Dublin, Aug. 26, 2020 (GLOBE NEWSWIRE) -- The "Global Process Automation & Instrumentation Market By Instrument, By Solution, By End User, By Region, Industry Analysis and Forecast, 2020-2026" report has been added to ResearchAndMarkets.com's offering.
The Global Process Automation & Instrumentation Market size is expected to reach $80.5 billion by 2026, rising at a market growth of 3% CAGR during the forecast period. This market's growth is propelled by factors such as the increasing value of energy conservation and cost reduction, focus on digitized technology such as IIoT, increased acceptance of industrial automation and maximum resource use.
Automation and instrumentation complement each other as devices are to be used for the purpose of automation. The need for efficiency increases through sectors has driven businesses to embrace automation in order to achieve a competitive edge over other competitors. High-risk job environments that need unique and reasonable treatment result in unnecessary human labour. Lower labour costs are therefore expected to perform a positive role in assisting the worldwide demand for automation instrumentation throughout the forecast period. Increasing labour costs have driven businesses to introduce automation with a view to streamlining their manufacturing processes and growing their dependence on expensive human labour.
Based on Instrument, the market is segmented into Field Instrument, Control Valve and Analytical Instrument. Based on Solution, the market is segmented into Distributed & Advanced Control System, PLC & SCADA, Functional Safety, Human Machine Interface and Others. Based on End User, the market is segmented into Chemical, Energy & Power, Oil & Gas, Food & Beverages, Pharmaceuticals, Metals & Mining and Others. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
The major strategies followed by the market participants are Partnerships and Product Launches. Based on the Analysis presented in the Cardinal matrix; Mitsubishi Electric Corporation, ABB Group, Schneider Electric SE, Emerson Electric Co., Siemens AG, and Honeywell International, Inc. are the forerunners in the Process Automation and Instrumentation Market. Companies such as Rockwell Automation, Inc., General Electric (GE) Co., Yokogawa Electric Corporation, and HollySys Automation Technologies Ltd. are some of the key innovators in the market.
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include ABB Group, Siemens AG, Emerson Electric Co., Schneider Electric SE, Honeywell International, Inc., General Electric (GE) Co., Mitsubishi Electric Corporation, Rockwell Automation, Inc., Yokogawa Electric Corporation, and HollySys Automation Technologies Ltd.
Strategies Deployed in 2020
Partnerships, Collaborations, and Agreements
Mar-2020: Yokogawa Turkey Industrial Automation Solutions A.S. (Yokogawa Turkey) signed an agreement with Renaissance Heavy Industries. Following this agreement, the former company aims to provide a control system and field instruments for Zerger gas-fired power plant in Turkmenistan.
Jan-2020: Schneider Electric came into partnership with AutoGrid, the market leader in flexibility management software for the energy industry. The partnership was focused on helping energy providers integrate customer-owned or -operated flexible distributed energy resources (DERs) into their distribution management operations. The joint solution, integrating Schneider EcoStruxure Advanced Distribution Management System (ADMS) with AutoGrid Flex, the energy industry's first fully-integrated flexibility management application, uses the open standard IEEE 2030.5 to exchange data and control signals.
Product Launches and Product Expansions
Jul-2020: Rockwell Automation released the new SIL 3 Safety Controller Line with Advanced Software Capabilities. The new Allen-Bradley Compact GuardLogix 5380 SIL 3 enabled engineers to scale applications up to and including SIL 3/PLe performance with 1oo2 architecture. The controllers have been designed for helping companies build smarter, simpler, and better-performing machines.
Jul-2020: HollySys unveiled the updated version large scale Programmable Logic Controller (PLC). This new version can be widely used in a variety of applications such as the high-end machinery and equipment control, complex machine control, discrete manufacturing plant control, suitable for transportation, municipal services, water treatment, and public engineering.
Feb-2020: ABB Power Grids launched MicroSCADA X, the industry-acclaimed power and automation control solution, to customers in India. MicroSCADA X features a next-generation human-machine interface (HMI) enabling an intuitive and adaptive experience that provides clear and simplified insights into customers' power infrastructure. The solution offers a world-class, versatile supervisory control and data acquisition (SCADA) system with market-leading functionalities integrated into a single platform.
Feb-2020: Honeywell launched Experion PKS IT Highly Integrated Virtual Environment (HIVE), a transformative new technology. This technology enabled industrial manufacturers to lower project delivery and lifecycle costs, better leverage skills, and drive consistent physical and cybersecurity management.
Jan-2020: Yokogawa Electric launched the Exaquantum R3.20, an enhanced version of its plant information management system (PIMS) software package in the OpreX Asset Operations and Optimisation family. Exaquantum supports the digital transformation initiatives of customers in the process industries by gathering large volumes of plant data and transforming it into usable, high-value business information.
Geographical Expansions
Feb-2020: Yokogawa opened the Open Process Automation (OPA) Test Bed Collaboration Center, located six miles north of ExxonMobil's Houston campus in The Woodlands, Texas. The center has the Test Bed being used for evaluating candidate components and standards that provide the basis for moving OPA technology into initial industrial field trials.
Key Topics Covered
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Process Automation & Instrumentation Market, by Instrument
1.4.2 Global Process Automation & Instrumentation Market, by Solution
1.4.3 Global Process Automation & Instrumentation Market, by End User
1.4.4 Global Process Automation & Instrumentation Market, by Geography
1.5 Methodology for the Research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.2 Executive Summary
2.1.3 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Geographical Expansions
3.2.4 Mergers & Acquisitions
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2016-2020)
3.3.2 Key Strategic Move: (Product Launches and Product Expansions: 2017, Mar - 2020, Jul) Leading Players
Chapter 4. Global Process Automation & Instrumentation Market by Instrument
4.1 Global Process Automation & Instrumentation Field Instrument Market by Region
4.2 Global Process Automation & Instrumentation Control Valve Market by Region
4.3 Global Process Automation & Instrumentation Analytical Instrument Market by Region
Chapter 5. Global Process Automation & Instrumentation Market by Solution
5.1 Global Distributed & Advanced Control System Process Automation & Instrumentation Market by Region
5.2 Global PLC & SCADA Process Automation & Instrumentation Market by Region
5.3 Global Functional Safety Process Automation & Instrumentation Market by Region
5.4 Global Human Machine Interface Process Automation & Instrumentation Market by Region
5.5 Global Other Solution Process Automation & Instrumentation Market by Region
Chapter 6. Global Process Automation & Instrumentation Market by End User
6.1 Global Chemical Process Automation & Instrumentation Market by Region
6.2 Global Energy & Power Process Automation & Instrumentation Market by Region
6.3 Global Oil & Gas Process Automation & Instrumentation Market by Region
6.4 Global Food & Beverages Process Automation & Instrumentation Market by Region
6.5 Global Pharmaceuticals Process Automation & Instrumentation Market by Region
6.6 Global Metals & Mining Process Automation & Instrumentation Market by Region
6.7 Global Others Process Automation & Instrumentation Market by Region
Chapter 7. Global Process Automation & Instrumentation Market by Region
7.1 North America Process Automation & Instrumentation Market
7.2 Europe Process Automation & Instrumentation Market
7.3 Asia-Pacific Process Automation & Instrumentation Market
7.4 LAMEA Process Automation & Instrumentation Market
Chapter 8. Company Profiles
8.1 ABB Group
8.2 Siemens AG
8.3 Emerson Electric Co.
8.4 Schneider Electric SE
8.5 Honeywell International, Inc.
8.6 General Electric (GE) Co.
8.7 Mitsubishi Electric Corporation
8.8 Rockwell Automation, Inc.
8.9 Yokogawa Electric Corporation
8.10 HollySys Automation Technologies Ltd.
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