Field Device Management Market Size To See Booming Growth

The report analyses the Field Device Management  market’s dynamics, which helps in determining the market’s valuation. This analyzes growth drivers, roadblocks, opportunities, and threats. The value of various market segments and sub-segments heavily depends on these variables in the research. The research approach makes use of methodologies like Porter’s Five Forces model to assure accuracy. This aids in seeing potential hazards and avoiding bad financial decisions.

Global Field Device Management Market is valued at approximately USD 1.39 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 6.7% over the forecast period 2022-2028. Field Device Management (FDM) acts as a configuration and maintaining tool for the smart field devices for troubleshooting and analytical applications. This solution facilitates remote access to smart devices and presents field data of the machines for analytical maintenance.

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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.

It serves a large number of devices by linking FDM customers to diverse distributed FDM servers. Additionally, it provides complete control over all machinery and saves time by lessening the number of fields trips. The growing significance and investment in the industry 4.0 and Smart Factory, coupled with the rising inclinations for cut-downing the operational and maintenance cost of machinery is propelling the demand for the market globally. For instance, in China, the IIoT market increased by 25% per year and is projected to reach approximately 300 billion yuan ($47 billion) in 2018, as per China’s Ministry of Industry and Information Technology. However, a shortage of proficient employees impedes the growth of the market over the forecast period of 2022-2028. Also, the initiatives by the FDM providers and collaborations for the product development & modification are anticipated to act as catalyzing factors for the market demand during the forecast period.

The key regions considered for the Global Field Device Management Market study include Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading region across the world in terms of market share owing to the increasing automation majorly in the industries such as energy & power, manufacturing and automotive, as well as the rising need for FDM solutions for constant monitoring of procedures and field devices chiefly among these industries. Whereas, Asia-Pacific is also anticipated to exhibit the highest CAGR over the forecast period 2022-2028. Factors such as the growing investments for the development of FDM solutions, along with the emergence of big data and industry 4.0 would create lucrative growth prospects for the Field Device Management market across the Asia-Pacific region.

Major market players included in this report are:

Honeywell

OMRON

Siemens

Mitsubishi Electric

Rockwell Automation

Emerson

Omega Engineering

Hamilton Company

Schneider Electric

Hach

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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Offering:

Hardware

Software

By Protocols:

FOUNDATION Fieldbus and HART

PROFIBUS

PROFINET

Modbus TCP/IP

EtherNet/IP

Others (ISA 100.11A and BRAIN)

By Industry:

Process

Oil & Gas

Chemicals

Power & Energy

Food & Beverages

Pharmaceuticals

Metals & Mining

Others

Discrete

Automotive

Manufacturing

Aerospace & Defence

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By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

ROE

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Latin America

Brazil

Mexico

Rest of the World

The Five Forces analysis examines the following factors:

1. Bargaining power of buyers
2. Bargaining power of suppliers
3. Threat of new entrants
4. Threat of substitutes
5. Threat of rivalry

The PESTLE analysis takes into account the following dimensions:

• Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
• Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
• Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
• Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
• Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
• Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.

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