New York, US, Nov. 08, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Process Automation & Instrumentation Market Analysis by Instrument, Solution, End-user – Forecast till 2030” valuation is poised to register a 6.5% CAGR throughout the forecast period (2022–2030).
Process Automation & Instrumentation Market Overview
Process automation and instrumentation are converting human thoughts into a computerized and technical model. It is self-learning technical development that uses patterns and gestures to act in the way the human mind thinks. It has gained massive importance for modern organizations and industries as they offer real-time visions that are further used for optimizing functions. It is considered that the global market for process automation and instrumentation is likely to experience a massive rise in the growth rate over the coming years. the significant aspect responsible for the market performance include the efficient utilization of resources, increasing industrial automation, energy efficiencies, digital technologies, and cost reduction.
Process Automation & Instrumentation Market Report Scope:
| Report Metric | Details |
| Market Size | USD 5994.4 Million |
| CAGR | 6.5% |
| Key Vendors | Schnieder Electric SE (France), ABB Ltd (Switzerland), Metso Corporation (Finland), General Electric Co. (U.S), Yokogawa Electric Corporation (Japan), Emerson Electric Co. (U.S), Mitsubishi Electric Corporation (Japan), Siemens AG (Germany) and Rockwell Automation Inc. (U.S.) |
| Key Market Opportunities | Large manufacturing units are embedded with repetitive and complex tasks which increases the risks of injuries and accidents |
| Key Market Drivers | Increasing adoption of IoT in industrial domains, strict compliances, and regulations for improving production efficacies |
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Process Automation & Instrumentation Market Drivers
The global market for process automation and instrumentation has recorded a massive rise in the growth rate in the last few years. The market's growth is mainly credited to the increasing adoption of IoT in industrial domains. Furthermore, factors such as stringent observances, guidelines for improving production efficacies, and a growing number of manufacturing units will also likely boost the market's growth over the coming years.
Process Automation & Instrumentation Market Restraints
On the other hand, the high investments required and privacy and security issues may impede the market's growth.
Process Automation & Instrumentation Market Segments
Among all the instrument types, the transmitters sub-segment will likely dominate the global market for process automation and instrumentation over the assessment timeframe. The segment's growth is attributed mainly to the increasing proliferation of transmitters in process manufacturing across the globe. Furthermore, the global adoption of internet-based technologies by various market sectors is another crucial parameter supporting the segment's growth.
Among all the solutions, the PLC sub-segment is projected to lead the global market for process automation and instrumentation over the review timeframe. The significant parameter causing an upsurge in the segment's growth is the growing deployment of several enterprise solutions. PLCs are utilized to reduce power consumption, offer better reliability, and handle complicated logic operations when moving parts.
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Among all the manufacturing verticals, the chemical sub-segment is anticipated to dominate the global process automation and instrumentation market over the projected timeframe. The segment's growth is attributed mainly to the increasing digitization of the chemical industry across the regions such as Europe and North America.
Among all the end-use sectors, the pharmaceutical and power industries will likely lead the global market for process automation and instrumentation over the review timeframe. The growth of the segment is credited to the deployment of advanced technologies. With these technological developments, the segment will likely record substantial growth over the assessment timeframe.
Process Automation & Instrumentation Market Regional Analysis
The global Process Automation & Instrumentation Market is studied across five major regions: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
According to the analysis reports by MRFR, the North American region is anticipated to lead the global market for process automation and instrumentation over the assessment timeframe. The significant aspect causing an upsurge in the regional market's growth is the high technological advancement. Furthermore, the factors such as increasing investment from the government and matured industrial sectors are also projected to impact the regional market's growth positively over the coming years. In addition, the deployment of communication and IoT technologies is also projected to enhance the regional market's performance.
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The Asia-Pacific regional process automation and instrumentation market is anticipated to record a substantial growth over the assessment timeframe. The regional market's growth is credited mainly to the fact that several countries are reserves for oil refineries, causing growth in demand for process automation and instrumentation.
The European regional market for process automation and instrumentation will likely register considerable growth over the future years. The regional market's growth is attributed to the implementation of strict environmental and industrial regulations.
COVID-19 Impact
The global COVID-19 pandemic has had a significant impact on the majority of the industry verticals across the globe. The global process automation and instrumentation market are no different than others. The global health crisis has recently lowered various process automation and instrumentation opportunities. The pandemic has affected supply chain disruptions, which have harshly affected the industry's demand, investment, and production. The imposition of travel restrictions and social distancing norms led the global market to face unexpected challenges. In addition, due to the labor shortage, the global market for process automation and instrumentation witnessed a significant fall in demand in the early stage. The rapid spread of the disease led several businesses to shut down their operations wholly or partially. The market faced massive revenue losses due to travel restrictions and social distancing norms. During the pandemic, the primary goal of the firms was to maintain their businesses by discovering new ways to continue manufacturing operations or get other sustainable ways to get the revenue stream flowing. The future effect of the pandemic is yet to be known and depends on the spread of COVID-19 or the accomplishment of control actions undertaken to curb the spread of the virus. With the rapid vaccination across the globe, the number of cases is falling, which may help the global market to get back on track.
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Process Automation & Instrumentation Market Competitive Analysis
Dominant Key Players on Process Automation & Instrumentation Market Covered are:
- Schnieder Electric SE (France)
- ABB Ltd (Switzerland)
- Metso Corporation (Finland)
- General Electric Co. (U.S)
- Yokogawa Electric Corporation (Japan)
- Emerson Electric Co. (U.S)
- Mitsubishi Electric Corporation (Japan)
- Siemens AG (Germany)
- Rockwell Automation Inc. (U.S.)
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
5,994.4 Million
USD 5,994.4 Million
