27 April 2021
The new report the Field Device Management Market Report to 2031: Forecasts by Offering (Hardware and Software), by Deployment Type (On-Premise and Cloud), by Application (Energy & Utilities, Oil & Gas, Energy & Power, Food & Beverages, Chemicals, Pharmaceuticals, Metals & Mining, Automotive, Aerospace & Defense, Semiconductor & Electronics, and Others), by Region, Country and Profiles of Leading Companies Indicates that the Global Field Device Management Market will see $ XX bn in spending in 2020.
The lead analyst of the report said: "The field device management market is about to enter a period of phenomenal growth and innovation. The next ten years will see the upsurge demand of the field device management.”
Field device management (FDM) acts as a configuration tool for smart field devices and a maintenance tool for diagnostics and troubleshooting applications. Control engineers use FDM tools for commissioning and configuration tasks and instrument technicians for troubleshooting and maintenance activities. FDM solutions help remotely access smart devices and provide field data of the asset/machine, which can be used for predictive maintenance. Most of the players offer software-based solutions for better analysis of field devices. Considering the trends, the development of software offerings will widely enhance the demand for the market and further rising acceptance of advanced technologies such as Industry 4.0, industrial automation, and the IIoT.
The rising importance of Industry 4.0 and smart factory, the growing focus of manufacturers on reducing maintenance and operational costs, surging need for FDM systems, and increasing investments for the development of FDM solutions by automation companies are the major factors driving the growth of the market.
COVID-19 pandemic has made the manufacturers and companies invest in the maintenance tool for diagnostics and troubleshooting applications. This is expected to reduce the operational cost of the plant, which assists companies in making positive cash flow. Also, the rising importance of Industry 4.0 and smart factory post-pandemic are further expected to enhance the demand and sales for field device management in the global market during the forecast period.
The XX page report contains 133 tables and 318 graphs that add visual analysis to explain developing trends within the field device management market. The report provides $ XX bn forecasts during the forecast period 2021-2031 for the field device management submarkets, namely by offering, deployment type, and application.
The XX page report offers market forecasts and analysis for 24 leading national markets and the rest of the world market. In addition, the report contains a dedicated leading companies’ chapter covering more than 15 companies leading the field in the field device management.
The global field device management market 2021-2031 report will be of value to anyone who wants to understand better the field device management market and its various segments. It will be useful for businesses who wish to comprehend the part of the market better they are already involved in, or those wishing to enter or expand into a different regional or technical aspect of the field device management industry.
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