According
to the new market research report, "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," 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%. The factors that are driving the growth of the market include the
increasing importance of optimized 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 to
eliminate human intervention.
“MES segment to grow at highest CAGR in
global process automation and instrumentation market“
The
manufacturing execution system (MES) helps improve productivity, reduce cycle
time, and eliminate human dependency for processing data. MES applications
provide cost savings and opportunities in operations, and help deliver high performance
of production assets across the supply chain. MES provides information that
helps manufacturers understand about the current conditions of a plant floor,
which can be optimized to improve production output. MES works in real time to
enable the control of multiple elements of the complex production process,
e.g., personnel, inputs, machines, and support services.
“Control valves segment to grow at
highest CAGR in global process automation and instrumentation market”
The
requirement of control valves by the industries for ensuring precise flow
control, enabling automatic operation, reduced wastage of resources are the
factors driving the control valves segment. The increased use of control valves
in oil & gas and growing government initiatives pertaining to flow control
projects such as gas pipelines and water distribution is positively impacting
the growth of control valves.
“Oil & gas and energy & power
continued to be the major markets from 2019 to 2024”
Huge
demand for electricity, changing requirements of customers to overcome power
generation and distribution losses, increasing need for cleaner and smarter
energy are the factors driving the market players of energy & power to
adopt process automation and instrumentation solutions. On the other hand, huge
delopment across the value chain of the oil & gas industry in past decade
due to growing energy requirement helps oil & gas industry to become major
industry for process automation.
“APAC to be the fastest-growing market
for process automation and instrumentation from 2019 to 2024”
The
market in APAC is expected to grow at the highest CAGR during the forecast
period. The growth of the market during the forecast period is expected due to
rising infrastructural investments in energy & power owing to the increase
in the demand for electricity and policy makers’ pushing for better power
reliability; increasing demand for oil & gas and food & beverages to
satisfy the growing needs of the large population, rapid industrialization, and
consistent growth in industrial activities in the Pacific region, along with
favorable government policies. The process automation and instrumentation
market for the pharmaceuticals industry in APAC is growing due to low-cost
factors and changing regulatory environment.
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).
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