Newark, NJ, Sept. 28, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global process automation and instrumentation market is expected to grow from USD 65.56 billion in 2019 and to reach USD 81.77 billion by 2027, growing at a CAGR of 2.8% during the forecast period 2020-2027.
The process automation and instrumentation market is witnessing significant growth from the past years. This growth is attributed to increasing regulatory compliance in the processed industry, rising labor wages in the industrial sector, and growing demand for a proactive solution that can determine failure at the component level. Other factors like increasing adoption of a multivendor portable application, increasing industrial automation rate of adoption among various end-users, and growing demand for utilities and energy are expected to witness significant growth. The growing value of energy conservation and cost reduction, a rising focus on digitizing technology like IIoT, and increasing acceptance of industrial automation and maximum resource use will influence market growth.
Process automation is defined as a system used to automatically control a process like oil refineries, chemical, paper and pulp factories. The process automation system uses a network to interconnect, controllers, sensors, operator terminals and actuators. The interdisciplinary branch of engineering helps develop new & advanced sensors, MEMs technology, Bluetooth technology, and smart transducers known as process automation and instrumentation. It offers benefits like enhanced product quality, improved process safety, accuracy, increased profits, and reduced costs. Process automation and instrumentation is a self-learning technology that uses pattern recognition, gestures, data mining, and natural language processing to act like a human brain.
The global process automation and instrumentation are expected to witness significant growth, owing to increasing automation in process industries, and fiscal policy steps taken by regional financial institutions to keep manufacturing facilities floating. Increasing demand for process automation and instrumentation products and solution has a direct dependency on manufacturing activities will propel the market growth. The factors restraining the market growth are the high investment for implementation and significant maintenance cost, and the vulnerability of instrument breakage is more during the critical working condition and uncertainty of breakdown. Rising demand for safety automation systems and increasing demand for multivariable pressure transmitters will provide market growth opportunities.
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Key players operating in global process automation and instrumentation market are Mitsubishi Electric, Emerson Electric, Siemens, ABB, Honeywell International, General Electric, Schneider Electric, Rockwell Automation, Endress+Hauser, Yokogawa Electric, and HollySys. To gain a significant market share in the global process automation and instrumentation market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. ABB and Honeywell are some of the key players operating in process automation and instrumentation.
- For instance, in February 2019, Dassault Systems and ABB announced their partnership to offer customers a notable portfolio of various digital industries' software solutions. These solutions will help customers to run their operations with improved flexibility, efficiency, and sustainability.
- In January 2020, Honeywell International collaborated with Tact.ai to deploy the hindmost artificial intelligence digital assistance tool to its global sales team to bring intuitive and more effective human-machine interfaces for maintenance and operations.
Control valve segment dominated the market and held the largest market share of 37.12% in the year 2019
On the basis of instruments, the global process automation and instrumentation market is segmented into the field instrument, control valve, and analytical instrument. Control valve segment dominated the market and held the largest market share of 37.12% in the year 2019. This growth is attributed to increased use of control valves in oil & gas, and growing initiatives pertaining to flow control projects like water distribution and gas pipelines.
MES segment dominated the market and held the largest share of 23.6% in the year 2019
On the basis of solution, the global process automation and instrumentation market is segmented into PLC, DCS, SCADA, HMI, functional safety, APC, and MES. MES segment dominated the market and held the largest share of 23.6% in the year 2019. This growth is attributed to the high performance of production assets across the supply chain. MES gives information that helps manufacturers understand the current condition of a plant floor that can be optimized to develop production output.
Pharmaceuticals segment dominated the market and held the largest share of 19.36% in the year 2019
On the basis of industry, the global process automation instrumentation market is segmented into food & beverage, pharmaceuticals, chemicals, energy & power, oil & gas, metals & mining, water & wastewater, pulp & paper, and others. Pharmaceutical segment dominated the market and held the largest share of 19.36% in the year 2019. This growth is attributed to the increasing importance of providing precision measuring equipment to provide an accurate dosage of medicine, rising competition in the industry legislation, involvement of complex manufacturing processes like granulation, milling, coating, tablet pressing in pharmaceutical companies, and growing need for process automation.
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Regional Segment of Process Automation and Instrumentation Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global process automation and instrumentation market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Asia-Pacific region holds the major share of 29.7% in the year 2019. This growth is attributed to rapid industrialization and consistent growth in the region’s industrial activities, and rising infrastructural investments in energy and power due to increased demand for electricity and policymakers for better power reliability. The process automation and instrumentation market have the largest growth in Japan, India, China, and Rest of Asia-Pacific in the Asia-Pacific region. North America is expected to witness significant growth, owing to the provision of IoT platform capabilities. The market in the Latin America region is anticipated to grow, owing to the massive growth of connected devices.
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About the report:
The global process automation and instrumentation market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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