The process control automation global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Process Control Automation Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The process control automation market size has grown steadily in recent years. It will grow from $59.86 billion in 2023 to $62.71 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to industry 4.0 revolution in the manufacturing sector, growing need to achieve process optimization in lesser time, rising rate of the population entering the middle and upper classes, reduction of operating costs with the advent of IoT, implementation of new policies and regulations.
The process control automation market size is expected to see strong growth in the next few years. It will grow to $76.80 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to expansion of manufacturing sector, increasing demand for automation in industries, increasing demand for machines, increasing number of government initiatives, increasing use of remote operations. Major trends in the forecast period include technological advancements, use of advanced software, development of process automation companies, product innovation, adoption of automation technologies.
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Scope Of Process Control Automation Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Process Control Automation Market Overview
Market Drivers –
The expansion of the manufacturing sector is expected to propel the growth of the process control automation market going forward. The manufacturing sector refers to the portion of the economy producing goods through various processes, such as machining, fabrication, assembly, or chemical processing. The manufacturing sector is expanding due to economic growth, government policies and incentives, consumer demand and preferences, and supply chain resilience. Process control automation plays a crucial role in manufacturing by enhancing efficiency, quality, productivity, flexibility, safety, and cost-effectiveness. It enables manufacturers to remain competitive in an increasingly complex and dynamic business environment. For instance, in August 2023, according to a report published by the National Association of Manufacturers (NAM), a US-based manufacturer association, manufacturing value-added production exhibited yearly growth from $2.905 trillion in the first quarter of 2023 to $2.895 trillion in the fourth. Manufacturing made up 10.9% of the value-added output in the first quarter of the US economy. Therefore, the expansion of the manufacturing sector is driving the growth of the process control automation market.
Market Trends –
Major companies operating in the production printers market are focused on developing innovative technologies with the latex range, such as the HP Latex 630 printer, to strengthen their position in the market. The HP Latex 630 printer is an innovative printer that uses a line of products or materials formulated or produced using latex. For instance, in September 2023, HP Inc., a US-based technology company, launched the HP Latex 630 printer series. This printer series stands out for its white ink capabilities. It offers different white print modes at varying densities to achieve various opacity levels, from spot to 3-layer printing with up to 260% white ink density. This printer series also emphasizes sustainability, with HP Latex inks made of up to 65% water, designed to avoid hazards associated with UV printing and provide outstanding health and safety performance.
The process control automation market covered in this report is segmented –
1) By Instrument Type: Humidity Transmitter, Temperature Transmitter, Pressure Transmitter, Level Transmitter, Control Valves, Analyzers, Communication Hardware, Other Instrument Types
2) By Solution: Programmable Logic Controller (PLC), Distributed Control System (DCS), Manufacturing Execution Systems (MES), Supervisory Control And Data Acquisition (SCADA), Automated Production System (APS), Operator Training Systems (OTS), Safety Automation, Other Solutions
3) By Industry Vertical: Oil And Gas, Chemical, Pharmaceutical, Food And Beverage, Metal And Mining, Power, Pulp And Paper, Water And Wastewater, Other Industry Verticals
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Regional Insights –
Asia-Pacific was the largest region in the process control automation market in 2023. The regions covered in the process control automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the process control automation market are Mitsubishi Electric Corporation, Robert Bosch GmbH, Siemens AG, General Electric Company, Schneider Electric SE, Danaher Corporation, ABB Ltd., Eaton Corporation Plc, Kawasaki Heavy Industries Ltd., Emerson Electric Co., Delta Electronics Inc., Honeywell International Inc., Rockwell Automation Inc., Omron Corporation, KUKA AG, Yokogawa Electric Corporation, Endress+Hauser AG, AVEVA Group Plc, Pepperl+Fuchs SE, Invensys Limited, IDEC Corporation, Aspen Technology Inc., Rudolph Technologies Inc., Carlo Gavazzi Holding AG, Inductive Automation LLC, Beckhoff Automation, Hawk Measurement Systems, Maple Systems Inc., AlpHa Measurement Solutions LLC
Table of Contents
1. Executive Summary
2. Process Control Automation Market Report Structure
3. Process Control Automation Market Trends And Strategies
4. Process Control Automation Market – Macro Economic Scenario
5. Process Control Automation Market Size And Growth
…..
27. Process Control Automation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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