New York, March 25, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Industrial Process Variable Instruments Global Market Report 2022" - https://www.reportlinker.com/p06247468/?utm_source=GNW
, Applitek NV, Arizona Instrument LLC, and Aventics GmbH.
The global industrial process variable market is expected to grow from $48.69 billion in 2021 to $49.84 billion in 2022 at a compound annual growth rate (CAGR) of2.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to decline to $49.39 billion in 2026 at a CAGR of -0.2%.
The industrial process variable instruments market consists of sales of industrial process variable instruments and related services used to measure, control, and record industrial variables such as temperature, flow, pressure, vacuum, combustion, level, viscosity, density, acidity, concentration, and rotation.The process variable instruments are used for measuring, displaying, indicating, recording, transmitting, and controlling industrial process variables.
The industrial process variable can work mechanically, pneumatically, electronically, or electrically and comprises instruments such as boiler controls, buoyancy instruments, chromatography, and combustion control instruments.
The main types in the industrial process variable instruments market are temperature, pressure, level, flow, others. The temperature segment in industrial process variable
instruments refers to the process in industries, temperature will be recorded and processed in industries. These are used in chemicals, oil and gas, electronic and electrical, and others.
Asia Pacific is the largest region in the industrial process variable market in 2021.North America is the second-largest region in the industrial process variable market.
The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The increasing demand for chemicals and oil and gas drives the growth of the industrial process variable instruments market.The industrial process variable instruments are used in oil and gas facilities for monitoring and controlling the operating conditions.
The operating conditions are monitored to meet safety, environmental regulations, and to ensure stability in plant operations.The increased demand for oil and gas will require more production facilities to be set up, thus, increasing the demand for industrial process variable instruments.
As reported by the International Energy Agency (IEA), the per day production of oil is projected to be above 15 million barrels per day by 2040. Also, India Brand Equity Foundation (IBEF) predicts that the consumption of natural gas is stipulated to reach for natural gas 143.08 million tonnes by 2040. Thus, the growing demand for oil and gas holds a positive impact on the industrial process variable instruments market.
The complexity regarding the use of process variable instruments in the food industry restricts the growth of the industrial process variable instruments market.The process control instruments used in the food industry may contact the food product while monitoring temperature, pressure, level, and flow are required to be following the hygienic requirements designed to provide cleanable and healthy contact surfaces.
Further, different food items produced require different temperatures, pressures, and sanitary requirements thus this leaves very little space for the manufacturers of industrial process variable instruments to add any extra advanced features to the instrument while ensuring that it meets sanitary as well operational requirements. Thus, the complexities of using the process variable instruments in the food industry restrain the growth of the industrial process variable instruments market.
The companies in the industrial process variable instruments market are investing in integrating the Internet of things technology (IoT) to process variable instruments.The industrial process variable instruments such as pressure, temperature, flow level monitoring, and controlling devices are being integrated with IoT to increase their efficiencies and usage.
For instance, Ambetronics Engineers Pvt.Ltd, an India-based provider of gas detection sensors, process control instrumentation systems, launched its RS485 to MQTT IoT smart module to remotely monitor industrial sensors, from the pressure to temperature, tank levels, flow, gas levels, etc.
The module allows the real-time connectivity of data to the Ambetronics cloud and offline storage for recording the sensor data when the internet connectivity is unavailable.
In July 2019, Stratford-Cambridge Group, a Michigan-based private equity firm specialized exclusively in the manufacturing sector with a particular focus on engineered products acquired Applied Instruments, Inc. company for an undisclosed amount. Through this acquisition, Stratford-Cambridge Group mainly focuses on smaller, industrial companies in the Midwest, and sees organic growth opportunities with Applied Instruments Inc. that would expand its client base to other parts of the USA, Canada, and Mexico. Applied Instruments, Inc. manufacturer of RF test and measurement equipment focused primarily on the satellite, CATV, and off-air broadcast sectors of the telecommunications industry.
The countries covered in the industrial process variable instruments market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
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