Process Automation and Instrumentation Industry Size, Status and Forecast 2023

Posted by Monica nerkar on February 18th, 2020

Process automation & instrumentation is a self-learning technology which uses gestures such as data mining, patterns recognition, and Natural Language Processing (NLP) to act just like a human brain. It simulates the process of human thoughts into a computerized model. Process automation & instrumentation systems are majorly used in the industries such as energy & power, chemicals, food & beverages, oil & gas, metals & mining, pharmaceuticals, pulp & paper, and water & wastewater among others.

These industries are using process automation & instrumentation with big data analytics to get better and accurate output. The increasing adoption of these systems is a key driving force behind the growth of the market. The market has been growing pervasively over the past few years. Moreover, industry 4.0. Revolution is escalating the market on the global platform.

Acknowledging the exponential accruals, the market is witnessing currently Market Research Future (MRFR), in its recently published study report asserts that the global Process Automation and Instrumentation Industry is poised to touch a valuation of USD 72 BN by 2023, registering a CAGR over 6% throughout the forecast period (2017 – 2023). 

Process automation & instrumentation helps to control a line of the industrial process with better precision, reduced assembly time, labor costs, and the risk of exposure to production hazards. Such advantages commutatively increase the size of the market, increasing the uptake of these solutions. With the drastic rise in the number of smart factories and digitalization, intelligent Process automation & instrumentation will become a key factor for economic success.

Additionally, the adoption of IoT and advancement in M2M communication technology are factors providing impetus to the growth of the market. Process automation & instrumentation plays a significant role in making an important contribution to the continuous process verification and quality control during production in the industries that are aiming for 4.0., which is a key driver for the market.

On the other hand, factors such as the lack of skilled professionals who can implement automation processes are impeding the growth of the market up to some extent. Nevertheless, this challenge may get tackled soon as the end-user industries are training their employees, arranging various training programs and certifications.

Also, the initial implementation of these automation solutions requires high investments. Whereas, SMEs with a low-profit-margin have limited re-investment opportunities which may pose challenges for the growth of the market, restricting the uptake of the solutions to the large enterprises.  Alternatively, industrial revolution 4.0 would create opportunities in the market. 

Process Automation and Instrumentation Industry   - Regional Analysis

The North American region, heading with the vast technological advancement, dominates the global Process Automation and Instrumentation Industry. Well-Established industrialization and the rising investment by the U.S. government across the chemical & petrochemical industry are some of the  dominant factors fostering the growth in the regional market.

The Process Automation and Instrumentation Industry in the European region accounts for the second-largest market, globally. Factors such as the burgeoning manufacturing sector alongside some of the burgeoning industries such as food & beverages, metals & mining, and pharmaceuticals are driving the regional market.

The Asia Pacific Process Automation and Instrumentation Industry is emerging as a profitable market, globally. Factors such as the rapid industrialization and the growth in the pharmaceutical sector propel the regional market. The presence of oil refineries in some countries are positively impacting the market growth in the region; however, the region has experienced a low market value so far.

Major foreign players are focusing on the Asian market due to the increase in industrial growth in the region. To increase the overall revenue, these players are targeting emerging countries like China and India. This attention, in turn, is expected to significantly contribute to the Process Automation and Instrumentation Industry in the region. 

Process Automation and Instrumentation Industry - Competitive Analysis

Highly competitive, the Process Automation and Instrumentation Industry is fragmented owing to the presence of several well-established players. These key players compete based on pricing, innovation, and service. Well established players incorporate strategic initiatives such as acquisition, collaboration, partnership, expansion, and product & technology launch to maintain their positions in the market. Development in the emerging markets helps these established players to expand their sales networks.

Major Players:

Key players leading the global process automation & instrumentation market include Emerson Electric Co. (U.S.), ABB Ltd. (Switzerland), General Electric Co. (U.S.), Mitsubishi Electric Corporation (Japan), Honeywell International, Inc. (U.S.), Rockwell Automation, Inc. (U.S.), Siemens AG (Germany), Schneider Electric SE (France), Metso Corporation (Finland), and Yokogawa Electric Corporation (Japan) among others.

Browse Complete Report "Process Automation and Instrumentation Industry Research Report- Forecast till 2023" @ https://www.marketresearchfuture.com/reports/process-automation-instrumentation-market-5511