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 growth of this market can be attributed to the
growing importance of energy efficiency and cost optimization, increased
productivity, minimized errors and better scalability; the increasing use of
digital technologies such as IIoT, machine learning, and artificial
intelligence; and the rising emphasis on industrial automation and optimum
utilization of resources.
DRIVERS: Increasing focus of manufacturing firms on
achieving cost saving and better efficiency
Industries worldwide increasingly focus on improving
production efficiency and reducing operating costs to sustain in the changing
global industrial environment. The efficiency of a production site is assessed
by its ability to respond quickly to rapid and unexpected changes in demand,
preferences, and resource availability. This can be accomplished through
process automation. Instrumentation products help measure and analyze process
parameters such as pressure, temperature, level, and humidity, while process
automation solutions help monitor and control processes to lower rework costs,
minimize inspection costs, and reduce system failures. Thus, process automation
helps manufacturing firms decrease costs and increase revenue. Industries
are actively adopting process automation and instrumentation solutions across
their production sites to streamline industry operations, achieve enhanced
productivity, and reduce labor-related costs.
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RESTRAINTS: High implementation and maintenance
costs associated with process automation
Establishing a new automated manufacturing plant
requires deploying the latest automation technologies such as SCADA, DCS, PLC,
and HMI. One of the most significant factors limiting the growth of the process
automation and instrumentation market is the need for high initial investments
to set up an automated production plant. Huge capital is required to deploy
automation solutions such as DCS and SCADA, as well as instrumentation devices
such as process analyzers and transmitters. The installation of solutions such
as DCS at an industrial site involves various stages, including system
implementation, process running, data acquisition, and consultation; this
subsequently increases the overall costs, thereby increasing the operating
expenses of the plant owner. Furthermore, automation software solutions require
frequent upgrades owing to ongoing technological advancements. It is not
feasible for small businesses to bear such expenses. Thus, system installation,
maintenance, and upgrade require huge capital investment, restricting market
growth to a certain extent.
OPPORTUNITIES: Growing adoption of Industry 4.0 by
manufacturing firms
The process automation market is expected to grow at
a significant rate owing to the rising adoption of Industry 4.0 principles in
manufacturing industries, including oil & gas, food & beverages,
chemicals. With the adoption of Industry
4.0, most processes and systems in the manufacturing sector are automated
using a variety of technologies, such as cyber-physical systems, IoT, cloud
computing, which allow production units to operate efficiently 24/7 with zero
human errors. It helps reduce production cycle time, achieve process
efficiency, right from the raw material procurement stage to the development of
the end product. Automation enhances industrial processes through improved
communication and self-monitoring techniques, intelligent collection of
real-time data, which analyzes and diagnoses issues without human intervention.
Industry 4.0 enables improvement in operational efficiency, productivity,
product quality, asset utilization, supply chain management, workplace safety,
and environmental sustainability. Thus, the adoption of Industry 4.0 principles
by several industries is expected to create lucrative opportunities for market
players in the next few years.
CHALLENGES: Shortage of skilled personnel to operate
sophisticated automation systems
Skilled resources are required to operate process
automation and instrumentation solutions because of the complex processes,
which can be misinterpreted and may lead to errors and faults if handled by an
unskilled workforce. As artificial intelligence (AI) and the Internet of Things
(IoT) are changing the nature of work, process automation will accelerate the
shift in required skill sets. The demand for a skilled workforce will increase
as companies seek to use IoT data to predict outcomes, optimize operations,
prevent failures, develop new products, and deploy advanced analytics
competencies, including artificial intelligence (AI) and machine learning (ML),
in manufacturing. Process automation systems integrated with advanced
technologies, such as AI and IoT, need attention and expertise while handling
various scenarios. Therefore, the shortage of skilled workforce creates
challenges for providers of process automation and instrumentation products.
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