Asia Pacific Process Instrumentation Market is expected to reach US$ 7,012.28 Mn by 2027

Flow Meter Segment to Dominate Asia Pacific Process Instrumentation Market During 2019–2027

According to a new market research study on “Asia Pacific Process Instrumentation Market Forecast to 2027 – COVID-19 Impact and Analysis–by Technology and Industry, “the market is expected to reach US$ 7,012.28 million by 2027 from US$ 4,570.61 million in 2019. The market is estimated to grow at a CAGR of 5.7% from 2020 to 2027. The report provides trends prevailing in the Asia Pacific process instrumentation market along with the drivers and restraints pertaining to the market growth. Increasing focus toward energy conservation and cost-saving solutions are the major factors driving the Asia Pacific process instrumentation market. However, lack of skilled manpower and preference for low cost solutions hinder the growth of Asia Pacific process instrumentation market.

The market for Asia Pacific process instrumentation market is segmented into technology andindustry. Based on technology, the market is segmented into flow meter, level, pressure &temperature instrument, and analytical. In 2019, the flow meter segment held the largest share of the Asia Pacific process instrumentation market. In terms of industry, the market is categorized into oil & gas, chemical & petrochemical, energy & power, water & waste water, metal & mining, food & beverage, pulp & paper, and others. The chemical & petrochemical segment contributed a substantial share in 2019.

The Asia Pacific region constitutes the world’s two most populated countries as well as manufacturing hubs—India and China. Due to the COVID-19 outbreak, China imposed strict lockdown and social isolation which virtually halted the manufacturing as well as production of numerous components, equipment, and machinery for several weeks, resulting in shrinking its economy. Moreover, the country also isolated its import as well as export of critical raw materials and industrial equipment for numerous industry verticals impacting the supply chain of various end-user industries. Similarly, India also imposed a nationwide lockdown to mitigate the growing number of COVID-19 cases across the country. Subsequent lockdown and disruption in production of numerous industrial instruments across China and India has contributed significantly in adversely impacting the process instrumentation market growth across the Asia-Pacific region. In addition, closure of several wholesalers, distributors, and sales representatives has reduced the availability of industrial products or components from European and North American market players. Furthermore, COVID-19 outbreak is anticipated to cause a loss of more than US $ 3 billion in the Asia Pacific region. The consequence and impact can be even worse and totally depend on the spread of the virus. Governmentsin Asia Pacific are taking possible steps to reduce the effects of this outbreak by announcing lockdowns, which is severely impacting the revenue generated by the market.

ABB Ltd.; Emerson Electric Co.; Endress+Hauser Group Services AG; Honeywell International Inc.; KROHNE Messtechnik GmbH; Rockwell Automation, Inc.; Schneider Electric; Siemens AG; Yokogawa Electric Corporation; and Fuji Electric Co., Ltd. are among the leading companies in the Asia Pacific process instrumentation market.The companies are focused on adopting organic growth strategies, such as product launches and expansions, to sustain their position in the dynamic market. For instance, in September 2020, KROHNE Messtechnik GmbH introduced new advancement for the flow meter customers a new OPTISWIRL 2100 vortex flowmeter for basic utility applications. It is most cost-effective vortex flowmeters equipped with advanced vortex frequency detection technology.

The report segments the Asia Pacific process instrumentation market as follows:

Asia Pacific Process Instrumentation Market – by Technology

• Flow Meter
• Level
• Pressure &Temperature Instrument
• Analytical

Asia Pacific Process Instrumentation Market– by Industry

• Oil & Gas
• Chemical & Petrochemical
• Energy & Power
• Water & Waste Water
• Metal & Mining
• Food & Beverage
• Pulp & Paper
•  Others

Asia Pacific Process Instrumentation Market – by Country

• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia Pacific