provides plant instrument engineers, technicians, and maintenance personnel with an optimized environment.

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 for the development of IIoT solutions by automation companies are the factors driving the growth of the field device management market. However, a dearth of a skilled workforce is the major factor that restrains the growth of the field device management market.

Benefits offered by cloud computing technology, investment opportunities in cloud computing, initiatives of FDM providers and alliances toward product development and modification are expected to provide growth opportunities to the field device management market players during the forecast period. Moreover, maintaining data privacy and cybersecurity poses challenges to the field device management market.

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/wt5qi3

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