Process Automation and Instrumentation Market – Overview
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 market is poised to touch a valuation of USD 72 BN by 2023, registering a CAGR over 6% throughout the forecast period (2017 – 2023).
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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.
Key Players:
Some of the prominent players in the global Process Automation & Instrumentation Market: ABB Ltd. (Switzerland), Emerson Electric Co. (U.S.), General Electric Co. (U.S.), Honeywell International, Inc. (U.S.), Mitsubishi Electric Corporation (Japan), Rockwell Automation, Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), Yokogawa Electric Corporation (Japan), and Metso Corporation (Finland).
Process Automation and Instrumentation Market – Segmentation
For ease of understanding, the analysis has been segmented into four key dynamics:
- By Instrument: Field Instrument and Control Valve & Analyzer
- By Solution: APC, DCS, HMI, MES, PLC, and Safety Automation & SCADA.
- By End-user: Energy & Power, Chemicals, Food & Beverages, Oil & Gas, Metals & Mining, Pharmaceuticals, Water & Wastewater, and Pulp & Paper among others.
- By Region: North America, Europe, Asia Pacific, and the Rest-of-the-World.
Detailed Regional Analysis
The North American region, heading with the vast technological advancement, dominates the global process automation and instrumentation market. 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 market 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 market 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 market in the region.
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TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Porter’s Five Forces Analysis
4.1.1 Threat Of New Entrants
4.1.2 Bargaining Power Of Buyers
4.1.3 Threat Of Substitutes
4.1.4 Segment Rivalry
4.2 Value Chain/Supply Chain Of Global Process Automation & Instrumentation Market
Continued…
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