According to the new research report "Process
Automation and Instrumentation Market with COVID-19 Impact Analysis by
Instrument (Field Instruments, Process Analyzers), Solution (PLC, DCS, SCADA,
HMI, Functional Safety, MES), Industry and Region - Global Forecast to
2027" published by MarketsandMarkets, the global process
automation and instrumentation market size is expected to grow from USD 66.2
billion in 2022 to USD 86.6 billion by 2027, at a CAGR of 5.5%. The process
automation and instrumentation market comprises players that offer
human-machine interface (HMI) devices, manufacturing execution systems (MES),
programmable logic controllers (PLCs), distributed control systems (DCS),
supervisory control and data acquisition (SCADA) systems, and functional safety
solutions. The market is diversified, with various companies competing across
the value chain to sustain their position in the market and increase their
market share.
Field instruments dominated the global process
automation and instrumentation market in 2021
Field instruments assist in managing plant assets,
enhancing plant safety, and optimizing overall production processes through
data acquisition, control, and measurement. It is necessary to obtain key
information regarding major parameters, including temperature, pressure, and
level, to monitor and control processes quickly, smoothly, securely, and
accurately, as well as to achieve optimum productivity. These instruments play
a pivotal role in measuring and controlling process parameters in process
industries. For example, in June 2021, Emerson Electric Co. introduced a new
Rosemount 1408H level transmitter, specifically designed for the food &
beverages industry. The constant release of advanced products to automate
industrial processes and measure and control different process parameters is
expected to drive the process automation and instrumentation market for field
instruments.
Oil & gas industry is leading the global process
automation and instrumentation market
The oil & gas industry is leading the global
process automation and instrumentation market at present, and a similar trend
is likely to continue in the next few years. Oil and gas companies are
increasingly leveraging process automation and instrumentation to acquire a
constant stream of data that can be mined, aggregated into big data, and
transformed into smart data through analytics and detailed analysis. Major
components used for process automation and instrumentation in the oil & gas
industry are software, such as MES and SCADA, and instruments, such as control
valves, actuators, positioners, flowmeters, and transmitters. The oil demand
can be met by increasing the productivity and efficiency of the oil and gas
companies. Therefore, it becomes necessary for industry players to implement
solutions to improve manufacturing processes. This can ultimately be achieved
by adopting process automation and instrumentation solutions such as HMI,
SCADA, and PLC.
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Asia Pacific to grow at the highest CAGR during the
forecast period of 2022 to 2027
In terms of region, Asia Pacific led the global
process automation and instrumentation market, followed Asia Pacific led the
global process automation and instrumentation market, followed by North America
and Europe in 2021. In Asia Pacific, the demand for process automation and
instrumentation solutions is growing from the oil & gas and food &
beverages industries due to the ever-increasing population in Asia Pacific.
Increasing investments in clean energy infrastructure in Asia Pacific to meet
escalating demand for electricity and reduce reliance on fossil fuels to
generate energy. Also, the process automation and instrumentation market for
the pharmaceuticals industry in this region is expected to grow at the highest
CAGR from 2022 to 2027 due to changing regulatory environment. Also, advantages
such as higher reliability and flexibility and greater speed and accuracy
offered by process automation encourage pharma companies to adopt process
automation and instrumentation solutions.
Major companies operating in this process automation
and instrumentation market include ABB Ltd. (Switzerland), Emerson Electric Co.
(US), Siemens (Germany), General Electric Company (US), and Schneider Electric
(France).
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