Future Market Insights (FMI) has recently published a report titled “Process Automation and Instrumentation Market – Global Industry Analysis 2012 – 2016 and Opportunity Assessment, 2017 – 2027”. Process automation involves using software technology and computer technology to allow end-use industries such as cement, oil & gas, chemical, paper, and others to operate more safely and efficiently. The information is stored and analysed on a computer with the help of sensors, which collect the data on flows, pressures, and temperatures, among others.
The global process automation and instrumentation market is expected to grow at a CAGR of 6.0% during the forecast period. The process automation and instrumentation market was valued at US$ 97,192 Mn in 2017, and is projected to grow significantly to reach US$ 174,121 Mn by 2027 end due to the increasing adoption of IoT platforms, digital transformation and development in the internet services.
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In this report, FMI has segmented the global process automation and instrumentation market on the basis of instrument type, solutions, application, and region. By instrument type, the process automation and instrumentation market is sub-segmented into transmitters, flow meters, analysers, controllers, switches, recorders, switches, and vacuum instruments. The increasing penetration of connected devices and rising the growth of industrial IoT, the transmitter sub-segment in the global process automation and instrumentation market accounted more than 28% share in 2017. In addition, due to the rising adaptation of digital technologies by various industry verticals, the vacuum instrument sub-segment is estimated to register a high CAGR of 6.1% during the forecast period in process automation and instrumentation market.
On the basis of solutions, the global process automation and instrumentation market is sub-segmented into PLC, SCADA, DCS, HMI, APC, MES, and safety automation. The PLC sub-segment is estimated to dominate the overall process automation and instrumentation market.
Based on application, the process automation and instrumentation market is sub-segmented into chemical, metal & mining, food & beverage, oil & gas, pharmaceutical, pulp & paper, wastewater treatment, power, and others. Due to increasing digitization of the chemical industry in North America and Europe, the chemical sub-segment is expected to register a high CAGR of 5.9% during the forecast period in the global . In the upcoming years, the pharmaceutical and power industry segments are expected to witness deployment of advanced technologies. With these advancements, the pharmaceutical sub-segment is projected to create potential growth in the process automation and instrumentation market. In the recent past, it has been observed that established companies as well as growing companies have started investing on information technologies and companies from various sectors. These factors are expected to boost the growth of the global process automation and instrumentation market in the near future.
Furthermore, to sustain in this highly competitive environment, the global and regional food & beverages and oil & gas companies are moving towards automation. Worldwide, the food & beverages and oil & gas industries are undergoing technological advancements. Furthermore, the metal & mining industry is making huge investments and setting higher targets for its digital operations than any other sector, which is expected to create potential growth opportunities for the process automation and instrumentation market.
Furthermore, on the basis of geography, North America is expected to dominate the global process automation and instrumentation market due to the advent of next-generation technological advancements in the U.S. and Canada. The process automation and instrumentation market has high potential in APEJ owing to major advancements in connecting technologies in India & China. China is now the most connected country in the world. In the recent years, the process automation and instrumentation market in APEJ has witnessed a significant growth. The Western Europe process automation and instrumentation market will be a target market for the participants because governments in the region are promoting and supporting the Industry 4.0 revolution in process automation and instrumentation market. Latin America is estimated to grow with a moderate CAGR over the forecast period in process automation and instrumentation market.
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According to FMI’s analysis, long-term contracts with business partners help to increase the revenue and new innovation strategies enable process automation and instrumentation vendors to reach new growth markets. Examples of some of the key participants featured in the global process automation and instrumentation market are ABB Limited, Emerson Electric Company, Mitsubishi Electric Company, Rockwell Automation Inc., Siemens AG, Schneider Electric SE, Yokogawa Electric Corporation, Honeywell International Inc., and Pepperl+Fuchs GmbH.