Process Automation And Instrumentation Global Market
Overview and Scope
Process automation and instrumentation refer to a set of activities conducted for the development and sales of process automation and instrumentation products. It is referred to as the process where technology is used to automate complex business processes involving using the software, hardware, and computing technology to allow operating more securely and efficiently. Automating processes reduces errors and loss of data and increases transparency, communication across departments, and speed of processing in various industries.
Sizing and Forecast
The process automation and instrumentation market size has grown strongly in recent years. It will grow from $70.42 billion in 2023 to $75.47 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to demand for operational efficiency, compliance and regulatory requirements, increased complexity of industrial processes, focus on safety and risk mitigation, energy efficiency initiatives, .
The process automation and instrumentation market size is expected to see strong growth in the next few years. It will grow to $99.91 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to predictive maintenance strategies, evolving regulatory landscape, modular and scalable automation, hybrid and flexible manufacturing, . Major trends in the forecast period include digital twins for process optimization, cloud-based process automation solutions, cybersecurity measures for industrial networks, wireless instrumentation and communication, predictive maintenance and condition monitoring, cross-industry adoption of automation..
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Segmentation & Regional Insights
The process automation and instrumentation market covered in this report is segmented –
1) By Instrument: Field Instrument, Control Valve And Analyser, Analytical Instrument
2) By Solution: Programmable Logic Controller (PLC), Distributed Control System (DCS), Supervisory Control And Data Acquisition (SCADA), Human Machine Interaction (HMI), Functional Safety, Manufacturing Execution System (MES)
3) By Industry: Oil And Gas, Chemicals, Pulp And Paper, Pharmaceuticals, Metals And Mining, Food And Beverages, Energy And Power, Water And Wastewater Treatment
North America was the largest region in the process automation and instrumentation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the process automation and instrumentation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing focus of manufacturing firms on achieving cost-saving and better efficiency is significantly contributing to the growth of the process automation and instrumentation market. The increase in productivity and minimization the errors are helping the process automation and instrumentation market to grow. According to the article by Gesrepair, manufacturing firms globally are investing in new manufacturing technology and making smart investments to improve their production process. Therefore, the increasing focus of manufacturing firms on achieving cost-saving and better efficiency drives the process automation and instrumentation market growth.
Key Industry Players
Major companies operating in the process automation and instrumentation market report are ABB Limited, Danaher Corporation, Emerson Electric Company, Endress+Hauser Group Services AG, General Electric Company, Hollysys Automation Technologies Ltd., Honeywell International Inc., Mitsubishi Electric Corporation, Omron Corporation, Rockwell Automation Inc., Schneider Electric SE, Yokogawa Electric Corporation, Beckhoff Automation, Carlo Gavazzi Holding AG, Delta Electronics Inc., Inductive Automation LLC, Intech Open, Pepperl+Fuchs GmbH, Robert Bosch GmbH, Siemens AG, Eaton Corporation, Metso Corporation, Idec Corporation, Maple Systems Inc., Invensys plc, AVEVA Group plc, Aspen Technology Inc., Mettler Toledo – Process Analytics, AlpHa Measurement Solutions, Sparling’s technologies, Global Technology Systems, Hawk Measurement Systems, Heat Trace Products, James C. White Company Inc., Precision Digital Corporation, Pulsar Measurement – UK, Seametrics Inc.
The process automation and instrumentation market report table of contents includes:
1. Executive Summary
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