Chicago, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Markets N Research has recently released expansive research on Global Process Automation and Instrumentation Market with 220+ market data Tables, Pie Chart, and Graphs & Figures spread through Pages and easy to understand detailed analysis. The report endows with wide-ranging statistical analysis of the market’s continuous developments, capacity, production, production value, cost/profit, supply/demand and import/export. This market report provides best solutions for strategy development and implementation depending on client’s needs to extract tangible results. This market research report serves the clients by providing data and information on their business scenario with which they can stay ahead of the competition in today's rapidly changing business environment.
As per the report titled "Process Automation and Instrumentation Market Size, Share & COVID-19 Impact Analysis, By Instrument Type (Transmitters, Flow Meters, Analyzers, Controllers, Recorders, Switches, and Vacuum Instruments), By Solution (PLC, SCADA, DCS, HMI, APC, MES, and Safety Automation), By Application (Chemical, Metal & Mining, Food & Beverage, Oil & Gas, Pharmaceutical, Pulp & Paper, Wastewater Treatment, and Others) and Regional Forecasts, 2022-2028" observes that the market size in 2021 stood at USD 65.3 billion and USD 88.5 billion in 2028. The market is expected to exhibit a CAGR of 5.20% during the forecast period.
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Process Automation and Instrumentation Market Analysis:
The need for process automation and instrumentation technology has increased due to the growing use of industrial automation processes, the desire for energy- and cost-efficient processes, and the focus on digital technologies. The development and expansion of numerous end-user verticals have also aided this market's growth. Additionally, the expansion of this sector has been made possible by the increased use of proactive solutions that identify faults at the component level. However, high initial investment and significant operations and maintenance expenditures will slow the expansion rate. A further obstacle to the market's expansion will be small and medium-sized businesses' hesitation and resistance to embrace process automation and instrumentation procedures.
Report Scope:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 5.20 % |
| 2028 Value Projection | 88.5 billion |
| Base Year | 2022 |
| Market Size in 2021 | 65.3 billion |
| Historical Data for | 2016 - 2021 |
| Segments covered | By Instrument Type, By Solution, By Application and By Geography |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
List Of Key Companies Profiled:
- ABB Limited
- Emerson Electric Company
- Mitsubishi Electric Company
- Rockwell Automation Inc.
- Siemens AG
- Schneider Electric SE
- Yokogawa Electric Corporation
- Honeywell International Inc.
- Pepper Fuchs GmbH.
- General Electric Company
- Hitachi Ltd
- Delta Electronics
- Fuji Electric
- Koyo Electronics Industries Co., Ltd.
- Yokogawa Electric Corporation
ABB Disclosed its Intention to Separate Accelleron (formerly ABB Turbocharging)
In July 2022, ABB stated that it would separate Accelleron (formerly ABB Turbocharging). Process automation and instrumentation service providers might benefit greatly from landing a long-term contract because such agreements guarantee a consistent flow of income. As a result, winning contracts, particularly from governments, is a vital strategy for top players.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the process automation and instrumentation market plan acquisitions to improve their brand recognition globally. For instance, in August 2022, to improve total electric vehicle inductive charging, the business announced a deal with MAHLE. One of the main objectives of this collaboration is to meet the rising demand for wireless charging of electric cars.
Recent Development:
- September 2022: Alexandria Electricity Distribution Company (AEDC), a branch of the state-owned Egyptian Electricity Holding Company, stated that Siemens, one of the industry's top companies, has been selected to upgrade the distribution management system and advanced metering infrastructure (EEHC).
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Our Free Sample Report Consists of the following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- About 220+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on the Request
- Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- MNR research methodology
Driving Factors:
- Growing Focus on Cutting Costs and Increasing Efficiency Supporting Market Demand
Industries worldwide are focusing more and more on increasing production efficiency and reducing operating costs to thrive in the fast-changing global industrial environment. As a result, they are exploring process automation and instrumentation technologies. Process automation involves leveraging software and computer technology to help end-use industries function more safely and effectively. A computer stores and analyzes the data with sensors that gather information on flows, pressures, temperatures, and other variables. Pressure, temperature, level, and humidity are just a few process factors that may be measured and analyzed using instrumentation equipment. They make it possible for industrial businesses to increase profits and cut costs.
- Growing Industry 4.0 Trend To Support Market Growth
The market is anticipated to increase substantially during the forecast period due to the growing acceptability of Industry 4.0 principles in manufacturing industries, including food and beverage, oil and gas, and chemicals. Since the advent of Industry 4.0, the majority of manufacturing industry processes and systems have been automated using various technologies, such as cloud computing, IoT, and cyber-physical systems. This has allowed production units to operate efficiently around the clock without the risk of human error. These technologies help to shorten the production cycle and achieve process efficiency from the stage of collecting raw materials to the manufacture of the finished product.
Restraining Factors:
- Process Automation has High Installation and Maintenance Costs to Limit Market Growth
Developing a new automated manufacturing facility necessitates using cutting-edge automation technologies, including SCADA, DCS, PLC, and HMI. The necessity for large initial investments to set up an automated production facility is one of the most important issues limiting the growth of the process automation and instrumentation market. Deploying instrumentation instruments like process analyzers and transmitters, as well as automation solutions like DCS and SCADA, requires significant cash. Solutions like DCS must be installed at an industrial site through several stages, including system implementation, process operation, data acquisition, and consultation.
Challenging Factors:
- Lack of Qualified Employees to Maintain Complex Automation Systems to Limit Market Growth
Process automation and instrumentation solutions require trained personnel to operate due to the complexity of the processes, which can be misunderstood and may result in errors and defects if handled by an unskilled workforce. Process automation will hasten the change in skill sets needed as work is changing due to artificial intelligence (AI) and the Internet of Things (IoT). As businesses use IoT data to forecast outcomes, improve operations, avoid failures, develop new products, and implement sophisticated analytics capabilities, such as artificial intelligence (AI) and machine learning (ML), in manufacturing, the need for a competent workforce will rise.
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Global Process Automation and Instrumentation Market Segmentations:
Global Process Automation and Instrumentation Market By Instrument Type:
- Transmitters
- Flow meters
- Analyzers
- Controllers
- Recorders
- Switches
- Vacuum Instruments
Global Process Automation and Instrumentation Market By Solution:
- PLC
- SCADA
- DCS
- HMI
- APC
- MES
- Safety Automation
Global Process Automation and Instrumentation Market By Application:
- Chemical
- Metal & mining
- Food & beverage
- Oil & gas
- Pharmaceutical
- Pulp & paper
- Wastewater treatment
- Others
Global Process Automation and Instrumentation Market Regional Insights:
North America is projected to hold the largest share of the process automation and instrumentation market over the forecast period due to a growth in the adoption rate of industrialized automation in the region, particularly in the U.S. Additionally, during the projection period, the U.S. will provide the most revenue to the global market for process automation and instrumentation. The region's governments likewise concentrate on boosting energy production, and the American government funds these initiatives. For instance, the US DOE (Department of Energy) announced in July 2019 that 14 tribal energy infrastructure deployment projects would get USD 16 million in funding.
Further Report Findings:
- The market in North America is expected to gain a huge portion of the global process automation and instrumentation market share in the coming years. This is a result of the region's increased use of industrial automation techniques.
- The presence of a solid technological foundation and growing investment in the chemical and petrochemical industries have further fueled the region's expansion.
- In Asia Pacific, the growth in this region is primarily driven by various end-user verticals in this region have experienced substantial growth.
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Key questions answered in this report:
- What is the size of the Process Automation and Instrumentation market and what is its expected growth rate?
- What are the primary driving factors that push the Process Automation and Instrumentation market forward?
- What are the Process Automation and Instrumentation Industry's top companies?
- What are the different categories that the Process Automation and Instrumentation Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the Process Automation and Instrumentation market sample report and company profiles?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
- Market Segmentation – A detailed analysis By Instrument Type, By Solution, By Application and By Geography
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Table of Content
Chapter 1: Preface
Chapter 2: Report Summary
Chapter 3: COVID 19 Impact Analysis
Chapter 4: Global Process Automation and Instrumentation Market, By Instrument Type Segment Analysis
Chapter 5: Global Process Automation and Instrumentation Market, By Solution Segment Analysis
Chapter 6: Global Process Automation and Instrumentation Market, By Application Segment Analysis
Chapter 7: Process Automation and Instrumentation Market – Regional Analysis, 2023 – 2030
Chapter 8: Process Automation and Instrumentation Market – Industry Analysis
Chapter 9: Competitive Landscape
Chapter 10: Company Profiles
Chapter 11: Research Methodology
Chapter 12: Questionnaire
Chapter 13: Related Reports
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Key Insights from Primary Research/Key Insights & Findings from the report:
- As per the analysis shared by our primary respondents, the Process Automation and Instrumentation market is expected to grow annually at a CAGR of around 5.20%.
- Through primary research, it was established that the Process Automation and Instrumentation market was valued at around USD 65.3 billion in 2021.
- The Process Automation and Instrumentation market is segmented based on instrument type: transmitters, flow meters, analyzers, controllers, recorders, switches, and vacuum instruments. The transmitters category was predicted to show maximum market share in the year 2021.
- The key factor driving the market is Cutting Costs and Increasing Efficiency
- The “North America” region will lead the global Process Automation and Instrumentation market during the forecast period 2023 to 2030.
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