Process Automation and Instrumentation Market by Instrument (Field Instrument, Control Valve , Analytical Instrument), Solution (Distributed Control System, SCADA, Programmable Logic Controller, Manufacturing Execution System, Human Machine Interface, Others); Industry Vertical (Metals and Mining, Food and Beverages, Oil and Gas, Water and Waste Water Treatment, Paper and Pulp, Chemical and Petrochemical, Pharmaceutical, Others): Global Market Size Estimates and Forecast (2019-2030)
The market is expected to cross US$ 61.56 billion in 2022 and is projected to hit US$ 96.06 billion by 2030, recording a CAGR of 5.1% during the forecast period.
Rising Focus of Manufacturing Firms on Achieving Cost Savings and Better Efficiency to Propel the Market Growth.
Industries increasingly focus on improving production efficiency and declining operating costs to sustain the changing global industrial environment. The efficiency of a production site is witnessed by its ability to respond efficiently to rapid and unexpected modifications in demand, preferences, and resource availability. It can be accomplished through process automation. Additionally, the instrumentation products help measure and analyze process parameters such as pressure, temperature, level, and humidity. In contrast, process automation solutions help monitor and control processes to lower rework costs, minimize inspection costs, and decline system failures. Thus, process automation helps manufacturing firms reduce costs and increase revenue. Industries actively adopt process automation and instrumentation solutions across their production sites to streamline industry operations, enhance productivity, and reduce labor-related costs.
Within the report, the market is segmented into instrument, solution, industry vertical, and geography. By instrument, the market is segmented into field instrument, control valve , analytical instrument. Based on solution, the market is segmented into distributed control system, SCADA, programmable logic controller, manufacturing execution system, human machine interface, others. Based on industry vertical, the market is segmented into metals and mining, food and beverages, oil and gas, water and waste water treatment, paper and pulp, chemical and petrochemical, pharmaceutical, others. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Rising Adoption of Industry 4.0 by Manufacturing Firms will Create Lucrative Growth Potentials for the Market over the Forecast Period.
The market growth is expected to grow significantly due to the increasing adoption of Industry 4.0 principles in manufacturing industries, including oil and gas, food and beverages, and chemicals. Additionally, with the adoption of industry 4.0, most processes and systems in the manufacturing sector are automated using different types of technologies, such as cyber-physical systems, IoT, and cloud computing, which allow production units to operate efficiently 24/7 without human intervention. Thus, it helps increase production cycle time and achieves process efficiency, from the raw material procurement stage to the end product development. Automation enhances industrial processes through improved communication, self-monitoring techniques, and intelligent collection of real-time data, which analyzes and diagnoses issues without human intervention. Furthermore, industry 4.0 improves operational efficiency, productivity, product quality, asset utilization, supply chain management, workplace safety, and environmental sustainability. As a result, several industries' adoption of Industry 4.0 principles is anticipated to create lucrative growth potentials for market players over the forecast period.
Concentration of the Process Industry Towards Achieving Zero Waste Production is Another Major Factor Accelerating the Process Automation and Instrumentation Market Growth.
The concentration of the process industry towards achieving zero waste production and lesser time to market has boosted the market's growth for both process automation and instrumentation used across the processing industries. In the process of manufacturing businesses, the adoption of automation solutions provides various advantages, including effortless monitoring, reduction of waste, and speed of production. This technology helps customers improve quality with standardization and dependable products within time and at a much lower cost.
Recent Strategic Developments in Process Automation and Instrumentation Market
The process automation and instrumentation market has undergone several significant developments, and a few of these have been mentioned below:
- In September 2021, Siemens introduced Sitrans IQ, a new digitalization portfolio developed for targeted monitoring of critical measurement points to complete asset management covering instrumentation for multiple plants.
- In June 2020, Emerson Electric Co. introduced ASCO Series 353 pulse valves. These valves are anticipated to help end users achieve effective, efficient, and convenient bag cleaning. These valves can be used in agriculture, pharmaceuticals, mining, rubber, metals, cement, and power industries.
- In February 2019, General Electric Company introduced the sixth version of iFIX, an HMI/SCADA software developed to improve operational productivity.
The process automation and instrumentation market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. ABB Ltd., Eaton Corporation, Emerson Electric Co., General Electric Company, Honeywell International, Inc., Mitsubishi Electric Corporation (Mitsubishi Corporation), Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, Yokogawa Electric Corporation. are among the prominent players operating in the market.
Target audience for the report:
- Process automation and instrumentation manufacturers
- Raw material providers
- Process automation and instrumentation- related service providers
- Process automation and instrumentation - related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and start-up companies
- Electronics component suppliers
- Process automation and instrumentation and devices distributors and sales firms
- End users of process automation and instrumentation devices
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Instrument
- Field Instrument
- Control Valve
- Analytical Instrument
- Operation
- Distributed Control System
- SCADA
- Programmable Logic Controller
- Manufacturing Execution System
- Human Machine Interface
- Others
- Application
- Metals and Mining
- Food and Beverages
- Oil and Gas
- Water and Waste Water Treatment
- Paper and Pulp
- Chemical and Petrochemical
- Pharmaceutical
- Others
- Region
- North America
- US
- Canada
- Mexico
- Europe
- Asia Pacific (APAC)
- Middle East & Africa
- South America
- North America
- Companies profiled
- ABB Ltd.
- Eaton Corporation
- Emerson Electric Co.
- General Electric Company
- Honeywell International, Inc.
Companies profiled
- ABB Ltd.
- Eaton Corporation
- Emerson Electric Co.
- General Electric Company
- Honeywell International, Inc.