The global 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 grow at a CAGR of 6.7%. Major factors driving the growth of the field device management market are 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.
Major Field Device Management companies include:
These players have adopted various growth strategies, such as agreements, collaboration, partnerships, and product launches, to further expand their presence in the global field device management market. Product launches and developments have been the most dominating strategies adopted by key players from 2017 to 2018, which helped them strengthen their product portfolio and broaden their customer base.
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Siemens (Germany) was ranked first in the field device management market in 2018. Siemens was founded in 1847 by Werner von Siemens. Further, the company became a global pioneer in electrical engineering. Siemens is a conglomerate company having headquarters in Munich, Germany. It is among major industrial manufacturing companies in Europe. The company operates in the following segments: Power and Gas, Energy Management, Building Technologies, Mobility, Digital Factory, Process Industries and Drives, Healthineers, and Siemens Gamesa Renewable Energy. The company offers software products for field device management. The Process Industries and Drives segment offers various products, software, and solutions across the oil & gas, shipbuilding, mining, cement, fiber, chemicals, food & beverages, and pharmaceuticals industries, among others. The Digital Enterprise Suite of the company enables manufacturing companies to integrate and digitalize their business processes. R&D activities in the Process Industries and Drives segment are focused on intensifying the use of information and communication technologies to speed up the digital transformation of process industries. Primary examples include innovative process automation architectures, highly efficient and intelligent power electronic modules, and integration of physical machines and processes into the IIoT.
Emerson (US) held the second position in the field device management market in 2018. Founded in 1890 and headquartered in St. Louis, Missouri, Emerson Electric Co. (Emerson) is a public company that manufactures electric motors and fans. The company was founded by John Wesley Emerson and was established as The Emerson Electric Manufacturing Company in St. Louis, Missouri, US. The company is listed on the New York Stock Exchange (NYSE). Emerson primarily manufactures and develops process control systems, valves, and analytical instruments. It delivers products and services to industrial, commercial, and consumer markets. It operates in 2 segments: Automation Solutions and Commercial & Residential Solutions. For field device management, the company provides various hardware and software products, such as device communicators, field communicators, AMS device manager software. The company offers its automation solutions for various industries, such as automotive, chemicals, downstream hydrocarbons, food & beverages, oil & gas, pulp & paper, water & wastewater. Honeywell, Rockwell Automation, Schneider Electric, and Siemens are a few major competitors of the company. The company has wide geographic presence in the US, Canada, Asia, Europe, the Middle East/Africa, and Latin America.
Related Reports:
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
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