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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