Jersey City, New Jersey, Feb. 07, 2024 (GLOBE NEWSWIRE) -- The Global Process Automation And Instrumentation Market is projected to grow at a CAGR of 5.56% from 2020 to 2027, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 69.25 Billion in 2019 and is expected to reach USD 103.53 Billion by the end of the forecast period.
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Browse in-depth TOC on “Process Automation And Instrumentation Market”
202 - Pages
126 – Tables
37 – Figures
Scope Of The Report
Process Automation And Instrumentation Market Overview:
Enhanced Operational Efficiency through Automation Solutions:
The increasing need for improved operational efficiency in various industries such as oil & gas, pharmaceuticals, and manufacturing is a significant factor driving the growth of the Process Automation and Instrumentation Market. By incorporating cutting-edge technology like the Internet of Things (IoT) and Artificial Intelligence (AI), organisations can achieve more efficient processes, minimise the need for manual interventions, and enhance overall productivity. The pursuit of efficiency not only satisfies industry benchmarks but also sets the market for significant expansion as firms increasingly prioritise automation for sustainable and cost-efficient operations.
Stringent Regulations and Safety Standards Driving Adoption:
Organisations are being forced to invest in modern process automation and instrumentation solutions due to strict requirements in several industries, especially in sectors such as pharmaceuticals and manufacturing. The Process Automation and Instrumentation Market addresses the requirement for adherence, guaranteeing that enterprises fulfil safety and environmental regulations. Smart sensors and control systems are integrated to provide real-time monitoring, thereby mitigating the risk of non-compliance and improving overall safety measures. The regulatory impetus acts as a major catalyst in the market, creating an environment where enterprises prioritise advanced.
Integration of IoT and AI Transforming Industries:
The amalgamation of Internet of Things (IoT) and Artificial Intelligence (AI) technologies in the Process Automation and Instrumentation Market is causing a profound transformation in several sectors. The market witnesses a significant increase in demand for intelligent sensors, communication technologies, and advanced control systems as enterprises strive for digital transformation. This significant change not only improves operating abilities but also places the market at the forefront of innovation. Industries that use these advanced technologies acquire a competitive advantage, resulting in a significant influence on the overall growth and expansion of the Process Automation and Instrumentation Market.
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Process Automation And Instrumentation Market Key Players Shaping the Future
Major players, including Emerson Electric Co., Siemens AG, Rockwell Automation, General Electric Co., Mitsubishi Electric Corporation, Yokogawa Electric Corporation, Schneider Electric, ABB Ltd., Honeywell International Inc., and Hollysys, and more, play a pivotal role in shaping the future of the market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry's key players.
Geographical Analysis:
The Global Process Automation and Instrumentation Market is categorised into four regions: North America, Europe, Asia Pacific, and Rest of the World. The North American region dominates the global Process Automation And Instrumentation Market due to advancements in technology, a well-developed industrial sector, and increased investment by the U.S. government in the chemical and petrochemical industry, which is driving market growth. Moreover, the Asia Pacific region is expected to experience the highest rate of growth in the projected period due to the significant number of oil refineries in notable countries. However, the area has faced a decline in market value.
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Based on the research, Verified Market Research® has segmented the global Process Automation And Instrumentation Market into Instrument, Solution, Industry, And Geography.
- Process Automation And Instrumentation Market, by Instrument
- Field Instrument
- Control Valve
- Analytical Instrument
- Process Automation And Instrumentation Market, by Solution
- PLC
- DCS
- SCADA
- HMI
- Safety Automation
- APC
- MES
- Process Automation And Instrumentation Market, by Industry
- Pharmaceuticals
- Food & Beverages
- Pulp & Paper
- Oil & Gas
- Water & Wastewater
- Chemicals
- Others
- Process Automation And Instrumentation Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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