About the Fieldbus Solution Market for Process Industry
Fieldbus refers to a two-way communication digital network that uses physical data and application layers of the open systems interconnection (OSI) model. It is a control network used for process automation, which connects field devices with controller. Process industries worldwide are increasingly using Fieldbus-incorporated measurement instruments and sensors. Especially, when a company uses automation solutions such as DCS or PLC, the Fieldbus solution provides the plant with streamlined communication protocol. This helps the company to carry out repairs on time and reduce downtime.
Technavio’s analysts forecast the Global Fieldbus Solution Market for Process Industry to grow at a CAGR of 8.44% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the Global Fieldbus Solution Market for Process Industry for 2016-2020. To calculate the market size, the report considers the revenue from the sales of the Fieldbus types: PROFIBUS, Modbus, DeviceNet, AS-i, and serial real-time communication system (SERCOS).
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Fieldbus Solution Market for Process Industry 2016-2020"
Technavio recognizes the following companies as the key players in the Global Fieldbus Solution Market for Process Industry: ABB, Emerson Electric, Endress+Hauser, Schneider Electric, and Siemens."
Other Prominent Vendors in the market are: Azbil, Eaton, Flowserve, KROHNE, Metso Oyi, Pepperl+Fuchs, Rockwell Automation, SAMSON, SMAR Industrial Automation, VEGA Grieshaber, and Yokogawa Electric."
Commenting on the report, an analyst from Technavio’s team said: “A trend to watch for is the emergence of new and innovative Fieldbus. The digitization of the process signals and associated decentralization are paving the way for the wider adoption of open Fieldbus systems. Subsequently, the introduction of the open Fieldbus in power plants has changed the structure of control systems. Open Fieldbus technology allows shifting central functions into field devices and leads to decentralized structures in automation systems. These decentralized structures reduce the costs for wiring and assembly and increase the availability. Improved maintenance and diagnosis through smart instrumentation also increase the demand for open Fieldbus.”"
According to the report, a key driver for market growth is the high levels of investment in the process industry. Industries such as oil and gas, chemical and petrochemical, food and beverage, and pharmaceutical invest heavily in plant construction to increase their production capacity. For instance, with more than 31 bcm of technically recoverable shale gas resources, China has the world's largest shale gas reserves. China invested $160 billion in its shale gas development to increase the production capacity from 3.5 bcm to 6 bcm by 2016. In 2015, Nestle announced that it will investment $108 million to build a new factory in Girona, Spain. The same year, Gilead Alberta ULC had announced that it will invest $100 million to expand and upgrade its pharmaceutical manufacturing plant in Alberta, Canada. I"
Further, the report states that one challenge that could hamper market growth is the interoperability issue in Fieldbus solutions as end-users cannot migrate to other providers in case of need.
ABB, Emerson Electric, Endress+Hauser, Schneider Electric, Siemens, Azbil, Eaton, Flowserve, KROHNE, Metso Oyi, Pepperl+Fuchs, Rockwell Automation, SAMSON, SMAR Industrial Automation, VEGA Grieshaber, Yokogawa Electric.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook