Dublin, June 12, 2024 (GLOBE NEWSWIRE) -- The "Asia Pacific Process Instrumentation Market Size and Forecast Share, Trend, and Growth Opportunity Analysis Report Coverage: By Technology, Flow Meter, Level Meter, and End-user Industry" report has been added to ResearchAndMarkets.com's offering.
The Asia Pacific process Instrumentation market size is projected to reach US$ 9.35 billion by 2031 from US$ 5.91 billion in 2023. The market is expected to register a CAGR of 5.9% in 2023-2031. 
Rapid industrialization in countries such as India, China, and Vietnam are a significant contributor to the adoption of process instrumentation. Industries such as chemicals, oil & gas, and power generation continue to be large energy consumers. As a result, countries in Asia Pacific are responding to energy efficiency programs with policies and programs to guide specific changes in energy use across sectors. For example, China's economy is energy-intensive due to a huge number of manufacturing industries.
The Central Government of China has continued to develop measures to increase building energy efficiency. Energy appliance regulations and labeling, as well as energy service corporations (ESCOs), have all played crucial roles in building energy efficiency. China's 14th Five-Year Plan (2021-2025) contains a mandatory national target to lower energy intensity by 13.5% below 2020 levels by 2025. Also, Jaona's New Strategic Energy Plan aims to achieve 62 million KLOE energy savings, which requires a further 40% efficiency improvement from 2013 to 2030.
Governments of various countries across Asia Pacific are investing in the energy & power sector. For example, in January 2024, the Central Committee of the Politburo of Vietnam, the top government body of the Communist Party of Vietnam, issued resolution no. 55-NQ/TW on February 11, 2020, on Strategic Energy Orientation until 2030 with Vision 2045. This document defined that installed capacity by 2030 is projected to be 125-130GW, which will double its capacity in 10 years. According to Vietnam's Eight National Power Development Plan (PDP8), the total power capacity installed by 2030 will be ~146,000 MW and account for more than 416,000 MW by 2045. The proposed capacity that coal accounts for approximately 30,000 MW of power generation by 2030. As coal's role in power generation diminishes, solar, natural gas, and wind are likely to account for major sources of energy.
The chemicals & energy industry in Singapore has achieved significant global standing, ranking among the top 10 worldwide and emerging as the 9th largest exporter of chemicals in 2022, as per the World Trade Statistical Review 2023. This growth in the chemicals & energy sector in Singapore is attributed to the increasing demand for process instrumentation and the growing importance of energy efficiency and cost optimization in the country. As the industry continues to further expand its global footprint, the demand for advanced process instrumentation solutions is expected to rise, reflecting the country's rapid economic growth and the industry's commitment to enhancing operational efficiency and sustainability.
Process instrumentation involves a variety of technologies and solutions designed to enhance process control and efficiency in diverse industries across Singapore. This market is driven by advancements in technology, rising requirements for process control systems, and the increasing emphasis on energy efficiency and cost-effectiveness. The implementation of process instrumentation equipment offers advantages such as enhanced product quality, reduced emissions, decreased human errors, and cost efficiencies.
ABB Ltd.; Emerson Electric Co.; Honeywell International Inc.; Brooks Instrument; Schneider Electric; Siemens; Yokogawa Electric Corporation; Endress+Hauser Group Services AG; Metso Corporation; and Fuji Electric Co, Ltd are among the prominent players profiled in the Asia Pacific process instrumentation market. The Asia Pacific process instrumentation market report emphasizes the key factors driving the market and prominent players' developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 118 |
| Forecast Period | 2023 - 2031 |
| Estimated Market Value (USD) in 2023 | $5.91 Billion |
| Forecasted Market Value (USD) by 2031 | $9.35 Billion |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Asia Pacific |
Key Topics Covered:
1. Introduction
1.1 Report Guidance
1.2 Market Segmentation
2. Executive Summary
3. Research Methodology
4. Asia Pacific Process Instrumentation Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
5. Asia Pacific Process Instrumentation Market - Key Market Dynamics
5.1 Asia Pacific Process Instrumentation Market - Key Market Dynamics
5.2 Market Drivers
5.2.1 Rising Industrial Automation
5.2.2 Growing Need for Efficient Energy
5.3 Market Restraint
5.3.1 High Cost of Investment, Installation, and Maintenance of Process Instruments
5.4 Market Opportunities
5.4.1 Increasing Investments in Energy & Power Sector
5.4.2 Growth in Pharmaceuticals and Chemical Industries
5.5 Future Trends
5.5.1 Popularity of Smart Instrumentation
5.6 Impact of Drivers and Restraints:
6. Asia Pacific Process Instrumentation Market Analysis
6.1 Asia Pacific Process Instrumentation Market Revenue (US$ Million), 2023-2031
6.2 Asia Pacific Process Instrumentation Market Forecast and Analysis
7. Asia Pacific Process Instrumentation Market Analysis - by Technology
7.1 Flow Meter
7.2 Mass Flow
7.3 EMF
7.4 Vortex
7.5 Ultrasonic
7.6 Others
7.7 Pressure and Temperature Instrument
7.8 Analytical Instrument
7.9 Level Meter
7.10 High frequency Radar
7.11 TDR
7.12 Others
8. Asia Pacific Process Instrumentation Market Analysis - by End-user Industry
8.1 Oil and Gas
8.2 Energy and Power
8.3 Water and Waste water
8.4 Food and Beverage
8.5 Marine
8.6 Petrochemical
8.7 Chemical
8.8 Others
9. Asia Pacific Process Instrumentation Market - Country Analysis
10. Competitive Landscape
10.1 Company Positioning & Concentration
10.2 Heat Map Analysis by Key Players
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Product Development
12. Company Profiles
- ABB Ltd
- Emerson Electric Co
- ENDRESS + HAUSER Group
- Honeywell International Inc
- Metso Outotec Corp
- Brooks Instrument
- Schneider Electric SE
- Siemens AG
- Yokogawa Electric Corp
- Fuji Electric Co Ltd
For more information about this report visit https://www.researchandmarkets.com/r/gtduer
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