Global Process Automation & Instrumentation Market size was US$ 71.4 Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 6% during the forecast period.
The report study has analyzed the revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers, and market disrupters in the report, and the same is reflected in our analysis.
Market Definition
Process automation is a system using digital technology to execute a process or processes to complete a function or workflow in a certain industry. Process instrumentation is a systemthat allows real-time measuring, analyzing, and controlling physical quantities such as levels, pressure, flow, pH, humidity, and temperature.
Market Dynamics
Growing adoption of process automation and instrumentation system in various industries such as in food & beverage, mining, oil and gas, semiconductor manufacturing, marine, and others is a major driving factor behind the growth of the market.The increasing importance of optimum utilization of resources and industrial automation, rising demand of cost-efficient and energy-efficient automation and instrumentation processes, growing requirement for multi variable pressure transmitter, high adoption of safety automation systems, a surge in the adoption of IoT technology in various industrial applications and increasing stringent regulations and compliance in process industries are expected to improve the growth of the market during the forecast period.
Process automation and instrumentation system provide some benefits such as reduced labour costs, improved quality, safety,and consistency, which are ultimately propelling the growth of the market.
However, the high initial investment for execution and considerable maintenance cost for process instrumentation and automation solutions are major restraining factors that could hamper the growth of the market. Lack of technically skilled workforce and concerns regarding increasing cyber-attacks could hinder the growth of the market.
Global Process Automation & Instrumentation Market: Segmentation Analysis
By instrument, the field instrument segment dominated the market in 2019 and is expected to maintain its dominance at CAGR of XX% during the forecast period. Growing adoption of field instruments in various industries to measure and control various automation processes is driving the growth of the market.Field instrumentconsists of actuators, sensors, robust communication, and intelligent signal processing tools and it can be operated inharsh environments.
Field instruments provide some benefits such as increased safety and security, advanced sensing capability, safety through diagnostics, and highly accurate measurement, which lead to the increasing demand of field instruments in various industries for process automation.
Alternatively, the control valves segment is projected to witness high growth at CAGR of XX% during the forecast period. Increasing adoption of control valves in industries to ensure accurate flow control, to reduce wastage and resources, and to enable automatic operations is propelling the growth of the market.
By solution, the MES segment is projected to witness high growth at CAGR of XX% during the forecast period.MES stands fora manufacturing execution system (MES). It is an information system that is used to connect, control, and monitor complex manufacturing systems and to understand the real-time conditions on the plant floor. MES provides some benefits such as more accurate capture of cost-information, improved fault finding, reduced downtime, and increased uptime, reduced waste, and reduced inventory, which are ultimately impelling the growth of the market.
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Global Process Automation & Instrumentation Market: Regional Analysis
Region-wise, North America held the largest market share in 2019 and is expected to witness high growth at CAGR of XX% during the forecast period. The US and Canada are major key contributors behind the growth of the market. The growth is attributed to growing technological advancements and the presence of well-established various manufacturing industries.
Increasing adoption of industrial automation, factory automation systems, and increasing investments by the US governments in the petrochemical & chemical industry is driving the growth of the market in the region.
The objective of the report is to present a comprehensive analysis of the Global Process Automation & Instrumentation Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Process Automation & Instrumentation Market dynamics, structure by analyzing the market segments and projects the Global Process Automation & Instrumentation Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Process Automation & Instrumentation Market make the report investor’s guide.
The Scope of Global Process Automation & Instrumentation Market
Global Process Automation & Instrumentation Market, By Instrument
• Field Instrument
• Control Valve
• Analytical Instrument
Global Process Automation & Instrumentation Market, By Solution
• PLC
• DCS
• SCADA
• HMI
• Safety Automation
• APC
• MES
Global Process Automation & Instrumentation Market, By Industry
• Food & Beverages
• Pharmaceuticals
• Chemicals
• Energy & Power
• Oil & Gas
• Metals & Mining
• Water & Wastewater
• Pulp & Paper
• Others
Global Process Automation & Instrumentation Market, By Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa
Global Process Automation & Instrumentation Market, Key Players
• ABB
• Siemens
• Emerson Electric
• Schneider Electric
• Honeywell International
• General Electric
• Mitsubishi Electric
• Rockwell Automation
• Endress+Hauser
• Yokogawa Electric
• HollySys
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Market HighlightsThe global process automation & instrumentation market is projected to witness a rapid growth during the forecast period.
The growing demand for process automation & instrumentation among industries helps in optimizing the operating cost and improvise production efficiencyThe global process automation & instrumentation market, by geography, is segmented into North America, Europe, Asia Pacific, and Rest of the World.
The adoption of advance instrument across industry domains is further aiding the market growth.Asia Pacific is anticipated to witness a relatively faster adoption at the highest CAGR during the forecast period as compared to other regions owing to the presence of oil and chemical factories, the presence of emerging economies, and technological advancement in process automation & instrumentation.The global process automation & instrumentation market is projected to reach USD 72 billion at a CAGR of over 6% by the end of the forecast period 2017-2023.Taste the market data and market information presented through more than 30 market data tables and figures spread over 100 numbers of pages of the project report.
Avail the in-depth table of content TOC & market synopsis on “Process Automation & Instrumentation market Research Report-Forecast to 2023”.Get Sample of Report @ https://www.marketresearchfuture.com/sample_request/5511Key Players:Some of the prominent players in the global process automation & instrumentation market: ABB Ltd. (Switzerland), Emerson Electric Co. (U.S.), General Electric Co. (U.S.), Honeywell International, Inc. (U.S.), Mitsubishi Electric Corporation (Japan), Rockwell Automation, Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), Yokogawa Electric Corporation (Japan), and Metso Corporation (Finland).Process Automation & Instrumentation Market SegmentationThe global process automation & instrumentation market is segmented by instrument, solution, and end-user.
The instrument segment consists of field instrument, control valve, and analyzer.
Field instrument segment is further sub-segmented into pressure, temperature, level, and humidity.
