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
players in the field device management market include Siemens AG (Siemens,
Germany); Emerson Electric Co. (Emerson, US); ABB Group (ABB, Switzerland);
Schneider Electric (Schneider Electric, France); Honeywell International Inc.
(Honeywell, US); Rockwell Automation, Inc. (Rockwell, US); Yokogawa Electric
Corporation (Yokogawa, Japan); OMRON Corporation (OMRON, Japan); Mitsubishi
Electric Corporation (Mitsubishi Electric, Japan); Fanuc Corporation (Fanuc,
Japan); Metso Corporation (Metso, Finland); Valmet Oyj (Valmet, Finland);
Hamilton Company (Hamilton, US); Phoenix Contact GmbH & Co. KG (Phoenix
Contact, Germany); Endress+Hauser AG (Endress+Hauser, Switzerland); Festo AG
(Festo, Germany); Omega Engineering (Omega, UK); Hach (Hach, US); Azbil
Corporation (Azbil Corporation, Japan); and Weidmüller (Weidmüller, Germany).
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.
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.
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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.
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