Process Automation & Instrumentation Market Overview:
Process automation is a technology enabled mechanization of complex and repetitive processes. It can optimize collaboration between resources, increases productivity, provides transparency, reduces cost, and assures compliance by streamlining process. The hardware automation market has highest market revenues owing to the collaboration with high enterprises. The process automation & instrumentation market covers different enterprises with different level of approach.
Process Automation & Instrumentation Market Size:
The global process automation & instrumentation market was valued at USD 62.64 Billion in 2017 and aimed to grow at a CAGR of 6.0% to reach USD 88.92 Billion by 2023.
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Process Automation & Instrumentation Market Growth Factors, Drivers and Restraints:
The increasing focus of companies to improve efficiency by reducing operating costs across various industries is one of the major drivers behind the process automation and instrumentation market growth. Organizations around the globe are exhibiting firm emission control regulations as well as efficiency norms sanctioned by various individual and governmental organizations.
High cost associated with research and development of automation services along with high investment cost of implementation and management of these systems are the major factors which are back dropping the process automation and instrumentation market growth. These processes find very less penetration among small and medium size enterprises, owing to their limited budgets to set-up as well as maintain automation services.
The growth in demand for automated processing and instrumentation from large industries and adoption of internet of things are some of the key factors driving the growth of automation and instrumentation market. Shift in production approach from conventional practices to digitalized methods, growing labour wages in major manufacturing hubs, and rising demand for proactive solutions that can determine failures at component level are among the market driving aspects. The energy & power industry is projected to elevate the process automation & instrumentation market by 2023. The rising necessity to reduce unplanned downtime, improve plant efficiency, optimize operations, increase cost savings, and lower emissions is expected to propel the demand for these solutions in the energy & power industry. Some of the advantages of this market are reduced costs and better value for products and services, inclination of growth towards manufacturing sector, rising demand for oil and gas, need for software to detect and reduce failure, and so on.
Process Automation & Instrumentation Market Geographical Overview:
Geographically Process Automation & Instrumentation Marketis segmented into North America, Europe, Asia Pacific, South America and Middle East and Africa with Asia Pacific is leading the market.Additionally, high growth economies of Asia-Pacific and Middle East & Africa regions such as India, China, Saudi Arabia and South Africa have huge potential, but are still not open to process automation due to the availability of cheap labour and requirement for large capital investment for implementation of process automation.
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Key Players of Process Automation & Instrumentation Market:
The key players of this market are Siemens AG, Honeywell International Inc., Emerson Electric Company, and ABB Group, Danaher Corporation, OMRON Corporation, Mitsubishi Electric Corporation, Yokogawa Electric Corporation, Schneider Electric SE and Rockwell Automation Inc.
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