The process
automation and instrumentation market is expected to be worth 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
importance of energy efficiency and cost reduction, IIoT for enhancing the
digitalization in process automation, and emphasis on industrial automation and
optimum utilization of resources.
The
process automation and instrumentation market is becoming increasingly
important due to the need for automated solutions for carrying out processes in
industries such as food & beverages, pharmaceuticals, energy & power,
metals & mining, oil & gas, pharmaceuticals, pulp & paper, water
& wastewater, and others. Growing demand for process automated solutions, need
for increased production and efficiency, and requirement for real-time
measurement and control of process variables to maximize profitability while
ensuring quality and safety are the factors driving the need for process
automation and instrumentation solutions.
The process automation and instrumentation
market for the pharmaceuticals industry is expected to grow at the highest CAGR
from 2019 to 2024. Increasing competition in the industry and legistations
related to this industry, growing importance of providing precision measuring
equipment to provide accurate dosage of medicine, rising need for process
automation solutions in various processess such as manufacturing, testing, drug
development, packaging and distrubution are likely to propel the growth of
process automation and instrumentation solutions in the pharmaceutical
industry. Moreover, the involvement of complex manufacturing processes such as
milling, granulation, coating, tablet pressing in pharmaceutical companies
propel the need for process automation solutions, which, in turn, drive the
growth of the process automation and instrumentation market.
The market for MES is expected to grow at the
highest CAGR from 2019 to 2024. The capability of performing multiple
activities, delivering efficiency by checking quality, and optimizing
production are the factors responsible for growth of the MES market. The
growing demand of MES in the pharmaceuticals industry is attributed to the
rising demand from pharmaceutical manufacturing companies to achieve increased
transparency and better process control across manufacturing processes of
medicines. In addition, MES aid pharmaceutical manufacturers for paperless
production, reliable traceability, shorten production cycles, and integrated
production flow.
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The market for control valves is expected to
grow at the highest CAGR from 2019 to 2024. The rising demand for energy and increasing
government initiatives pertaining to flow control projects such as gas
pipelines and water distribution is positively impacting the growth of control
valves. Further, the need for direct control of flow rate and the consequential
control of process quantities such as pressure, temperature, and liquid level
are the factors driving the control valves market.
The process automation and instrumentation
market in APAC is expected to grow at the highest CAGR from 2019 to 2024. The
growing demand for oil & gas and food & beverages in APAC due to
growing needs of increasing population and increased industrialization in this
region are the major factors driving the said market in APAC.
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