Process Automation & Instrumentation Market – Global Market Size, Strategic Growth Drivers, Risk Assessment Framework, Regulatory Landscape Review, Competitive Intensity Mapping & Long-Term Industry Outlook to 2030
Overview
Process Automation & Instrumentation Market size was US$ 90.13 Bn in 2023 and is expected to reach US$ 135.52 Bn by 2030, at a CAGR of 6% during the forecast period.
The report study has analyzed the revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers, and market disrupters in the report, and the same is reflected in our analysis.
Market Definition
Process automation is a system using digital technology to execute a process or processes to complete a function or workflow in a certain industry. Process instrumentation is a systemthat allows real-time measuring, analyzing, and controlling physical quantities such as levels, pressure, flow, pH, humidity, and temperature.
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Market Dynamics
Growing adoption of process automation and instrumentation system in various industries such as in food & beverage, mining, oil and gas, semiconductor manufacturing, marine, and others is a major driving factor behind the growth of the market.The increasing importance of optimum utilization of resources and industrial automation, rising demand of cost-efficient and energy-efficient automation and instrumentation processes, growing requirement for multi variable pressure transmitter, high adoption of safety automation systems, a surge in the adoption of IoT technology in various industrial applications and increasing stringent regulations and compliance in process industries are expected to improve the growth of the market during the forecast period.
Process automation and instrumentation system provide some benefits such as reduced labour costs, improved quality, safety,and consistency, which are ultimately propelling the growth of the market.
However, the high initial investment for execution and considerable maintenance cost for process instrumentation and automation solutions are major restraining factors that could hamper the growth of the market. Lack of technically skilled workforce and concerns regarding increasing cyber-attacks could hinder the growth of the market.
Process Automation & Instrumentation Market Segmentation Analysis
By instrument, the field instrument segment dominated the market in 2023 and is expected to maintain its dominance at CAGR of xx% during the forecast period. Growing adoption of field instruments in various industries to measure and control various automation processes is driving the growth of the market.Field instrumentconsists of actuators, sensors, robust communication, and intelligent signal processing tools and it can be operated inharsh environments.
Field instruments provide some benefits such as increased safety and security, advanced sensing capability, safety through diagnostics, and highly accurate measurement, which lead to the increasing demand of field instruments in various industries for process automation.
Alternatively, the control valves segment is projected to witness high growth at CAGR of xx% during the forecast period. Increasing adoption of control valves in industries to ensure accurate flow control, to reduce wastage and resources, and to enable automatic operations is propelling the growth of the market.
By solution, the MES segment is projected to witness high growth at CAGR of xx% during the forecast period.MES stands fora manufacturing execution system (MES). It is an information system that is used to connect, control, and monitor complex manufacturing systems and to understand the real-time conditions on the plant floor. MES provides some benefits such as more accurate capture of cost-information, improved fault finding, reduced downtime, and increased uptime, reduced waste, and reduced inventory, which are ultimately impelling the growth of the market.
Process Automation & Instrumentation Market Regional Analysis
Region-wise, North America held the largest market share in 2023 and is expected to witness high growth at CAGR of xx% during the forecast period. The US and Canada are major key contributors behind the growth of the market. The growth is attributed to growing technological advancements and the presence of well-established various manufacturing industries.
Increasing adoption of industrial automation, factory automation systems, and increasing investments by the US governments in the petrochemical & chemical industry is driving the growth of the market in the region.
The objective of the report is to present a comprehensive analysis of the Global Process Automation & Instrumentation Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Process Automation & Instrumentation Market dynamics, structure by analyzing the market segments and projects the Global Process Automation & Instrumentation Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Process Automation & Instrumentation Market make the report investor’s guide.
Process Automation & Instrumentation Market Scope: Inquiry Before Buying
| Process Automation & Instrumentation Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2023 | Forecast Period: | 2024-2030 |
| Historical Data: | 2018 to 2023 | Market Size in 2023: | US $ 90.13 Bn. |
| Forecast Period 2024 to 2030 CAGR: | 6% | Market Size in 2030: | US $ 135.52 Bn. |
| Segments Covered: | by Instrument | Field Instrument Control Valve Analytical Instrument |
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| by Solution | PLC DCS SCADA HMI Safety Automation APC MES |
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| by Industry | Food & Beverages Pharmaceuticals Chemicals Energy & Power Oil & Gas Metals & Mining Water & Wastewater Pulp & Paper Others |
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Process Automation & Instrumentation Market,by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Process Automation & Instrumentation Marketb Key Players
1. ABB
2. Siemens
3. Emerson Electric
4. Schneider Electric
5. Honeywell International
6. General Electric
7. Mitsubishi Electric
8. Rockwell Automation
9. Endress+Hauser
10.Yokogawa Electric
11.HollySys
12.Robert Bosch GmbH
13.Metso Corporation
14.Beckhoff Automation
15.Carlo Gavazzi Holding AG
16.Delta Electronics, Inc.
17.Idec Corporation
18.Inductive Automation, LLC
19.INTECH
20.Maple Systems Inc.
Frequently Asked Questions:
1. Which region has the largest share in Global Process Automation & Instrumentation Market?
Ans: North America region held the highest share in 2023.
2. What is the growth rate of Global Process Automation & Instrumentation Market?
Ans: The global market is growing at a CAGR of 6% during forecasting period 2024-2030.
3. What is scope of the Global Process Automation & Instrumentation market report?
Ans: Global market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.
4. Who are the key players in Global Process Automation & Instrumentation market?
Ans: The important key players in the Global Process Automation & Instrumentation Market are – ABB, Siemens, Emerson Electric, Schneider Electric, Honeywell International, General Electric, Mitsubishi Electric, Rockwell Automation, Endress+Hauser, Yokogawa Electric, HollySys, Robert Bosch GmbH, Metso Corporation, Beckhoff Automation, Carlo Gavazzi Holding AG, Delta Electronics, Inc., Idec Corporation, Inductive Automation, LLC, INTECH, and Maple Systems Inc.
5. What is the study period of this market?
Ans: The Global Process Automation & Instrumentation Market is studied from 2023 to 2030.