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Field Device Management Global Market Report 2022

·4-min read
ReportLinker
ReportLinker

Major players in the field device management market are Honeywell International Inc. , Siemens AG, Mitsubishi Electric Corporation, Rockwell Automation Inc. , Schneider Electric SE, Endress+Hauser, FANUC, Festo Inc.

New York, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Field Device Management Global Market Report 2022" - https://www.reportlinker.com/p06317654/?utm_source=GNW
, Azbil Corporation, Hamilton Company, Phoenix Contact , Weidmuller Interface GmbH & Co. KG, and Hach Company.

The global field device management market is expected to grow from $1.85 billion in 2021 to $2.03 billion in 2022 at a compound annual growth rate (CAGR) of 9.4%. The field device management market is expected to grow to $2.67 billion in 2026 at a CAGR of 7.1%.

The field device management market consists of sales of field device management services by entities (organizations, sole traders, and partnerships) that are used as a configuration tool for smart field devices and a maintenance tool for diagnostics and troubleshooting applications.Field device management refers to an important function of the operating system.

Field device management is responsible for managing all the hardware devices of the computer system and also includes the management of the storage devices as well as the management of all the input and output devices of the computer system.

The main types of offerings in field device management are hardware and software.Hardware refers to the hardware parts that are used for taking input data from the user, storing the data, displaying the output, and executing the commands given by an individual.

The different protocols include foundation fieldbus and hart, profibus, profinet, modbus TCP or IP, ethernet or IP, and others, that are deployed in-premises or cloud. These are used in various industries, such as process industries and discrete industries.

North America was the largest region in the field device management market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the field device management report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The field device management market research report is one of a series of new reports that provides field device management market statistics, including field device management industry global market size, regional shares, competitors with a field device management market share, detailed field device management market segments, market trends and opportunities, and any further data you may need to thrive in the field device management industry. This field device management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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. Also, in 2019, according to the Russian Presidential Academy of National Economy and Public Administration (RANEPA), a Russian-based educational academy, Russian enterprises spent more than $1.5 billion to integrate automation into their projects, and robotic automation grew at a whopping rate of 60%. Therefore, the increasing demand for smart factories, is driving the growth of the field device management market.

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 November 2019, Yokogawa Electric Corporation, a Japan-based electrical engineering and software company, partnered with MetaMoJi Corporation, a Japan-based application provider of smartphones and tablets.Through this partnership, both companies jointly developed SensPlus Note, a low-cost and easy-to-implement solution for the digitization of plant data on mobile devices.

Furthermore, in November 2019, Emerson Electric Co., a US-based company that manufactures products and provides engineering services for industrial, commercial, and consumer markets, partnered with Cisco, a US-based technology company. Through this partnership, both companies introduced a next-generation industrial wireless networking solution that fundamentally transforms data management to improve plant productivity, reliability, and safety.

In May 2019, Mitsubishi Electric, a Japan-based electronics and electrical equipment manufacturing company, acquired Iconics, Inc. for an undisclosed amount. Through this acquisition, Mitsubishi Electric aims to enhance its software product lineup that includes edge-computing by combining ICONICS’ software-developing capabilities with Mitsubishi Electric’s factory-automation technology. Iconics, Inc. is a US-based company operating in field device management.

The countries covered in the field device management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06317654/?utm_source=GNW

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