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, Functional Safety, SCADA), Industry, and Geography - Global Forecast
to 2025", the process automation and instrumentation market is
expected to be valued at USD 67.4 billion in 2020 and is projected to reach USD
76.8 billion by 2025, at a CAGR of 2.6%. 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 2020 to 2025”
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. Due to the COVID-19 pandemic, the oil &
gas industry has been tremendously hit. The price plunge is due to the
excessive supply and the low demand that is being faced by the industry. This
has impacted the production of the industry. For the first time in history, the
value of a barrel of crude oil has fallen below USD 1. Most of the companies
have reduced production to the bare minimum.
“APAC to be the fastest-growing market for
process automation and instrumentation from 2020 to 2025”
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. The process automation and instrumentation
market in APAC has been studied for China, Japan, India, and the Rest of APAC,
however, in the section below, the detailed analysis of the market in China,
Japan, and India has been provided. Rapid industrialization in APAC has boosted
the manufacturing sector in APAC. The countries of APAC considered in this
study have the presence of a large number of small- and mid-sized enterprises
(SMEs). However, the outbreak of COVID-19 has significantly affected the
manufacturing sector of APAC. As the neighboring countries are linked to one
another through trade relations and supply chain, the entire region is affected
by the outbreak of COVID-19.
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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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