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Process Automation and Instrumentation Market Business Opportunities and Growth Drivers
Global Process Automation and Instrumentation Market are expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. Process automation and instrumentation comprises computing technology, software, and hardware to allow manufacturers to operate more efficiently and safely.
The factors that are playing a major role in the growth of market are growing acceptance of IoT across several industries, rising adoption of digitalized methods over conventional practices, increasing demand for proactive solutions, and growing importance on governing acquiescence in process industries. However, the risk of instrument failure may restrain overall market growth in the years to come. Process automation and instrumentation market are segmented based on instrument type, solution, end-user, and region.
Analyzer, field instrument, and the control valve are the instrument types that could be explored in process automation and instrumentation in the forecast period. Analyzer sector comprises liquid chromatograph, pH analyzer, gas chromatograph, and conductivity analyzer. Field instrument sector comprises humidity, pressure, level, and temperature. Whereas, control valve comprises an actuator, a valve body, and others. Field instrument sector accounted for the significant market share of process automation and instrumentation.
Based on a solution, SCADA, APC, Safety Automation, DCS, PLC, HMI, MES, and others could classify process automation and instrumentation in the forecast period. The manufacturing execution system (MES) sector accounted for the substantial market share of process automation and instrumentation and is estimated to lead the overall market in the years to come. The reason behind the segment growth could be its capacity to perform multiple activities.
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The market may be categorized based on end users like water & wastewater, chemicals, pulp & paper, energy & power, pharmaceuticals, food & beverages, oil & gas, metals & mining, and. The energy and power sector accounted for the significant market share of process automation and instrumentation and is estimated to continue its dominance in the years to come.
Globally, North America accounted for the significant market share of process automation and instrumentation and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be enhancements in next-generation technologies, widespread deployment of IoT and communication technologies, and the presence of key manufacturers in this region. The United States and Canada are the major consumers of process automation and instrumentation in this region.
Europe and the Asia Pacific are also estimated to have a positive influence on the future growth. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The aspects that may be ascribed to the growth comprise rising investment in energy infrastructure and growing demand for policy and electricity makers push for improved power reliability.
The key players of process automation and instrumentation market are Siemens, ABB, Schneider Electric, Emerson Electric, Rockwell Automation, Honeywell, OMRON, and Mitsubishi Electric. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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