Report : Indonesia Process Instrumentation Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (Flow Meter, Pressure and Temperature Instrument, Analytical Instrument, and Level Meter)
Rising Number of Process Instrumentation to Drive Indonesia Process Instrumentation Market Growth during 2021–2028
According to a new market study, titled "Indonesia Process Instrumentation Market Forecast to 2028 – COVID-19 Impact and Analysis – by Technology (Flow Meter, Pressure and Temperature Instrument, Analytical Instrument, Level Meter)," the Indonesia process instrumentation market is expected to reach US$ 181.70 million in 2021 to US$ 266.06 million by 2028. It is estimated to grow at a CAGR of 5.6% from 2021 to 2028. The report provides trends prevailing in the Indonesia process instrumentation market along with drivers and restraints.
Process Instrumentation monitors, simulates, analyzes, and regulates the manufacturing process by taking timely measurements of essential process parameters to improve process safety and quality. Instruments at the process control are constantly improving in terms of capability, repeatability, precision, dependability, and cost. Additionally, engineers utilize sensors and other types of instrumentation to monitor and maintain process control equipment in manufacturing and processing facilities for better output, product consistency and quality management, and worker safety. In facilities that store or handle oil, gas, chemicals, or other combustible substances, process control instrumentation is vital for preventing fire or explosion. This is one of the important factors in the Indonesia process instrumentation market.
The Indonesian oil & gas industry dominates the Indonesia process instrumentation market, as there is always a high demand for safety and dependability. However, the energy & power segment of the Indonesia process instrumentation market share is expected to improve significantly in the coming years due to the growing demand for cleaner and smarter energy and renewable energy sources. According to Electric & Power Indonesia, 2019, the Indonesian Government allotted US$ 6.47 billion for energy projects in 2020, with direct foreign investment accounting for 70% of the budget.
The demand for process instrumentation in Indonesia is primarily driven by the growing need for the right instrumentation that helps the industrial users run processes effectively, efficiently, economically, and safely. The rising demand for these products in wide industrial verticals with critical process measuring requirements is driving the Indonesia process instrumentation market substantially. Moreover, instruments, such as flow meter, level meter, and analytical instruments, provide high durability, easy installation, and safety measures depending on the applications. These highly operating devices are getting developed for harsh environments. All these factors are contributing to the growth of the Indonesia process instrumentation market.
Similar to their counterparts worldwide, the COVID-19 pandemic and the uncertainty in the macroeconomic situation are the biggest concerns for stakeholders in Indonesia's oil & gas industry. COVID-19 resulted in extreme challenges for growth of Indonesia process instrumentation market However, Indonesia's oil and gas landscape and across the world have only worsened due to the pandemic, which significantly reduced energy demand and, consequently, hydrocarbon prices. Over the last decade, the oil and gas business in Indonesia and around the world has seen substantial volatility. Along with global geopolitical and economic factors, the unexpected COVID-19 pandemic plunged the global oil price into a second major downturn in a decade. Due to this, the Indonesia process instrumentation market witnessed moderate growth.
Indonesia witnessed a rise in the number of COVID-19 cases in 2020, which disrupted the construction activities in the oil & gas sector and subsequently impacted the demand for Process Instrumentation during the early months of 2020. The oil sector is amidst its third price crash in 2021. The industry recovered after the first two shocks, and business resumed. Oil & gas power-generating facilities in the region reduced their activity, including shutting down construction, operations, and maintenance projects in several locations, after multiple "stay at home" orders by state governors to curb the spread of the virus.
In consideration of the COVID-19 pandemic in 2020, the Government, through the DGoG, has issued several letters applied to oil and gas companies and technical heads of the working areas to reduce the spread of the COVID-19 virus in the oil & gas sector, thus fuelling growth for the Indonesia process instrumentation market.
Epiroc Group, Supmea Automation, Yokogawa Electric, Krohne Group, and Parker Hannifin are key players profiled in the research study. These players adopt organic growth strategies, such as product launches and expansions, to sustain their position in the Indonesia Process Instrumentation market.
The report segments the Indonesia Process Instrumentation Market – by Technology
- Flow Meter
- Pressure and Temperature Instrument
- Analytical Instrument
- Level Meter
Contact Person: Sameer Joshi
Email Id: firstname.lastname@example.org