Dublin, Nov. 04, 2022 (GLOBE NEWSWIRE) -- The "Global Process Automation and Instrumentation Market with COVID-19 Impact Analysis by Instrument (Field Instruments, Process Analyzers), Solution (PLC, DCS, SCADA, HMI, Functional Safety, MES), Industry and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global process automation and instrumentation market size is expected to grow from USD 66.2 billion in 2022 to USD 86.6 billion by 2026, at a CAGR of 5.5%. The growth of this market can be attributed to the growing importance of energy efficiency and cost optimization, increased productivity, minimized errors and better scalability; the increasing use of digital technologies such as IIoT, machine learning, and artificial intelligence; and the rising emphasis on industrial automation and optimum utilization of resources.
Oil & gas industry is leading the global process automation and instrumentation market
The oil & gas industry is leading the global process automation and instrumentation market at present, and a similar trend is likely to continue in the next few years. Oil and gas companies are increasingly leveraging process automation and instrumentation to acquire a constant stream of data that can be mined, aggregated into big data, and transformed into smart data through analytics and detailed analysis. Major components used for process automation and instrumentation in the oil & gas industry are solutions, such as MES and SCADA, and instruments, such as control valves, actuators, positioners, flowmeters, and transmitters. The oil demand can be met by increasing the productivity and efficiency of the oil and gas companies. Therefore, it becomes necessary for industry players to implement solutions to improve manufacturing processes. This can ultimately be achieved by adopting process automation and instrumentation solutions such as HMI, SCADA, and PLC.
Field instruments dominated the global process automation and instrumentation market in 2021
Field instruments assist in managing plant assets, enhancing plant safety, and optimizing overall production processes through data acquisition, control, and measurement. It is necessary to obtain key information regarding major parameters, including temperature, pressure, and level, to monitor and control processes quickly, smoothly, securely, and accurately, as well as to achieve optimum productivity. These instruments play a pivotal role in measuring and controlling process parameters in process industries. For example, in June 2021, Emerson Electric Co. introduced a new Rosemount 1408H level transmitter, specifically designed for the food & beverages industry. The constant release of advanced products to automate industrial processes and measure and control different process parameters is expected to drive the process automation and instrumentation market for field instruments.
Asia Pacific to grow at the highest CAGR during the forecast period of 2022 to 2027
In terms of region, Asia Pacific led the global process automation and instrumentation market, followed Asia Pacific led the global process automation and instrumentation market, followed by North America and Europe in 2021. In Asia Pacific, the demand for process automation and instrumentation solutions is growing from the oil & gas and food & beverages industries due to the ever-increasing population in Asia Pacific.
Market Dynamics
Drivers
- Increasing Focus of Manufacturing Firms on Achieving Cost Saving and Better Efficiency
- Growing Need for Efficient Utilization of Resources
- Rising Trend of Connected Enterprises in Process Industries
Restraints
- High Implementation and Maintenance Costs Associated with Process Automation
- Sharp Decline in Revenue of Major End-User Industries Such as Oil & Gas and Energy & Power
Opportunities
- Growing Adoption of Industry 4.0 By Manufacturing Firms
- Surging Demand for Safety Automation Systems Across Process Industries
- Rising Need for Efficient Multivariable Pressure Transmitters
- Increasing Adoption of IIoT Across Industries
Challenges
- Cyberattacks and Security Threats
- Shortage of Skilled Personnel to Operate Sophisticated Automation Systems
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Process Automation and Instrumentation Market, by Instrument
7 Process Automation and Instrumentation Market, by Solution
8 Process Automation and Instrumentation Market, by Industry
9 Process Automation and Instrumentation Market, by Region
10 Competitive Landscape
11 Company Profiles
12 Adjacent & Related Markets
13 Appendix
Companies Mentioned
- Abb Ltd.
- Ametek, Inc.
- Andritz Ag
- Azbil Corporation
- Christian Burkert GmbH & Co. Kg
- Delta Electronics, Inc.
- Dwyer Instruments, Inc.
- Emerson Electric Co.
- Endress+Hauser Group Services Ag
- Fuji Electric Co., Ltd.
- General Electric Company
- Hach Corporation
- Hima Paul Hildebrandt GmbH
- Hitachi, Ltd.
- Hollysys
- Honeywell International Inc.
- Inductive Automation, LLC
- Krohne Messtechnik GmbH
- Mitsubishi Electric Corporation
- Omron Corporation
- Rockwell Automation, Inc.
- Schneider Electric
- Shimadzu Corporation
- Siemens
- Sprecher Automation GmbH
- Thermo Fisher Scientific Inc.
- Valmet
- Wika Alexander Wiegand Se & Co. Kg
- Xylem
- Yokogawa Electric Corporation
For more information about this report visit https://www.researchandmarkets.com/r/rve9mp
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