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Field Device Management Market Outlook 2024 : Expected Market Growth Rate, Major Driver And Segments | General Electric, Robert Bosch GmbH, Siemens AG, Mitsubishi Electric Corporation, Schneider Electric SE
Field Device Management Global Market Report 2024
As per the report, 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 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%.
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Smart Factory Trends Fuel Growth In Field Device Management Market
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.
Strategic Partnerships Transforming The Field Device Management Landscape
Strategic partnerships have emerged as a key trend gaining popularity in the field device management market. Major companies operating in the field device management sector are looking for partnerships to strengthen their position in the market. For instance, in October 2022, Siemens AG, a Germany based industrial manufacturing company, partnered with Hilscher, a US-based device manufacturing and Ethernet technology company. Through this partnership, both companies jointly provide consumers with flexible access to all important fieldbus and real-time Ethernet technologies, which are used in the current, highly heterogeneous IoT world for data exchange between equipment and plants, and this aids in addressing the difficult technological challenges of the modern era, such as obtaining a quicker time-to-market and higher efficiency.
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
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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
Contents of the report:
1. Executive Summary
2. Field Device Management Market Report Structure
3. Field Device Management Market Trends And Strategies
4. Field Device Management Market - Macro Economic Scenario
5. Field Device Management Market Size And Growth
…..
27. Field Device Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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