Market Size –
The process automation and instrumentation market size has grown strongly in recent years. It will grow from $70.42 billion in 2023 to $75.47 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to demand for operational efficiency, compliance and regulatory requirements, increased complexity of industrial processes, focus on safety and risk mitigation, energy efficiency initiatives, .
The process automation and instrumentation market size is expected to see strong growth in the next few years. It will grow to $99.91 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to predictive maintenance strategies, evolving regulatory landscape, modular and scalable automation, hybrid and flexible manufacturing, . Major trends in the forecast period include digital twins for process optimization, cloud-based process automation solutions, cybersecurity measures for industrial networks, wireless instrumentation and communication, predictive maintenance and condition monitoring, cross-industry adoption of automation..
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Scope Of Process Automation and Instrumentation Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
The increasing focus of manufacturing firms on achieving cost-saving and better efficiency is significantly contributing to the growth of the process automation and instrumentation market. The increase in productivity and minimization the errors are helping the process automation and instrumentation market to grow. According to the article by Gesrepair, manufacturing firms globally are investing in new manufacturing technology and making smart investments to improve their production process. Therefore, the increasing focus of manufacturing firms on achieving cost-saving and better efficiency drives the process automation and instrumentation market growth.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
The process automation and instrumentation market covered in this report is segmented –
1) By Instrument: Field Instrument, Control Valve And Analyser, Analytical Instrument
2) By Solution: Programmable Logic Controller (PLC), Distributed Control System (DCS), Supervisory Control And Data Acquisition (SCADA), Human Machine Interaction (HMI), Functional Safety, Manufacturing Execution System (MES)
3) By Industry: Oil And Gas, Chemicals, Pulp And Paper, Pharmaceuticals, Metals And Mining, Food And Beverages, Energy And Power, Water And Wastewater Treatment
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Regional Insights –
North America was the largest region in the process automation and instrumentation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the process automation and instrumentation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the process automation and instrumentation market report are ABB Limited, Danaher Corporation, Emerson Electric Company, Endress+Hauser Group Services AG, General Electric Company, Hollysys Automation Technologies Ltd., Honeywell International Inc., Mitsubishi Electric Corporation, Omron Corporation, Rockwell Automation Inc., Schneider Electric SE, Yokogawa Electric Corporation, Beckhoff Automation, Carlo Gavazzi Holding AG, Delta Electronics Inc., Inductive Automation LLC, Intech Open, Pepperl+Fuchs GmbH, Robert Bosch GmbH, Siemens AG, Eaton Corporation, Metso Corporation, Idec Corporation, Maple Systems Inc., Invensys plc, AVEVA Group plc, Aspen Technology Inc., Mettler Toledo – Process Analytics, AlpHa Measurement Solutions, Sparling’s technologies, Global Technology Systems, Hawk Measurement Systems, Heat Trace Products, James C. White Company Inc., Precision Digital Corporation, Pulsar Measurement – UK, Seametrics Inc.
Table of Contents
1. Executive Summary
2. Process Automation and Instrumentation Market Report Structure
3. Process Automation and Instrumentation Market Trends And Strategies
4. Process Automation and Instrumentation Market – Macro Economic Scenario
5. Process Automation and Instrumentation Market Size And Growth
…..
27. Process Automation and Instrumentation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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