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Process automation and instrumentation market to exhibit significant growth potential from 2019 to 2024
The process automation and instrumentation market is expected to be valued at USD 71.4 billion in 2019 and is projected to reach USD 95.5 billion by 2024, at a CAGR of 6.0%. Increasing importance of reduced operating costs and production efficiency, adoption of digital technologies such as IIoT, increased adoption of industrial automation and process control, and optimum utilization of resources are expected to be the key factors propelling the growth of the process automation and instrumentation market.
DCS segment to account for largest share in global process automation and instrumentation market
DCS is a digital automated industrial control system ICS that uses geographically distributed loops through a factory, machine, or control area. Unlike a centralized control system that operates all machines, a DCS allows each section of a machine to have its own dedicated controller that runs the operation. Rising demand for energy power, emergence of open source DCS solutions, and cost and time effectiveness are primarily driving the growth of the DCS market. This is further boosted by the introduction of new techniques in distributed control systems, such as open interoperable systems. Industrial Internet of Things coupled with convergence of information technology IT with operational technology OT are likely to augment the DCS market growth.
Field instrument segment to account for largest share within process instrumentation in of global process automation and instrumentation market
Field instruments play a important role in process control by measuring key elements such as temperature, pressure, flow, and level. Field instruments assist in managing plant assets, enhancing plant safety, and optimizing overall production processes through data acquisition, control, and measurement. It is imperative to obtain information quickly, smoothly, securely, and accurately from field instrument by measuring key elements of process controltemperature, pressure, flow, and levelto achieve optimum productivity at sites.
Pharmaceuticals industry to register highest CAGR in global process automation and instrumentation market
The pharmaceuticals industry is expected to grow at the highest CAGR in the global process automation and instrumentation market. This is because of the need of handling complex processes in this industry and increasing competition in the industry and legislations related to this industry. Various processes in the pharmaceuticals industry such as manufacturing, testing, drug development, packaging and distribution involve process automation and instrumentation solutions to increase efficiency and output of processes.
APAC to account for highest share of process automation and instrumentation market in 2019
The process automation and instrumentation market in APAC is expected to have the highest market share in 2019 because of the factors such growing per capita income, rapid industrialization, and increasing urbanization, as well as consistent growth in industrial activities in the Pacific region, along with favorable government policies; growing demand for oil gas and food beverages; and rising infrastructural investments in energy power.
Indepth interviews were conducted with Clevel executives, managers, and other executives from various key organizations operating in the process automation and instrumentation market.
By Company Type: Tier 1 = 35%, Tier 2 = 50%, and Tier 3 = 15%
By Designation Level: CLevel = 40%, Directors = 45%, and Others = 15%
By Region: North America = 30%, Europe = 25%, APAC = 40%, and RoW = 5 %
Major players included in the process automation and instrumentation market are ABB Switzerland, Siemens Germany, Emerson Electric US, Schneider Electric France, and Honeywell International US. The other key players in this market include companies such as General Electric US, Mitsubishi Electric Japan, Rockwell Automation US, Endress+Hauser Switzerland, Yokogawa Electric Japan, and HollySys China.
The research report on the global process automation and instrumentation market covers different segments, namely instrument, solution, industry, and geography. The market is segmented by instrument into field instrument, control valve, and analytical instrument. The market is segmented by solution into PLC, DCS, SCADA, HMI, safety automation, APC, and MES. Also, the process automation and instrumentation market is classified by industry into food beverages, pharmaceuticals, oil gas, metals mining, water wastewater, pulp paper, energy power, chemicals, and others. The report covers 4 major geographic regions; North America, Europe, Asia Pacific APAC, and Rest of the World RoW.
Key Benefits of Buying the Report:
Illustrative segmentation, analysis, and forecast for the market based on instrument, solution, industry, and geography have been conducted to give an overall view of the process automation and instrumentation market.
The major drivers, restraints, opportunities, and challenges for the process automation and instrumentation market have been detailed in this report.
The report includes a detailed competitive landscape, along with key players, indepth analysis, and revenue of key players.
The report also analyze the impact of emerging technologies such as Blockchain, 5G and AI on the process automation market
Original Article: Process Automation Instrumentation Market by Instrument Field Instrument, Control Valve, Analytical Instrument, Solution APC, DCS, HMI, MES, PLC, Safety Automation, SCADA, Industry, and Geography Global Forecast to 2024 [Published by MarketsandMarkets]NEXT ARTICLE
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