This global market research report includes a detailed segmentation of the fieldbus solution market for the process industry by product type (Profibus, Modbus, DeviceNet, AS-i, and SERCOS) and by geography (Americas, APAC, and EMEA). The key vendors analyzed in this report are ABB, Emerson Electric, Endress+Hauser, Siemens, and Schneider Electric.
Technavio’s market research analysts estimate the global fieldbus solution market for the process industry to grow at a CAGR of over 8% between 2016 and 2020. The need for streamlined integration in process industries is the primary driver for this market. The real-time information gained through fieldbus helps ensure seamless workflow and work tracking at the plant. At present, the global fieldbus solution market for the process industry is dominated by the Americas by accounting for almost 39% of the overall market share. The increasing presence of industries such as oil and gas, food and beverages, and paper and pulp is expected to propel the growth of the fieldbus solutions market for the process industry during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the fieldbus solution segments by product.
“The integration of fieldbus with the industrial internet of things (IIoT) is the latest trend driving the growth of the market. Observed mostly in industries adopting modern industrial automation and control systems, the integration arises from the need for better connectivity, safety and security, and high performance. Hence, the emergence of IIoT and Industry 4.0 technologies will boost the global fieldbus solutions market for the process industry in the coming years,” says Bharath Kanniappan, Lead Analyst, Industrial Automation, Technavio Research.
Currently, the profibus segment dominates the global fieldbus solution market for the process industry by accounting for almost 42% of the overall market share. The cost-effectiveness of profibus when used on large sites as the installation cost is low and its ability to easily identify faults due to a single cable connection are the primary factors responsible for the profibus market for the process industry. The increasing use of profibus as a communication device between PLC and other automation devices is expected to contribute to the growth of this segment during the forecast period.
The key vendors in the fieldbus solution markey for the process industry are ABB, Emerson Electric, Endress+Hauser, Siemens, and Schneider Electric. The market has the presence of well-diversified international, regional, and local vendors. The vendors present in the market are expanding the market share by focusing on critical parameters like price, quality, technology advancements, brand image, distribution, and service support.
A more detailed analysis is available on the market research report, Global Fieldbus Solution Market for the Process Industry 2016-2020.
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