Market Research Future published a research report on “Process Automation & Instrumentation Market Research Report - Global Forecast till 2027” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.
As per the market research study by Market Research Future (MRFR), in the past years, the global process automation & instrumentation market was esteemed at an average level. Now that, the market is predicted to achieve a substantial value till the end of 2023, registering an exponential 6% CAGR between the years 2017 and 2023.
Top Impacting Factors
The study on the latest parameters revealed that the expansion of the global process automation & instrumentation market depends on mounting prominence on regulatory compliance in the process industries. The rising adoption of IoT across various sectors and inclination in the production process from conventional to digital is also an essential factor stimulating the growth of the process automation & instrumentation market in the coming years.
Technology giants, on the other hand, such as ABB Ltd., Emerson Electric Co., General Electric Co., Honeywell International, Inc., Mitsubishi Electric Corporation, Rockwell Automation, and Inc. ABB Ltd., are being prominent players in process automation and instrumentation market. They manufacture solutions, DCS products, and services for infrastructure, energy, continuous or batch process industries and utilities by delivering service in collaborative control rooms. Owing to their investments at the higher front has made the market more valuable than the previous estimations.
Some other noteworthy factors driving the growth of the Process Automation & Instrumentation Market are the rise in adoption of IoT technology across various industrial verticals, rising strict regulation and compliance in process industries, improve production efficiency, and minimizing operating cost.
In spite of these factors, some restrictive factors have confronted in the study related to the market’s growth. The aspect of the failure rate of the instrument and vulnerability of instrument breakage is high during critical working conditions and uncertainty of breakdown. This could result in the growth of the market to happen sluggishly in the coming years, as per the study.
Segmentation of Market: Process Automation & Instrumentation
From a segmental viewpoint, the top segments included in the global process automation & instrumentation are the instrument, solution, and end-user.
The instrument segment has included a control valve, field instrument, and analyzer. Wherein the field instrument segment is also sub-segmented into temperature, pressure, humidity, and level. The segment control valve also includes an actuator, valve body, and others. In the end, the analyzer segment included a gas chromatograph, pH analyzer conductivity analyzer, and liquid chromatography.
The solution segment has also included DCS, APC, MES, and HMI, safety automation & SCADA, and PLC.
Whereas, the end-user segment has included energy & power, chemicals, metals & mining, food & beverages, pharmaceuticals, oil & gas, water & wastewater, pulp & paper, and others.
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From a geographical point of view, the market of process automation & instrumentation has seen itself bulging mainly in the region of North America by accounting the largest share of all other regions such as Asia Pacific, Europe, and the Rest of the World. The leading market is has shown its potential from a substantial increase in industrialization automation as well as the rate of its adoption in the region, especially in the U.S. This is one of the key reasons behind the growth of this market in this region, which is now further trailed by Europe.
Further, in the Middle East & Africa, the regional Process Automation & Instrumentation market, some of the top stakeholders are building robust engineering capabilities purposefully to bring new and innovative products into the market, so that proper maintenance of their technology could be taken in future. In addition to this, in the Middle East & Africa region, the stakeholders are on the verge of expanding their footprints to leverage the advantage of untapped opportunity in the process automation and instrumentation market. Through all these factors, the regional market in Middle East & Africa is gaining a substantial amount of traction that encourages the process automation & instrumentation market to expand throughout the forecast period.
According to MRFR’s analysis, long-term contracts with business partners are likely to raise the revenue, which will be estimated to enable process automation and instrumentation to reach new growth markets. Examples of some of the giant players operating in the global process automation and instrumentation market include Emerson Electric Co. (U.S.), ABB Ltd. (Switzerland), Honeywell International, Inc. (U.S.), General Electric Co. (U.S.), Rockwell Automation, Inc. (U.S.), Mitsubishi Electric Corporation (Japan), Siemens AG (Germany), Schneider Electric SE (France), and Metso Corporation (Finland) and Yokogawa Electric Corporation (Japan).
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